The brainchild of London Money’s Martin Stewart (pictured), The Adviser Alliance promises brokers the ability to keep the “maximum possible procuration fee”, plus a profit share on placed business in a departure from the usual mortgage club model. Instead, members will need to pay a membership subscription fee.
Membership is initially capped at 250 brokers, with the cost of membership set at £300 for the first six months. Due diligence will be undertaken on brokers who register during June, before a commencement day for the mortgage club is confirmed, likely to be in June or July.
Stewart said: “I’m excited that brokers will now have a truly different option for placing their mortgage business. This isn’t just another ‘me too’ business; the subscription model, focused initially on delivering the maximum possible procuration fee, plus a market-leading profit share, is truly unique; it has never been done before.
“We now needs brokers to get behind it, support the change we are promoting and work together to challenge the status quo.”
Last week Stewart told Mortgage Solutions that the new club had already seen interest from 150 brokers, while Brilliant Solutions will provide operation support to The Adviser Alliance.
London Money has also launched a satellite office in Cardiff, named Cardiff Money. The new venture will be headed up by Daniel Yeo, who has worked in senior management positions throughout the second charge industry for the last seven years.