Morgan-Moodie, who was recognised for his Outstanding Contribution at the International Adviser Awards 2018, was chief executive of Ailo since 2010 and was chair for the preceding six years.
Pain has been chair of Ailo since 2015 and his appointment for the top job was unanimously approved by the association’s members.
“Alan Morgan-Moodie will be a hard act to follow, but as Ailo’s new CEO I look forward to ensuring that Ailo remains current and relevant to its members’ needs, focusing on the important global issues facing our industry,” said Pain.
The announcement, made at the Annual General Meeting in London on 18 October, also saw Morgan-Moodie receive the 2018 James Ball Award, in recognition of his work and long-standing commitment to Ailo and the industry.
On accepting the award – a Quaich, a Scottish cup of friendship – Morgan-Moodie said: “I have thoroughly enjoyed my involvement with Ailo for the last 31 years, latterly as chairman from 2004, then CEO since 2010.
“It has been a privilege to be involved with some of the major issues affecting our industry and trying to make a difference. I have absolutely no doubt that Bob and the management committee will do a great job and take Ailo onwards and upwards.”
Meanwhile, Dara Hurley of Octium Life was approved as deputy chair and will be acting as interim chair while the company is looking to fill Pain’s position.