Some of the UK’s largest mortgage networks recorded the biggest net losses in appointed representative firms during the first quarter of 2026, according to new figures from Network Consulting Service.
The firm’s Q1 2026 Network League Table points to heightened activity across major networks compared with the same period last year, as brokers weigh compliance support, technology, operational backing and exit terms.
St James’s Place Wealth recorded the largest net fall, losing 50 appointed representative firms in the quarter, equivalent to a 1.9% decline. The network gained 38 firms but lost 88, taking its AR firm count down to 2,685.
Quilter recorded a net loss of 27 firms, compared with a fall of one in Q1 2025, while Primis saw its AR firm numbers fall by 19, compared with a decline of 12 in the same period last year.
HLP Partnership moved into the top five networks by AR firm numbers after gaining a net 19 firms, increasing its total from 545 at the end of 2025 to 568 by the end of March.
That pushed Openwork into sixth place by total AR firm numbers, after 17 firms left the network during the quarter. Its total fell from 566 at the end of 2025 to 543, with a net change of minus 12 compared with minus six in Q1 2025.
Dragon Brokers saw one of the sharpest proportional falls, losing 14 adviser firms, or 22.4% of its total, reducing its count to 49. This compared with a 10.7% decline in Q1 2025.
GAINERS IN THE QUARTER
Stonebridge and HLP Partnership recorded the strongest net gains, each adding 19 firms during the first quarter.
Valid Path rose from 14th to ninth place in the league table over 12 months, although Network Consulting Service said it remains more focused on the wealth sector.
Sesame also posted a stronger quarter, adding 17 AR firms compared with no net gain in Q1 2025. Its first-quarter performance exceeded its full-year 2025 net gain of 15 firms.
Network Consulting Service said some movements required further context. Schroders, the parent company of Best Practice IFA Group, has agreed a sale to Nuveen, although the implications for the network remain uncertain.
Julian Harris appeared to record a sharp rise in AR numbers, but this was attributed to the renaming of Julian Harris Mortgages as Julian Harris Adviser Network, alongside the simultaneous dual registration of firms within Julian Harris Financial Consultants.
Primis, Mortgage Advice Bureau and Openwork have all highlighted investment in technology, operational infrastructure and adviser support as competition across the intermediary market intensifies.
Paul Day of Network Consulting Services said: “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.”
