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The wholesale aggregator brand Vow Financial is to be retired, with a rebranding taking effect from the end of this month.
Vow Financial – the wholesale aggregation offering from Yellow Brick Road (YBR) Group – is to be rebranded to YBR Aggregation.
Vow, which currently has around 1,250 brokers aggregating under it and a loan book of over $50.2 billion, will officially rebrand on 30 June 2024.
However, there will be “a period of transition” where both brands will be in market simultaneously. For example, while the Vow website is being rebuilt to reflect the new brand, it will retain the Vow logo for a period of time.
The current lender agreements and contracts between brokers and Vow, as well as YBR franchise agreements, will remain unaffected and unchanged by the rebrand.
According to the YBR Group, bringing together the wholesale aggregation and franchise businesses under the single Yellow Brick Road brand forms part of a “strategic decision [that] has been a long time coming” and will reportedly allow the company to streamline numerous operational aspects that would result in “greater efficiencies” and provide a “unified brand identity” for aggregation services and home loan products.
The decision was made following “extensive consultation” with the network, according to the group.
In an email update to YBR and Vow Financial brokers seen by The Adviser, the executive chairman of YBR Group, Mark Bouris, wrote: “This initiative reflects YBR Group’s vision to establish itself as a prominent brand in our industry and home loan provider in Australia. By bringing Vow under the YBR brand umbrella, we aim to leverage our strengths and deliver a cohesive and exceptional experience for brokers and customers alike.”
He added that the decision to bring all the offerings under the YBR brand would “boost visibility and awareness” of the group’s broker network, particularly with lender partners.
“The success of the Vow family is longstanding, and we are confident that this rebrand will only further strengthen our position in the market. Through the tireless work of our Vow network for over a decade, we have achieved significant milestones. We now look forward to taking the next step in our evolution as YBR Aggregation, and further build on this legacy,” Bouris said.
Vow Broker Forum chairman Robert Ward commented: “Vow has been part of the YBR family for over a decade, so it only makes sense to better align the aggregation business with the YBR Group's brand and overall vision into the next decade.”
He noted that as existing Vow brokers use their own brands for marketing and business purposes, the effect on their business would be “minimal”.
“The change of name benefits the YBR management team with improved efficiencies, potential sponsorship, and lender involvement. So, whilst this will have a little impact on existing Vow brokers, it will benefit the entire group,” he said.
YBR strategic council chairman Andrew Kalogirou stated: “This is a great milestone as together we are stronger and have a larger market presence. The wider external network has heard of YBR, but very few of Vow. This allows us to align our values and better position ourselves to attract new talent to the brand.
“As one, we are not only bigger and stronger but also better positioned to become the best aggregation and franchise network in the market.”
The change in name comes amid a period of transformation at YBR Group, which delisted from the ASX last year. The board said at the time that the move to go private would be “in the best interests of the company and its shareholders”, with chairman Mark Bouris adding that he believed the group’s trading price did not reflect its underlying value and is an impediment to the brokerage raising capital.
Since then, YBR head office has gone through a period of restructuring, with several new appointees brought in, including head of operations Nick Bouris and general manager, for sales distribution & strategy Neil Peters.
[Related: YBR removed from ASX]
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