Advice firm London Money has set its sights on growth beyond London and the south east on the back of what the firm said is demand for its ‘consumer-focused’ model.
Today (1 November) sees the launch of Glasgow Money, Teesside Money and Manchester Money, which will offer a range of residential and second charge mortgages, commercial finance, equity release and, in time, investments and pensions.
Each branch is authorised directly by the Financial Conduct Authority but relies on the infrastructure provided by London Money and broker network The Adviser Alliance (TAA), also established by Martin Stewart.
Founded in 2011, London Money has since grown to a nine-strong team and is currently opening up its offering to brokers throughout the UK, helping them start their own business and obtain direct authorisation.
TAA was launched in May this year with the aim of giving firms greater power in their relationship with lenders.
Unlike other networks, it provides brokers the maximum permitted procuration fee and a monthly share of profits based on the lowest cost base in the market.
Mr 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.”
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.”
simon.allin@ft.com
