Operations manager Ritchie Walton will be taking over as managing director having worked for Prestwood for 16 years.  Mr Congrave will remain available to Prestwood for consultation for 12 months to ensure a smooth handover.

He joined Prestwood in 1986 and pioneered cashflow modelling, a tool now used regularly by Financial Planners.

Last year he introduced the regional mentoring programme which allows Prestwood users to share skills and best practice with others.

Mr Congrave said: “With the company in such excellent shape, and so many exciting developments and enhancements in the pipeline, it is the right time to hand over to the reins to Ritchie.

“It has been my privilege to work closely with some of the leading figures in the Financial Planning profession and I am confident their continued efforts will change the face of financial services in the UK.”

Paul Etheridge, chairman of Prestwood and founder of the Institute of Financial Planning, said: “Philip has steered our software development through a period of growth and transformation against a backdrop of the most tumultuous period of market upheaval for 60 years.

“He has been an outstanding colleague with a well-developed commercial sense and a genuine interest in our community of users.”