Yellow Brick Road, the Australian wealth management firm, has appointed a head for its financial services unit. 

Peter Daly moves from Australian Financial Services where he was a chief executive. Daly bought into AFS Group in 2005 and served as managing director and group CEO. Local reports say he is currently suing his former employer for unfair dismissal. AFS had let him go in May even after he created a business plan that was approved by the company's board. 

His appointment into YBR comes as the firm moves to expand its national financial planning capability. 

"Approximately 85 per cent of Australian financial planners are owned or controlled by the four major banks and AMP, so we're looking at yet another oligopoly that's not different from the one that currently dominates the market. We are dedicated to being an independent provider," said Matt Lawler, CEO, in a statement. 

Yellow Brick Road operates in all five Australian states.