Elders has signed a heads of agreement to sell 51 per cent of its financial planning business to ING-owned Millennium3 Financial Services.
The agreement will see the formation of a joint venture company, with Elders to own 49 per cent and Millennium 51 per cent.
The sale will enable Elders Financial Planning to expand its adviser network, making financial planning services more readily available to rural and regional Australians.
Elders currently has 35 advisers.
Meanwhile, Elders wealth manager Helen Lorigan will be appointed chief executive of the financial planning business.
The new ownership structure will be effective on November 1, 2009, and trading will continue under the Elders Financial Planning name.
