Financial services software industry veteran Arthur Naoumidis has announced he is set to deliver financial planners free online financial planning software on the back of having acquired assets as part of a liquidation sale.
Naoumidis, the founder of the publicly-listed Praemium, said the package was DomaCom GPS which stands for Guided Planning System, and that it would be familiar to many financial advisers because it was acquired from CARM Pty Ltd last year.
He said the software would be delivered free of charge to financial planners by relying on internet advertising, with relevant advertisements being displayed on a portion of the screens as they are used by planners.
Naoumidis said he regarded it as a small price to pay for a professional financial planning system.
He acknowledged his company's luck in being able to acquire the software from the liquidator in circumstances where millions of dollars and over eight years had been spent on the 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.