Elders to sell 51 per cent of planning business to Millennium3
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.
Recommended for you
Adviser Ratings has revealed almost 400 advisers joined the FAR in the third quarter but, with just seven weeks to go until the education deadline, more than 1,000 could depart in the upcoming two quarters.
Pengana has appointed a senior fund manager from Tyndall Asset Management to join its Australian equities team, who departs after 18 years.
Advisers are underestimating how much time they spend on non-advice work, creating inefficiencies within their practice which has a financial impact on their bottom line, according to Elemnta.
Hudson Financial Planning has partnered with OpenInvest to launch an online investing solution designed to address Australia’s advice accessibility challenge.
