Major dealer group announces new MD

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AMP has confirmed that AMP Horizons director Tim Steele will take the MD hot seat at ipac from early 2013, and will report to AMP director, Advice Network and Strategic Development Andrew Waddell.

Neil Swindells, who has led ipac since 2009, will take on a role responsible for AMP’s direct equity investments in financial planning practices across several licensees, also reporting to Waddell.

“Tim’s appointment to head of ipac is testament to the outstanding job he has done in leading Horizons since its inception in 2007. He now takes the reins of a business that has a strong reputation for delivering quality financial advice,” said Waddell.

This announcement forms part of AMP’s review of its advice businesses following its merger with AXA in 2011.

According to an AMP statement, it’s other licensee groups will remain unchanged, reflecting its commitment to a multi-brand approach to advice.

Licensee services will be consolidated to provide planner and adviser support across all licensees under a new division called AMP Advice.

Director, advice network and client solutions, Steve Helmich will lead the division, along with Waddell, and report to AFS MD Craig Meller.

The restructure is expected to formally take effect in the first quarter 2013, while the appointment of a new director of Horizons is expected to be announced shortly.