Bower records 60% business growth

Ryan Fowler

June 21, 2016

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Retirement services provider Bower has seen a 60% growth in business over the last year fuelled by the launch of new businesses including the first high net worth equity release advice service.

Bower, which was founded a decade ago by chief executive Geoff Charles,  now employs more than 80 including a nationwide network of advisers.

Total value of business in the year to May has grown 60% on the previous 12 months with applications rising 30% over the same period. That has helped drive a 27% rise in numbers of advisers in 2016 and a 40% increase in head office staff.

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Expansion has been boosted by the launch of new services including Bower Private Clients – the first dedicated high net worth equity release advice business – and further new services including a legal advice operation are planned.

Charles said: “The equity release market has changed massively since we launched Bower in 2006 and is now shifting towards becoming more about retirement lending.

“Our 10th anniversary is the ideal time to look back at how far we’ve come from just two people in an office in Ongar to now over 80 members of staff and advisers across the country

“But it is vital to keep looking to the future as we’ve done with the launch of Bower Private Clients and plans for legal services. The constant focus is making sure clients receive the best possible advice which has delivered the success of the past 10 years and will continue to drive the business for the future.”