Elders has agreed to sell a 51 per cent stake in Elders Financial Planning to ING Australia subsidiary Millenium3 Financial Services.

The deal, priced at $5 million, will result in the formation of a joint venture firm that will allow Elders Financial to expand its advisor network and make services more available to regional and rural Australians. According to the official release, a formal agreement is scheduled to be signed on 31 October, with the new ownership structure to take effect in 1 November.

Elders Wealth Management general manager Helen Lorigan will become chief executive officer of Elders Financial Planning.

"We have moved from a focus on ownership and control to strategy of 'aligned partnerships' with industry specialists. The result is recognition of the value of the Elders network and improved access to competitive leading edge financial services products," said Malcolm Jackman, CEO of Elders.

There will be no change to Elders Financial's trading and brand name after the deal.