Last month it was announced that Wright, who set up Sixty Plus in 1995, would join the equity release specialists along with a number of his advisers, but the deal has now fallen through.
The firms will continue to operate separately but Bower is in talks with Sixty Plus to take on some of its advisers.
Andrea Rozario, chief operating officer of Bower Retirement, said: “At the eleventh hour David has decided he’s too emotionally connected to Sixty Plus to let it go.
“He’s spent time setting up his brand and he’s decided he wants to continue running the brand.
“We’re disappointed but we understand. You spend a long time building up a business and it’s like a baby and letting it go can be traumatic.”
In a statement Bower wished Wright “the best of luck for the future with Sixty Plus”.