The co-founder of FinaMetrica has been saluted as an "iconic industry thinker and achiever" after he quit to begin his retirement.

Geoff Davey, aged 70, has resigned as a director and employee.

Mr Davey, who remains a significant shareholder, is the inventor of the patented FinaMetrica personal financial risk tolerance test and creator of the FinaMetrica risk profiling system.

He also describes himself as a pioneer of personal Financial Planning in Australia.

Andrew MacDonald, chairman of the board of directors, said: "We congratulate Geoff on his 'baby' that has been FinaMetrica and raise our glasses in a toast to an iconic industry thinker and achiever. We wish him a rich, happy and well-deserved retirement.

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"Geoff's work is permanently embedded in the world's financial services industry through the use of FinaMetrica's tests and methodologies."

Mr Davey founded FinaMetrica in 1998 with Paul Resnik.

Mr MacDonald said: "He was responsible for the development of FinaMetrica's intellectual property. I don't know of any other individual anywhere in the world, who has devoted so much of his intellectual, commercial and emotional resources to the understanding and development of good financial advice as Geoff."

He said: "He has achieved something that many of us can only aspire to; he has improved outcomes for many thousands of investors and their advisors around the world. The FinaMetrica system is now used by 5,500 advisors in 23 countries in seven languages. To date, more than 770,000 tests have been completed."

Staff changes have been made as a result of Mr Davey's retirement.

Nicki Potts has been promoted to be FinaMetrica's chief operating officer and FinaMetrica's co-founder, Paul Resnik, has added marketing to his role in the development of international sales.