DomaCom in strategic partnership to redefine residential property investment
Investment platform DomaCom has entered into a non-binding memorandum of understanding (MOU) with superannuation advice technology platform Super Fierce to offer residential property investment to super members.
In a statement to the ASX, the two firms said the collaboration would “redefine investment opportunities in the residential property sector” for super members and “enable the development of innovative financial products that merge property investments with super”.
In a strategic partnership, DomaCom would introduce residential property investments for super members to its platform using Super Fierce’s technology.
Super Fierce is described as a personal wealth platform that helps people make informed decisions about their financial situation; it does not offer its own financial products.
DomaCom, which has $216 million in funds under management, said this will deliver the benefits of expanding its investment offerings, provide cost-effective digitised financial advice, leverage its platform capabilities and introduce a product tailored for first home buyers.
The statement read: “At DomaCom, we recognise the significance of superannuation and residential property in wealth portfolios of Australians. Currently, access to residential property as part of a balanced superannuation investment is limited to a small percentage of the population. With this partnership, we aim to change this paradigm.
“DomaCom’s collaboration with Super Fierce will empower every Australian to invest in residential property using their superannuation savings. This transformative capability results from the fusion of DomaCom’s fractionalised investment platform and Super Fierce’s cutting-edge digital personal advice service.”
John Hewson, non-executive chairman of DomaCom, said the firm hopes the strategic partnership will democratise access to residential property within super investment beyond the richest members.
“Access to residential property as a component of a balanced superannuation investment is currently limited to the wealthiest 5 per cent of Australians. DomaCom is set to change this.”
Trenna Probert, chief executive of Super Fierce, said: “We are passionate about democratising economic security and helping all people to build wealth. By harnessing the power of super, DomaCom’s assets and our advice platform, we can accelerate product development and create innovative solutions for mutual benefit.”
The MOU has a target date of 15 December to enter into a binding agreement following four to six weeks of due diligence.
AUTHOR
Laura Dew
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