TMG has also launched its Equity Participation Programme, a profit share scheme which the group noted could see up to 20% of the business pass to its advisers.

Scott Thorpe, managing director and co-founder of The Money Group, said: “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.”

Martin Stewart, chief executive and co-founder of The Money Group, added: “The [annual general meeting] was a tremendous success and it allowed us to not only showcase the new businesses that we are creating but also show the opportunities that abound when you are part of a progressive business.

“No one is underestimating how much hard work lay ahead but when we set out to create something we did so with the end goal that the brokers could influence, develop and become co-owners of it.

“Today’s announcement is just the first of many small steps in helping us to build and achieve that goal.”