Openwork recorded a pre-tax loss of £8.5m in 2010, on top of a £5.6m loss during the previous year.
The network's total revenues were £182m, marginally down from the £182.5m in 2009.
Its administrative expenses increased from £36.6m to £40.1m, although complaints redress and review costs were down from £2.6m to £2.2m.
Meanwhile, Openwork's advisory numbers went down from 2,485 to 2,060, with chief executive Mary-Anne McIntyre blaming both the general contraction in the market and the poaching of advisers by a rival network set up by ex-staff.
Former chief executive Keith Carby set up Caerus Wealth Management in 2010 and, by the end of the year, had over 200 advisers working with him, many of them from Openwork.
McIntyre added: "The directors are confident that these seller losses have been contained and seller numbers stabilised."
She also predicted the network would continue to make a loss in 2011 because of the costs involved with getting ready for the implementation of the retail distribution review.
Achievements, charity work and other happy snippets
Laughable excuses for persisting
Spent 56 years at Schroders
Warns on profits