Robert DiMeo has stepped down as CEO of investment consultant Fiducient Advisors, but he will become the firm's chairman.
In a Jan. 25 memo to clients, Mr. DiMeo wrote: "The time is right for me to transition my day-to-day management responsibilities and help to identify Fiducient's next CEO."
The chairman position is a new role, confirmed a spokesman for NFP, the parent company of Fiducient, in an email.
Mr. Dimeo, who founded the firm in 1995 as DiMeo Schneider & Associates, also wrote in his memo that as chairman, he will "remain fully engaged, primarily on strategy, clients, business development and mentoring" and that he expects to "remain at Fiducient Advisors for years."
DiMeo Schneider changed its name to Fiducient Advisors in 2021.
With assistance from "a leading search firm," Fiducient will identify candidates for the next CEO who "share our values and have the vision to build from the foundation that has served our clients well," the memo added.
According to Fiducient's website, the firm had more than $230 billion in assets under advisement as of June 30.