The Adviser Alliance has launched at 8am today (31 May) and is open for applications.

It says it aims to put power back in the hands of brokers and also promote fair product access for all brokers and transparent pricing.

Initially, The Adviser Alliance will focus on delivering two things to members; the maximum permitted procuration fee and an enhanced profit share, based on a new, low cost, subscription based, business model.

Over time, The Adviser Alliance will extend its offering, to deliver a range of other services, all designed to help mortgage brokers build and improve their business.

The cost of membership is £300 for the first six months and initially membership will be capped at 250 individual brokers.

Martin Stewart, director of London Money came up with the idea for The Adviser Alliance. He 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.

“Frankly, there are times when I doubted that this day would come, but it finally has, and I’m delighted. We now needs brokers to get behind it, support the change we are promoting and work together to challenge the status quo.”

Due diligence on brokers who register will be undertaken during the month of June, before a commencement date will be confirmed; this is expected to be in late June or early July.

BestAdvice reported last week that Brilliant Solutions has been chosen to provide the operational support for The Adviser Alliance.