“No innovative products in financial services”: Domacom
DomaCom believe there are no truly innovative products and few new products in financial services, suggesting fractional property investment model as solution.
Advisers are limited by resources and scope to advise on residential property and are "trapped in the vertical models where they are expected to support the parent company's investment products with little chance of accessing innovative products that meet client needs" according to DomaCom CEO Arthur Naoumidis.
DomaCom suggests fractional property investing as the solution to these limitations, pushing their fractional property investment fund as the answer.
"One of the big growth assets is property, with strong demand coming from SMSFs, but because the concentration of money in a single asset makes it difficult to invest in without borrowing, many trustees abandon hope," Naoumidis said.
In using DomaCom's syndicate-like fund says Naoumidis, "Advisers will have a point of differentiation to their peers and will be able to increase their client reach."
Newcastle based Shartru Wealth Management was the first planning business to sign up for DomaCom's fund with Shartru principal Rob Coyte claiming it had have attracted 10 new advisers to the practice through the use of the fund.
AUTHOR
Priya Prakash
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