Millennium3 Financial Services has stepped up its rural presence by taking a 51% stake in Elders Financial Planning.

Elders will retain the remaining 49% share in the business, which will continue to trade under the Elders Financial Planning brand.

Millennium3 Executive Director Darryl Foster told insuranceNEWS.com.au the company plans to extend the Elders network from 35 advisers to 150 within three years.

“The business is a good fit for us as it gives us a strategic approach in the country areas,” he said. “We’re a growing group and this will support that growth.”

Elders will receive $5 million from the sale to Millennium3, with the deal scheduled to be completed by November 1.

Former Elders Wealth Management GM Helen Lorigan will become Elders Financial Planning CEO as part of the arrangement.

Millennium3 has more than $6.5 billion funds under advice and will add about 10% to its existing portfolio under the deal.