The Money Group has launched an equity scheme, which could see up to 20% of the business handed to partners over the next five years.

The broker network announced the scheme at its annual meeting held in Manchester on Wednesday (30 July), adding that its equity participation programme is available to current brands as well as those joining the group.

It added that the business now has over 100 brokers, following a rush of advisor enquiries in the first quarter of the year.

The network now targets 125 brokers by the end of 2021.

The firm also plans to create and partner with 50 businesses over the next five years.

The Money Group managing director and co-founder Scott Thorpe says: “ It should surprise no one that we will always find a different way to do things and the launching of our profit share scheme is just one of many initiatives we have designed to help our brand directors create wealth and security for themselves in the years ahead.

“We have always set out to be a collaborative project and unlike many businesses which are owned by only a few directors we wanted to find a way for our advisers to benefit from our growth plans.”

In January, the group said it was looking to raise “at least” £250,000 through the selling of business equity.

It said only existing ‘Money’ brands or those in the process of joining the group will be able to take part in the private placing currently.

If successful, the fundraise will net a total of £1m across the group for investment, which it says will be used to accelerate growth through acquisitions as well as the development of its existing proposition.