DomaCom completes first transaction with managedaccounts.com.au
DomaCom has completed its first fractional property transaction through managed accounts provider, managedaccounts.com.au.
The transaction was carried out for a Sydney-based advisory group, Benwest Investment Services.
DomaCom’s chief executive, Arthur Naoumidis, said this had proved that the fractional property model worked in a managed account structure.
“Ostensibly we will be able to introduce managedaccounts.com.au to the 41 AFSLs who have put the DomaCom Fund on their APL and to a similar number who have DomaCom on their radar to use,” he said.
“Nowhere else can financial advisers access bits of residential, rural or commercial property of their choice either in a managed account or on a traditional platform.”
According to managedaccounts.com.au chief executive, David Heather, the transaction also proved that there was an increased demand from advisory firm clients, particularly those working with the self-managed super funds (SMSFs), to include direct property exposure into the company’s offering.
“Until the DomaCom model, direct property was something that had to be implemented external to the managed account solution and as a whole asset purchase which invariably involved debt,” he said.
“The combination of DomaCom and managedaccounts.com.au enables the paperless acquisition of direct property, no different to any other asset in a managed account.”
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