Network Consulting’s latest Q3 2025 mortgage network table paints a clear picture of market dynamics.
With 9,614 designated representative (AR) firms and 16,127 mortgage licensed advisors, the AR intermediary industry continues its steady rise. This marks continued growth from 9,412 firms and 15,880 advisors in January 2024.
One possible factor behind the increase in the number of AR firms and advisors may be a shift in advisor preferences. Interestingly, some appear to be moving away from direct authorization (DA) status in favor of a network model that provides structured support and compliance.
Experienced advisors appear to be increasingly interested in setting up their own firms, which may reflect a desire for greater autonomy. These were themes that emerged from the conversation, although more extensive evidence is needed to confirm the underlying drivers.
St James’s Square has seen the largest changes in joins and leavers, although these figures may not reflect wider market trends. Putting them aside, Stonebridge recorded its highest gross and net growth rates to date in 2025, with 79 companies and 51 net companies joining its network (28 companies have left). Cornerstone Financial had the highest growth rate at 32%, continuing its momentum from previous quarters.
Other networks with year-to-date growth of more than 20% include Valid Path, Rosemount Financial Solutions and Ingard Financial. Ingard’s expansion appeared to accelerate in the third quarter, which may be related to the ownership change earlier this year. While these numbers are encouraging, it’s worth noting that both growth and loss patterns can be affected by a range of factors, including strategic direction, market positioning and advisor sentiment.
Some networks have clearly experienced a reduction in the number of companies. Primis, Openwork and Quilter suffered the biggest declines, losing 65,46 and 39 companies respectively this year, although this is only a small percentage for these large networks.
Pi Financial’s percentage fell 30.4%, although this represented only seven companies with net losses. These changes may reflect broader market dynamics or internal restructuring, but further analysis is needed to understand the underlying causes.
Commenting on the latest data, Paul Day, founder and director of Network Consulting, said: Overall, the data shows that the market is liquid and responsive, with consultants constantly reassessing their positions and affiliations and appearing to prefer the AR model.
“Whether these movements are driven by regulatory pressure, operational preferences or strategic ambitions remains to be explained. Judging from conversations within the industry, there appears to be a growing interest in models that offer flexibility and control.”
Click on the table below
