AMP Financial Services (AFS) has appointed Tim Steele as managing director of ipac reporting to AMP Director, advice network and strategic development Andrew Waddell.

Steele is currently director of AMP’s industry planner academy, Horizons. The appointment is effective from early 2013.

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, reporting to Andrew Waddell.

Commenting on the appointment of Steele (right), Waddell said, “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.”

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

AMP’s other licensee groups will remain unchanged, while licensee services will be consolidated to provide planner and adviser support across all licensees under a new division called AMP Advice.

Steve Helmich, now director, advice network and client solutions, and Andrew Waddell will lead the division and report directly to AFS managing director Craig Meller.

Michael Guggenheimer (right), managing director, AMP Financial Planning and Hugh Humphrey, managing director, Hillross, will remain in their roles and continue to report to Steve Helmich.

Kevin Stone, managing director, Charter and John Saint, managing director, Genesys will remain in their roles and continue to report to Andrew Waddell.

The changes are expected to formally take effect in the first quarter 2013 while the appointment of a new director of Horizons will be announced shortly.