DomaCom gains transaction
DomaCom has signed a third national dealer group to its Foundation Partner program, which has now signed a total of 11 Australian financial services (AFS) licensees that advise on a total of $3 billion.
The free financial planning software solution will focus on developing its property trading platform, according to DomaCom founder and former Praemium chief executive Arthur Naoumidis.
"The significance to DomaCom is that even applying a moderate allocation to direct property means there is sufficient potential investment money to launch the property platform.
"Our focus now will be on the property supply side and completing the technology build," he said.
"Properties with reverse mortgage contracts in place are also in a position to benefit from a new funding source via DomaCom," Naoumidis said.
Recommended for you
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments for investments.
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
