Boutique dealer groups to merge



Two boutique dealer groups, Spark Financial Group and Aura Wealth Australia, have announced they have entered into binding agreements to merge, with the new combined group to service more than 80 authorised representatives across Australia.
The new entity would be led by Arthur Kallos, founder and chief executive office of Spark and Andrew Coloretti, Aura’s head of wealth management.
“The appeal of bringing Spark and Aura together is driven in a large part by our shared vision for creating a transformative and innovative approach to the wealth management space,” the company said in the press release. Commenting on the merger, Coloretti said it would bring together the best of two boutique businesses, to the benefit of the financial advisers we collectively serve.
“We believe that the investments necessary for competitively differentiated technology, practice management and service excellence require a greater level of scale than either of our companies can achieve on a stand-alone basis,” he added.
“In fact, as our two organisations learned more about each other's platforms, it became obvious that our strengths rounded out each other's offerings. Combined, we will have one of the most comprehensive and superior platforms for authorised representatives in the industry.”
Recommended for you
Wrapping up the reporting season for the 2024–25 financial year, Money Management rounds up the results of Australia’s listed platforms.
Investment platform Praemium has announced an integration with fund services firm Clearstream’s platform into Praemium Spectrum, expanding advisers’ access to global funds and greater operational efficiency.
Financial services firm Akambo has rebranded itself as an investment management and asset consulting business after almost two decades of operation, targeting $20 billion in assets under management.
Big four bank Westpac is seeking to expand the BT Panorama investment offering through strategic alliances as well as launching a low-cost offering.