A new network of advisers aiming to revolutionise the way brokers are paid has launched to market.

Earlier this month, the Adviser Alliance announced plans to give power back to smaller brokers by charging members an annual fee rather than taking a percentage of their procuration fees.

Applications are now open and due diligence on brokers who register will be undertaken throughout June, with a commencement date expected to be confirmed towards the end of that month or in early July.

“I’m excited that brokers will now have a truly different option for placing their mortgage business,” said Martin Stewart, director of London Money (pictured above).

“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.

“Frankly, there are times when I doubted that this day would come, but it finally has, and I’m delighted.”

Last week, the Adviser Alliance partnered with direct-to-lender mortgage club Brilliant Solutions, which had been chosen to provide the operational support necessary for the model to work.

The alliance will also be promoting fair product access and transparent pricing for all brokers.

Membership will cost £300 for the first six months and numbers will initially be capped at 250 individual brokers.

“We now need brokers to get behind it, support the change we are promoting and work together to challenge the status quo,” added Martin.