The UK’s largest mortgage networks suffered some of the biggest net losses in appointed representative (AR) firms during the first three months of the year as brokers search for support with evolving compliance and technology along with fair exit terms.
Network Consulting Service’s Q1 2026 Network League Table shows heightened activity across the major networks, compared to Q1 2025, as adviser movement remains active across both established and growing networks.
Biggest net losses
St James’s Place Wealth recorded a net loss of 50 firms in Q1 (-1.9%) following a gain of 38 firms (+104 in Q1 2025) but a loss of 88 (-51 in Q1 2025), taking its AR firm count down to 2,685.
Quilter recorded a net loss of -27 compared to -1 in Q1 2025 while Primis saw overall AR firm numbers drop by -19 compared to -12 the year previous after almost the same amount of firms departed, but fewer joined.
HLP Partnership made it into the top five networks in Q1 2026 after a net gain of 19 AR firms taking its total up from 545 at the end of 2025 to 568 by the end of March.
This positive performance pushed Openwork down into sixth position in terms of total AR firm numbers after 17 firms left the network in Q1, reducing its overall count from 566 at the end of 2025 to 543. Openwork’s Q1 net change was -12 compared to -6 in Q1 last year.
Dragon Brokers, meanwhile, lost 22.4% of its adviser firms after 14 quit the network taking its total down to 49. This compares to a 10.7% decline in Q1 2025.
Q1’s winners
Leading the pack of mortgage networks making the biggest net gains in Q1 was Stonebridge and HLP with 19 each.
In 12 months, Valid Path has risen from 14th to 9th place in the league table, though more focussed in the wealth sector.
Sesame enjoyed considerable success in Q1, gaining 17 AR firms, compared to 0 during the same period last year. In fact, the network’s first quarter results have out-performed its 2025 performance, when it gained 15 firms throughout the entire year.
Behind the numbers
Schroders, the parent company of Best Practice IFA Group, agreed a sale to Nuveen although it is uncertain as to what this spells out for the network at this stage.
Julian Harris appeared to leap up in AR numbers but this can be explained by a name change of one brand from Julian Harris Mortgages to Julian Harris Adviser Network, with the simultaneous dual registration of firms within Julian Harris Financial Consultants.
Primis, Mortgage Advice Bureau and Openwork have been vocal about their continued heavy investment in technology, operational infrastructure, and adviser support as competition across the intermediary sector intensifies.
Paul Day of Network Consulting Services commented: “The evolving regulatory landscape continues to influence strategic decision-making across the intermediary sector.
“Historically, advisers may have focused heavily on commercial terms or commission structures when considering a move. Increasingly, firms are placing equal importance on compliance culture, technology capability, operational support such as digital and social marketing, contractual exit terms and long-term business alignment,” he said.
