Queensland-based PIS said the move followed the merger with Centrepoint Alliance.
Bennetts founded the company 15 years ago and has been at the helm ever since. He flagged the move to part-time more than a year ago.
"Robbie Bennetts' role going forward will ensure that PIS has the opportunity to continue to benefit from his skills and experience," PIS said in a statement.
His new role involved advising the PIS board, coordinating and managing the group's conferences, and developing new opportunities to market and promote the value of financial advice to all Australians, PIS said.
Centrepoint Alliance managing director Tony Robinson said Bennetts had built PIS into a successful and significant part of the financial services industry in Australia and other countries.
Robinson said the decision was spurred by the changing advice environment as a result of the federal government's proposed Future of Financial Advice (FOFA) reforms.
"Obviously we've got a changing landscape ahead with the upcoming FOFA reforms," Robinson said.
"Robbie will help take the business through to the next stage that we're likely to see as a result of the proposed legislation."
Asked whether Bennetts' new role would include scouting for possible acquisitions, Robinson said: "At the moment, we're really focused on bedding down the merger."
PIS's largest shareholder is Aviva Overseas Holdings, which bought into the advisory group in 2005.
With about 1300 advisers, PIS was Australia's second largest dealer group, according to the 2010 IFA dealer group survey.
The group has about $18.8 billion under advice. «
