Mr Millican has been MD of the firm based near Colchester since Fiducia was formed in 2005. The company, which employs 15 staff, has won a number of awards.

After a lifetime in the financial services profession, Mr Millican said now was the right time to pass the principal executive responsibility to the “younger generation” within the company.

Fiducia offers a range of services including Financial Planning, investment management and later life planning. Some staff are qualified to FPFS or Certified Financial Planner level.

Mr Kearney, 39, a director with Fiducia since its inception, said: “I have learned so much working alongside John and I feel very proud and privileged to take over from him as managing director.

“We are a very ambitious, dynamic and growing company that has worked hard to create an empathetic and understanding environment which places our clients at the heart of everything we do.

Mr Millican said: “We are all very proud of the reputation Fiducia has built over the past 13 years and I know it will go from strength-to-strength under Gordon’s leadership. We have planned a smooth transition, one based on evolution rather than revolution.

“Fiducia has built its reputation on being honest and fair and on providing a personal service to each of our clients. I know Fiducia will continue its commitment to these important hallmarks.

“I have thoroughly enjoyed my role as managing director but I now believe that it is the right time for this change to be made. I am looking forward to my new role as Executive Chairman and the opportunity to continue to contribute to our future plans.

“I will also remain as an adviser – so this is certainly not retirement!”