Mr Pain, who is already a member of the Implemented Portfolio investment committee, will be touring Australia this month as part of a global macroeconomic roadshow aimed at non-aligned advisers.
Implemented Portfolios founder Santi Burridge told InvestorDaily Mr Pain has been a long-standing member of the firm's asset allocation team.
"Implemented Portfolios is exploring the potential for Jonathan to have an even greater influence on how money is managed," Mr Burridge said.
"This currently involves evaluating how to deliver the right service to the right investors and letting Jonathan decide when the time is right for him to get back in the business of managing money."
According to the Implemented Portfolios website, Mr Pain will use the roadshows across Australia to "provide more information about the forthcoming Global Macro investment opportunity that he has been exploring in conjunction with Implemented Portfolios".
Speaking to InvestorDaily, Implemented Portfolios chief executive for product, distribution and marketing, Adam Seccombe, said 125 non-aligned advisers had already signed up for the roadshow.
"Jonathan's doing a roadshow to help people understand 'where to from here' [in global markets] – and he will be discussing the potential avenue that he may take if he's going to get back into managing money again," Mr Seccombe said.
Mr Seccombe said that while the details have yet to be hammered out, any role for Mr Pain would be more about "market calls" than stock picking.
"It's not necessarily giving Jonathan money to manage, but perhaps implementing some of the trading strategies that he talks about in their own businesses," he said.
Mr Seccombe was keen to differentiate Mr Pain's role on the Implemented Portfolios asset allocation committee from any new role managing money.
"[Implemented Portfolio's] asset allocation approach is a deep value, long-term service. What Jonathan can offer is something that's slightly shorter term and more tactical," Mr Seccombe said.
If a new investment vehicle is created as a result of the feedback from the roadshows, it would be a "great story about independents collaborating", he said.
AMP names incoming chief risk officer
Antares Equities hires new director
Former AFA CEO appointed to boutique board
Busting common passive investing myths
The long-term case for real estate
Shining a light on investment options