A poll of over 200 financial advisers, conducted by Paragon Mortgages, indicated significant membership distribution changes.
Openwork has had particular success since its launch, and although many of its members are former members of the old Zurich Advisory Network, figures indicate that the group has seen strong growth with support from the survey panel almost doubling in the last six months.
Another group to have seen growth in recent months is Mortgage Intelligence, which has seen support triple since March this year by tailoring services to the regulatory environment.
Sesame remains the leading network with a quarter of appointed representative respondents saying they were a member of that organisation. However, it has experienced an 11.6% decline in support over the last year.
John Heron, managing director of Paragon Mortgages, commented: “Our report indicates that over the last year, and in particular the last six months, there has been a marked shift in support for mortgage networks. Since regulation, the shape of the UK mortgage industry has changed and there seems to be a rise in support for small mortgage networks that offer specific expertise and put an emphasis on service to advisers in the wake of the new regulations.”
