The change will take place in October 2016 when he will remain on the board and employed in a full-time executive role as founder director.
Mr Woods' focus will be as “a key ambassador for Mattioli Woods and on developing the group's profile as experts in the sector”. He will also support the development of high end corporate and private clients.
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Chief executive Ian Mattioli said: "Having founded Mattioli Woods with me in 1991, Bob has been instrumental to the success of the group and has overseen its development from specialist pension consultancy into a capable full service wealth management and employee benefits corporation.
“In this new role we will continue to benefit from his experience and insight as both a director and a major shareholder.”
Joanne Lake has been appointed deputy chairman to its board of directors as an interim step prior to her proposed appointment as non-executive chairman at the company's Annual General Meeting in October 2016.
She has been independent non-executive director and chairman of the audit committee at Mattioli Woods since July 2012.
She is a non-executive director of Gateley (Holdings) plc and has also served as a non-executive director of CIT Bank.
Previously, she spent 21 years in investment banking advising quoted companies on equity capital raising and acquisitions and disposals, most recently at Panmure Gordon and previously at Evolution Securities and Williams de Broe. Ms Lake is a Chartered Accountant, having qualified with Price Waterhouse.
Mr Woods said: "I am delighted Joanne has accepted this greater role at Mattioli Woods. She brings a broad understanding of financial services and 30 years of corporate finance and City experience to the board and we all look forward to working with her to progress our collective ambitions for the group".
Mr Mattioli said Ms Lake’s many years' experience as an adviser to listed companies will be “a great asset to the group as we continue to grow and develop our business".
He added: "On behalf of the board and indeed the whole group, I would like to express my gratitude to Bob for his immense contribution to the group to date."