A little over a month after launching a new internet-based property investment vehicle, DomaCom has now made a financial planning software application available to advisers free of charge.
The DomaCom Guided Planning System (GPS) was acquired from CARM in 2011 for free during its liquidation process meaning it will already be familiar to certain segments of the financial advisory community.
"DomaCom GPS is based on the visionary cash flow model of CARM GPS which is calculation and functionally rich with a full fact find and file note process," DomaCom chief executive Arthur Naoumidis said.
"The modelling system incorporates all the major tax, superannuation and Centrelink rates, rules and calculations, and it produces the requisite SOA [statement of advice] as well as a raft of wealth and cash flow reports," he said.
The provision of the software is being funded through advertising, allowing DomaCom to offer it to financial planners for free.
"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.
Access to DomaCom GPS can be gained via a registration process on the firm's website www.domacom.com.au .
