"By opening up our brand, knowledge and our contrarian approach we can give those brokers the chance to build their own business."
All will offer a range of residential and second charge mortgages, commercial finance and equity release, with plans to expand into investments and pensions in the future.
Each new firm will be directly authorised by the FCA but will rely on the infrastructure provided by London Money as well as The Adviser Alliance, also founded by London Money director Martin Stewart.
The expansion follows the launch of Cardiff Money in May this year.
Martin Stewart said: “There’s a great entrepreneurial spirit among many brokers. By opening up our brand, knowledge and our contrarian approach we can give those brokers the chance to build their own business. Many advisers are disillusioned with the current offerings within the marketplace and we believe our model will allow brokers to go directly authorised but without feeling lonely in the process.
“Furthermore, by working with The Adviser Alliance brokers will be able to keep a larger percentage of their procuration fee than was previously the case.
“This isn’t another network in the traditional sense of the word, more a group of directly authorised companies, self-reliant and independent but with our backing to help build a business with a national presence but a local touch.”
London Money's Director, Scott Thorpe, commented: “We are uniquely positioned, and our flexibility and collaborative approach means we can get people trading in weeks as opposed to months. We can incubate these fledgling businesses using the tools given to the industry by the regulator. In our opinion this is a game changer for those advisers who want to be business people and not just mortgage brokers”
Kris Day, founder of Glasgow Money, added: “I chose to partner with Martin and Scott because they see things totally differently and that’s refreshing. Their plans for a national brand with an ethical stance was particularly attractive. We are excited by the opportunity of helping to build a brand that consumers and businesses can trust and engage with.
“We could have set out on our own, but London Money already have the foundations in place, which helps with speed to market. More importantly though, it’s about working with like-minded people who have the same standards as us when it comes to fairness and transparency.”
