Software provider Prestwood has today launched its first cloud-based Financial Planning service as its founder Paul Etheridge hailed recent government pension reforms as "the best thing since sliced bread."
Mr Etheridge and Prestwood managing director Ritchie Walton unveiled the cloud service with a promise that it would help free planners from the shackles of the desktop computer.
The cloud-based lifetime cashflow modelling service is the same as the desk-based service but allows remote access via most devices including tablets and laptops. It also opens up the possibility of freelance Paraplanners being able to work on client files remotely and teams of planners being able to look after clients in the field.
Mr Etheridge said that the Government's pensions reforms announced in the Budget meant that cash flow modelling was now more important than ever.
The Prestwood chairman called the Budget changes to retirement income "like a breath of fresh air".
However, speaking at the launch of his firm's cloud based service, he warned that consumers were in danger of being short-changed if their adviser does not using cashflow modelling to plan properly.
He said: "For too long, consumers entering retirement have not been able to access their savings how and when they want to and have had to deal with complex issues where a little knowledge has been a dangerous thing.
"These factors, coupled with unattractive annuity rates have discouraged saving for retirement.
"The Government's new approach is common-sense and clients who are guided by advisers using Prestwood software will be able to avoid the pitfalls. But the new changes do not mean the rules have become less complex.
"It means that now, more than ever, a visual picture of future scenarios is vital for individuals. Ethical Financial Planners who use cash-flow modelling can immediately enable their clients to look 15, 20 or even 60 years ahead.

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"If an adviser is not using cashflow modelling I believe their clients are being short-changed – it is an essential tool for this day and age."
Speaking at Central Hall, Westminster, to mark Prestwood's 30thanniversary and the cloud service launch, Prestwood's Mr Etheridge unveiled new cloud-based enhancements to its cash flow modelling software which mean it can be accessed via any device which can connect to the internet.
Prestwood believes that before long 50 per cent of its 1,700 clients - who look after 50,000 individual customers and £12bn in assets - will be using the cloud service.