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DomaCom increases financial planner exposure

DomaCom has entered an integration agreement with the most widely used financial planning software in Australia.

Under a new partnership, users of IRESS' XPLAN can now include DomaCom sub-fund investments in client portfolio reports. Properties are segregated into separate sub-funds and issued with an APIR identifying code on the DomaCom platform which is then visible on XPLAN via the EPI data feed.

DomaCom chief executive Arthur Naoumidis said the integration is a significant development for the fractional property investment platform and further recognition of the model's greater acceptance.

"When bringing a groundbreaking platform like DomaCom to market it's essential to align with key systems and processes to create a smooth transition to integrate into the adviser's business process," he said.

"IRESS' XPLAN is the most widely used financial planning software and this integration will expose DomaCom to many more planners, affording us the opportunity to demonstrate the value that it can bring to a planner's role."

At the same time as announcing the new partnership, IRESS reported a net profit after tax of $59.8 million for its full year to 31 December 2017 results - an increase of 1% on the prior corresponding period.

Group revenue rose by 10% over the 12 month period to $430 million, with IRESS chief executive Andrew Walsh saying the results are at the higher end of the range of the revised guidance provided by IRESS in November 2017.

"We experienced increased business and revenue momentum in the second half, realising the benefit of investments made in prior periods. In particular, second half revenue increased 3% over the first half, with second half segment profit up 11% over the first half," he said.

Read more: DomaComIRESSXPLANAndrew WalshArthur Naoumidisfractional property investmentfinancial advice
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