Bendigo and Adelaide Bank is the latest bank to get out of the personal financial advice business. It announced yesterday that it had entered into a partnership with IOOF to provide advice on a referral basis.An IOOF subsidiary, Bridges Financial Services Group, will take over Bendigo Financial Planning's client book and servicing rights and provide ongoing services to those clients. The ongoing referral arrangement is on an exclusive basis.A Bendigo and Adelaide Bank spokesperson confirmed that there is no other business in the bank that will continue to provide personal financial advice.IOOF disclosed that the deal would add around A$1 billion of funds under advice to the Bridges business. It is paying a cash consideration of $3 million for the client book and servicing rights.There will be an additional payment on the first anniversary of completion, which is expected to be July 1, subject to an agreed retention rate.IOOF said it had found "no material issues with respect to Bendigo Financial Planning" during due diligence but Bendigo has provided indemnities in favour of Bridges and IOOF if any conduct-related liabilities arise.