There is change at the top at the US wealth management house as its chairman prepares to step down, handing the reins to its CEO.

The chairman of US-listed Raymond James, Thomas James, says will step down from the post, effective as of the firm’s shareholder meeting on Feb. 16. James will hold the title of chairman emeritus, retaining a seat on the board.

Paul Reilly, who has been chief executive since 2010, will become chairman, Raymond James said in a statement yesterday.

“The timing is right for this transition for several reasons. First, as chairman, I worked with the board on the decision that it was time for Paul to hold both titles and oversee our board meetings with the support of our lead director, Susan Story,” James said.

Another reason for the move is that James, and his wife Mary, have become busy in creating the James Museum, an arts museum, which is planned to open next year.

“As we make this transition, I intend to continue to be an active board member and shareholder while maintaining my Raymond James office to support Paul and our management team to help encourage the future success and continued independence of the firm,” James continued.

James has served in leadership in various roles since the firm was founded in 1962, including as the Raymond James Financial chairman and CEO for more than 40 years until 2010 when Reilly took on the CEO slot.

Raymond James has about 7,100 financial advisors serving more than 2.9 million client accounts in the US, Canada and overseas. Total client assets are approximately $600 billion. The firm has been publicly listed since 1983.