Shares in listed mortgage broker and wealth advice group Yellow Brick Road touched a record low on Tuesday as Macquarie Group continued its sell down of its strategic stake in the company.Macquarie, which previously held 19 per cent of the company's scrip, ceased to be a significant shareholder this week, according to disclosures made to the ASX on Tuesday afternoon.The big sell-off contributed to a fall in YBR's share price, which touched a record intra-day low of 9.3 cents on Tuesday.While the YBR business has begun turning small bottom line profits in the last year, the business has not met earnings expectations since it listed on the ASX in 2011.YBR's business is heavily exposed to debate that is raging over the future of trail commissions across the financial services sector.Company founder and executive chairman Mark Bouris has plenty riding on the regulatory outcome of those discussions. Future trail commissions account for more than two thirds of the company's asset base.The latest balance sheet shows YBR had an asset base of $352 million on 31 December, of which $288.5 million was from trail commissions expected to deliver income streams in coming years.However, YBR's business model could be tested over the next 12 months as regulators review remuneration structures in the mortgage broking and financial advice industries.If regulators decide to slap a ban on mortgage brokers receiving trail commissions from lenders, YBR's Vow broking subsidiary could suffer a big earnings hit.It appears that this business risk was too much for Macquarie to bear.Other investors seem more bullish about the company's prospects, with Sir Ron Brierley's investment vehicle, the Mercantile Investment Company, recently doubling its stake in the company to almost 20 per cent.While Bouris and his management team wait on regulators to decide the future of trail commission, they have already moved to reduce costs across the business.The company began closing uneconomic branches in its distribution network towards the end of last year, which resulted in a six per cent fall in loan origination volumes.Bouris has also reined in executive remuneration at the company, including his own package of fixed pay and bonuses.YBR has attracted heat from investors in recent years over rewards to executives, which were viewed as excessive.The company has not paid a dividend to investors since it was listed on the ASX nine years ago.