The investment comes as the firm rebrands from Bower Retirement Services to Bower Retirement.
Services launched by Bower include video guides for customers and potential recruits and online chat services for customers, while ensuring customers are offered a wide range of solutions.
Bower said its decision to rebrand was in response to the rapidly expanding equity release market and a need to strengthen its operation alongside this.
Geoff Charles, chief executive at Bower Retirement (pictured), said: “Around £8.2m of housing wealth is being withdrawn every working day as the equity release market grows and more customers look to property wealth for retirement planning.
“The market is changing however and we need to enhance how we work with customers and partners to ensure we continue to play a major role in the innovation that is driving equity release and retirement lending.
“Independent and impartial advice is central to delivering the comprehensive customer support that is needed and we plan to add more services to reflect the changes in the market.”
Bower, was co-founded by Charles in 2006, and now employs more than 80 people. It said its expansion has been boosted lately by the launch of Bower Private Clients, a dedicated high-net-worth equity release business.
