According to a statement, Mr Fox, who has held the chief executive role with the AFA for the past four years, has agreed to continue to serve the AFA as a consultant.
He will be succeeded by former adviser and former Zurich executive Philip Kewin. The transition will take effect from 20 March 2017, the statement said.
Mr Kewin was Zurich's general manager for life and investments until September 2016, according to his LinkedIn profile.
Commenting on his decision, Mr Fox said he is pleased to be continuing to make a significant contribution to the AFA on professional standards and codes in the near-term, as well as supporting Mr Kewin in making a successful transition to the chief executive role.
“We are now entering the next phase of implementing the professional standards legislation where our members will get the professional recognition they deserve,” Mr Fox said.
“Now is the right time for me to hand the baton on to Phil. He can continue to lead this implementation for our members, and for the AFA as a professional body, over the next four to five-year period.
“After four years of commuting weekly to Sydney, my family is looking forward to having me around more often.”
In accepting the role, Mr Kewin said it is an unbelievable privilege “to represent an association that has collectively influenced, improved and changed the lives of so many Australians through sound financial advice”.
“I look forward to continuing to support AFA members in providing great advice to more Australians,” he said.
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