It was announced in March that David Wright, managing director of Sixty Plus, would join the equity release specialists, but the deal has now fallen through.
But in a statement the firm said Wright has decided to remain an adviser under his own company brand of Sixty Plus for "personal reasons", effective immediately.
The statement from Bower Retirement Services read:
"David's decision resulted from his own personal reasons and has no reflection on Bower or the directors whatsoever.
"Bower wishes David the best of luck for the future with Sixty Plus, at a time when quality equity release advice is becoming ever more important."
