John LaPann, the founder of Boston-based wealth manager Federal Street Advisors, has delegated the day-to-day management of the firm to two of his colleagues, as he remains as chairman and lead advisor.

Kristin Fafard has been appointed as president and chief investment officer while Jennifer Christian Murtie takes over as chief operating officer. Fafard was previously director of research, a position that Emily Bannister is now taking on.

As chairman, LaPann will stay involved with decisions that affect the whole firm, and he will also spend more time working directly with clients and leading the advice team. He will remain on the firm’s investment committee.

Details of the changes have already been conveyed to clients, the firm said, and all its principals are on board with the “next generation” of leaders.

Federal Street, along with its subsidiary Old North Advisors, was founded in 1991 and is owned by employees. Its Boston-based team comprises 28 investment and service professionals. It oversees around $4 billion in assets, according to its website.