IFA networks in the UK: an honest comparison for 2026
The 17 largest wealth networks by AR firms, who owns them, what the ones that publish their charges actually cost, which supply leads, and when going directly authorised is cheaper.
On this page
We're not a network and we don't give advice, so everything below about IFA networks comes from the FCA register, the networks' own published terms and trade press, all linked. The pages ranking for "IFA network" are mostly the networks' own recruitment pages (one of them belongs to a network that's been in administration since 2024), so this is the independent comparison we'd want to read if we were choosing.
What is an IFA network?
A network is a principal firm. It's authorised by the FCA, and it appoints other firms as its appointed representatives. The AR firm gives advice under the network's permissions, and the network is responsible for that advice. Since the FCA's appointed representatives rules came into force in December 2022 (PS22/11), principals have to review each AR every year and sign off a self-assessment at board level. When the FCA checked in 2024, one in five principals it sampled hadn't completed the required checks (FCA review).
In practice a network gives you:
- FCA authorisation and supervision (file checks, pre-approval of higher-risk cases, competence assessment)
- Professional indemnity cover under its policy
- Agencies with product providers and platforms, and collection of fees and commission
- Back-office software, research tools and approval of your own marketing
- Training and CPD
The alternative is to be directly authorised (DA): your firm holds its own FCA permissions and buys compliance support from a service such as Paradigm or threesixty. Most investment advice firms (88.1% in the FCA's 2025 market data) are independent-only, and being independent is a separate question from being DA. Plenty of network ARs give independent advice; the network's own model decides whether you can.
| Network (AR) | Directly authorised (DA) | |
|---|---|---|
| FCA authorisation | The network holds it for you | Your firm applies and holds it |
| Compliance | Network supervises; you follow its rules | Your responsibility (support can be bought in) |
| Cost model | % of fee income plus monthly fees and passed-through levies | Fixed costs: FCA fees, PI, FSCS, compliance support, capital |
| Investment proposition | Within the network's panel and research | Your choice |
| Speed to start | Weeks, once the network approves you | Months (FCA application) |
| Leaving | Notice periods, possible exit charges and levy run-off | Nothing to leave |
Which are the biggest IFA networks in the UK?
Network Consulting publishes a quarterly league table from the FCA register. This is its wealth table at 2 July 2026, with each network's advice model and owner added from their own disclosures and Companies House. The adviser column counts only advisers with retail investment and pension permissions, which is why a network with many mortgage-only members (New Leaf, for example) shows fewer advisers than firms.
| Network | AR firms | Investment advisers | AR change 2026 YTD | Advice | Owner |
|---|---|---|---|---|---|
| St James's Place | 2,655 | 4,839 | -100 | Restricted | St James's Place plc (a partnership, not an IFA network) |
| Quilter | 677 | 1,486 | -8 | Restricted | Quilter plc |
| Openwork | 536 | 881 | -20 | Restricted | Partner-owned; Bain Capital up to 30% (2025) |
| 2plan wealth | 286 | 607 | +14 | Independent | Openwork group |
| ValidPath | 278 | 410 | +40 | Independent | Rimbal Holdings |
| The On-Line Partnership (In Partnership) | 239 | 264 | +1 | Whole of market | On-Line Partnership Group |
| M&G Advice Partners | 224 | 332 | -13 | Restricted | M&G plc |
| New Leaf Distribution | 207 | 150 | +13 | Independent | Privately owned |
| Sense Network | 175 | 412 | +2 | Independent and restricted | ASHL Group |
| Best Practice IFA Group | 135 | 390 | 0 | Independent | Benchmark (sale to Söderberg & Partners announced Jul 2026) |
| Vision Independent Financial Planning | 117 | 128 | -12 | Independent | Rathbones Group |
| Rosemount Financial Solutions | 100 | 103 | +8 | Independent | Privately owned |
| Julian Harris | 72 | 75 | -2 | Independent | Privately owned |
| Corbel Partners | 66 | 190 | +5 | Independent | Founder-owned |
| Oculus Wealth Management | 61 | 70 | +6 | Independent | Benchmark |
| Pi Financial | 21 | 71 | -1 | Independent | Privately owned |
| Sandringham Financial Partners | 20 | 137 | +2 | Independent | M&G plc |
Source: Network Consulting Q2 2026 wealth network league table, FCA register data correct at 2 July 2026 (St James's Place adviser count from its accounts). Totals across the 17 networks: 5,869 AR firms, 10,545 investment advisers, down 65 firms in the first half of 2026. Ownership from network websites, Companies House and announcements, checked 27 September 2026.
A few things the table shows that recruitment pages won't tell you:
- The three largest are restricted. St James's Place is a partnership with its own investment range rather than an IFA network in the usual sense, and Quilter and Openwork are restricted, as is M&G Advice Partners in seventh. If independence matters to your clients, your shortlist starts at 2plan wealth in fourth.
- Growth is concentrated. ValidPath added a net 40 firms in six months (up 14.4%) and 2plan 14, while Vision lost 12 (down 10.3%). Across 2025 wealth networks gained a net 89 AR firms, and the number of wealth-only DA firms fell 19.4% between 2020 and 2025 (Professional Adviser, 12 March 2026).
- Ownership is moving. Bain Capital took a stake of up to 30% in Openwork in 2025. Söderberg & Partners announced a deal to buy Benchmark, which owns Best Practice and Oculus, on 6 July 2026 (Söderberg & Partners). A new owner can mean new terms.
How much does it cost to join an IFA network?
Most networks charge in two ways: a retention (the share of your fee and commission income they keep) and a fixed monthly fee, with regulatory levies and some case charges passed on. Most don't publish their numbers. These do:
| Network | Retention | Monthly fee | Other charges and notes |
|---|---|---|---|
| Sense Network | 8% of first £200k gross revenue; 5.5% above; 3% above £1m; 2.5% above £2m | £300 per firm (includes first adviser) + £150 per extra adviser | £8,000 a year minimum retention after the minimum term; case pre-approval £100 (DB transfer £300); regulator fees and levies passed on. Services & charges document |
| Julian Harris | 19% of first £25,000; 12.5% above | £95 (waived for the first three months) | PI and core network services included; resets each 31 March. Published fees |
| Corbel Partners | 20% of first £150,000; 15% of next £50,000 | £280 towards regulatory and PI costs | Paraplanning charged separately. Does not provide leads. Corbel FAQs |
| Fintuity | "Competitive revenue split" (rate not published on the page we checked) | £0 | Revenue share only when you earn. Fintuity, May 2025 |
| Quilter (restricted) | 15%–20% of fees its advisers generate | Not published | Network-level figure from Quilter's spring 2024 investor presentation, not an individual contract |
New Leaf says it charges one monthly fee plus an agreed override with PI and levies included, and Vision says its structure can include an annual maximum capped fee, but neither publishes amounts. For everyone else, ask for the full schedule before a first meeting. A network that won't put its charges in writing early is telling you something.
What that looks like on £150,000 of fee income
These are the published schedules applied to a firm with one adviser and £150,000 a year of fee income. (Julian Harris is left out because its published rate applies to "net initial commission and fees", and we couldn't confirm how it treats ongoing fees.) It's a rough comparison: the services included differ a lot, and levies and case charges come on top.
| Network | Retention | Monthly fees (12 months) | Yearly cost | Share of income |
|---|---|---|---|---|
| Sense | £12,000 | £3,600 | £15,600 | 10.4% |
| Quilter (15%–20%) | £22,500–£30,000 | Not published | £22,500–£30,000 | 15%–20% |
| Corbel | £30,000 | £3,360 | £33,360 | 22.2% |
Illustrative. Assumes the whole £150,000 falls under each schedule. Excludes FCA, FSCS and FOS levies, case pre-approvals, extra software licences, paraplanning and VAT on optional services. Terms are negotiable and change; confirm the current schedule with the network.
On the same income, the cheapest published schedule costs less than half of the most expensive. That's partly price and partly what's included. Corbel's higher retention, for example, sits alongside a model built around established planners with paraplanning available. Compare the whole package, but do the sum.
Should you join a network or go directly authorised?
DA swaps a percentage for fixed costs and more of your own time. The main ones, with the figures the FCA and suppliers publish:
| Cost of going DA | Figure | Source |
|---|---|---|
| FCA application | £2,820 (Category 4, where most financial adviser applications fall; checked 27 September 2026) | FCA application fees |
| FCA annual fees | £2,000 minimum, plus income-based fees above the threshold | FCA PS25/8 |
| Capital held in the firm | Generally the higher of £20,000 or 5%/10% of annual income for a personal investment firm (more if MIFIDPRU applies) | IPRU(INV) 13 |
| PI insurance | One specialist broker indicates 2.5%–6% of turnover, with insurer minimums of £2,500–£5,000 | Broker guidance |
| FSCS levy | FCA worked example: £2,660 for a firm with £340,000 of tariff income (2025/26) | FCA levy notes |
| Compliance support | From £150 + VAT a month (Paradigm) or £370 + VAT a month (threesixty Core) | Paradigm, threesixty |
As a partial subtotal: the FCA minimum, a PI premium in that indicated range and a compliance service on £150,000 of income come to roughly £7,500 to £15,500 a year (our illustrative estimate, not a quote). That leaves out FSCS and FOS levies, software, supervision work, the cost of setting up and the value of your own time, so the full figure is higher. The capital isn't a cost, but it's money you can't take out of the firm. Against that, a network charging 15%–20% costs £22,500–£30,000 at the same income, and one on Sense's published schedule about £15,600 plus levies.
The numbers alone won't settle it, because PI quotes, levies, supervision work, exit terms and rights over your client bank can all swing the answer. What advisers describe to trade press is a pattern rather than a break-even point:
- Joining a network tends to appeal to advisers who are newly qualified or newly self-employed, whose fee income is still small, or who would rather pay someone to carry the compliance load. FT Adviser reported one adviser choosing an independent network for quicker authorisation and compliance support (FT Adviser, 17 July 2025).
- Going DA tends to appeal once a firm wants control over its investment proposition, platforms, pricing and brand, and when a percentage retention has grown large next to fixed compliance costs. Citywire reported one adviser leaving Sense in 2026 to charge flat fees and use more technology (New Model Adviser, 26 February 2026).
Before deciding, get actual PI quotes and each network's full written schedule, and model both at your current and target income. Because a network's cost is a percentage, it grows with you, so recheck the sum every year.
Which IFA networks give you leads?
This is the question new advisers should ask first, because the answer is usually "none, really". A network gives you the permission and infrastructure to advise, and filling the diary stays your job. From published sources:
| Network | Type | What's published |
|---|---|---|
| Fintuity | Consumer enquiries | Says members receive inbound enquiries matched to advisers from a central pool (Fintuity). Volume not published. |
| M&G Advice Partners (restricted) | Consumer leads, for a fee | M&G's Wealth Advice Academy guide says qualified client leads are available to its advisers, for a fee. |
| Quilter (restricted) | Affinity-partner leads | Advertises leads from affinity partners for its self-employed Quilter Financial Advisers (Quilter). Not shown to apply to every network firm. |
| Julian Harris | Consumer enquiries | Its consumer enquiry form passes details to an appropriate member adviser. Volume not published. |
| ValidPath | Marketing help; client-bank introductions | Helps with marketing and introducer relationships, and introduces members to client banks for sale. |
| Openwork (restricted) | Existing client books at some member firms | Some member firms advertise roles with leads and an existing client base; no network-wide offer found. |
| Corbel | None | "It does not provide leads to advisers and planners." |
Those are three different things. Consumer enquiries are new prospects you still have to convert. A client-bank introduction is a chance to buy clients, priced like any other book. An employed or self-employed role with an existing client base is a job offer rather than a lead supply. For consumer leads, ask how enquiries are generated, how many go to each adviser, and whether one enquiry goes to several members. And remember what you're paying: a percentage of every fee, for as long as you stay. If a network's leads are why you're joining, the retention is partly a lead cost.
Most advisers still build their own client flow: referrals (56% of new clients, down from 67% a year earlier, per NextWealth 2026), professional introducers, their own marketing, and paid introductions. We've compared the channels in lead generation for financial advisers. If you're weighing up bought enquiries against booked meetings, our buyer's guide covers the questions to ask any supplier, including us.
One practical point for network ARs: your network will want to approve any introducer you pay. Firms that join InvestmentsBooked will get our introducer due-diligence pack (sources, example approved adverts, qualifier script, consent wording, data-sharing terms and complaints process) during onboarding, so their compliance team can review it before the first appointment. What we check and publish is on lead quality.
What's the best IFA network to join?
The best network is the one that fits your income, advice model and appetite for admin, and any list that crowns a single winner was probably written by a network. Questions to put to every network on the shortlist:
- Independent or restricted? Can you give whole-of-market advice, and are there panel or platform restrictions in practice?
- What will it cost at my income? Ask for retention bands, monthly fees, minimum retention, case charges and how levies are passed on, then work out the yearly total at your current and target income.
- Who owns the client relationship? Read the AR agreement's clauses on leaving, client ownership and selling your book. This decides what your firm is worth when you exit (see what an IFA business is worth).
- What does leaving cost? Notice period, exit fees, and whether you keep paying levies triggered while you were a member.
- How is supervision done? Pre-approval of which cases, file-check sampling, and how fast approvals come back.
- Who owns the network, and is it changing? A sale or new investor can change terms. Tenet's network collapsed into administration in 2024 (see below).
- Is it growing? The league table is public. Ask why firms have joined and left.
- What help with clients, specifically? Ask about leads, introducer programmes, marketing approval turnaround and client-bank introductions, and have the answers put in writing.
Then talk to two or three current members who didn't come from the network's own list of referees.
Which network names have changed or gone?
Several names that still turn up in searches (and on old comparison pages) aren't open to new investment advisers in the way they were:
- Tenet (TenetConnect): closed to new business on 31 March 2024 and entered administration on 5 June 2024 (FCA). Its advisers moved to other networks or went DA. Its "join the best IFA network" page still ranks on Google.
- Sesame: now a mortgage, protection and general insurance network (Aviva-owned) and not in the FCA's investment and pensions network list.
- Intrinsic and Positive Solutions: legacy names now part of Quilter Financial Planning.
- Tavistock Partners: its advice businesses were sold to Saltus, announced in October 2024.
- M&G Wealth Advice: renamed M&G Advice Partners in October 2025.
How we put this together (and where we fit)
Firm counts come from Network Consulting's table built on the FCA register at 2 July 2026. Charges come only from documents the networks publish themselves, and we've said where a figure wasn't published rather than guess. Ownership comes from company announcements and Companies House. None of the networks listed has paid to appear or been asked to review this page.
InvestmentsBooked isn't a network and doesn't give advice. We book first meetings for FCA-authorised independent firms, whether DA or an AR of a network that allows introducers. Those firms pay £500 per qualified show for meetings with people who self-declare £250k+ in defined-contribution pensions, reconfirmed on the call, across four appointment types. That's a commercial interest in this topic, and it's why the leads section above says plainly that most networks don't supply clients. If you want to see how the model works first, here's how it works and what it costs.
If you're earlier in your career and deciding where to start, what financial advisers earn covers how network pay compares with employed and DA routes.
Figures checked 27 September 2026. Sources: Network Consulting Q2 2026 wealth network league table (FCA register, 2 July 2026); Professional Adviser on Network Consulting's 2025 data (12 March 2026); FCA PS22/11 and 2024 review of principal firms; FCA information on TenetConnect administration; Sense Network services and charges document; Julian Harris fees page; Corbel Partners FAQs; Fintuity (May 2025); Quilter investor presentation (spring 2024) and Quilter Financial Advisers page; M&G Wealth Advice Academy guide; Söderberg & Partners announcement (6 July 2026); FCA application fees page (checked 27 September 2026), PS25/8 and FSCS levy calculation notes 2025/26; FCA Handbook IPRU(INV) 13; Paradigm and threesixty published prices; professionalindemnity.co.uk broker guidance; Citywire New Model Adviser (26 February 2026); NextWealth Financial Advice Business Benchmarks 2026; FCA retail intermediary market data 2025. Worked examples are illustrative. InvestmentsBooked is not authorised by the FCA and does not give financial advice.