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.
The property trading platform will aim to serve the needs of clients in the direct property sector, as well as seniors' organisations who represent a growing segment of the population that will require an equity release product to help fund their retirement, he said.
DomaCom's foundation partner program remains open to financial advisers with an AFS licence, accountants and other stakeholders. The group said the best fit would be non-aligned or independent advisers who are nimble enough to adopt the new solution, Naoumidis said.
