Arthur Naoumidis leverages CARM product
Well-known financial services identity Arthur Naoumidis has brought a new offering to the financial planning market - DomaCom.
Launching the product this week, he said it was a free online financial planning software package for financial planners called DomaCom GPS, which stands for Guided Planning System.
He said GPS would be familiar to hundreds of financial advisers already because it was acquired from CARM in 2011.
"DomaCom GPS is based on the cash flow model of CARM GPS which is calculation and functionally rich with a full fact find and file note process," Naoumidis said.
"The modelling system incorporates all the major tax, superannuation and Centrelink rates, rules and calculations, and it produces the requisite Statement of Advice (SOA) as well as a raft of wealth and cash flow reports," he said.
"It is a comprehensive and serious piece of financial planning software that is very easy to use."
Naoumidis said DomaCom GPS would be delivered to financial planners free of charge by relying on the internet funding model used by internet solutions in other markets - advertising revenue.
Relevant advertisements would be displayed on a portion of the screens as they are used by financial planners - "a small price to pay for a professional financial planning system".
"We were lucky to be able to acquire the software from the liquidator, as millions of dollars and over eight years were spent on the financial planning software's development.
"As we did not have to spend the capital in developing the product, we are in a position to use our capital to deploy it with a very different funding model than that available in other financial planning software," Naoumidis said.
AUTHOR
Staff Writer
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
