Spark Financial becomes profit for purpose organisation

Spark Financial charity donation financial literacy advice advice accessibility

5 December 2022
| By Laura Dew |
expand image

National dealer group, Spark Financial, has entered into binding terms to become Australia’s first social business dealer group.

This would see the firm become a 100% profit for purpose financial services organisation where all of its profits would be donated to charity.

Boutique dealer group Spark was founded in 2018 and had offices in Sydney, Brisbane, Melbourne and Singapore, working with 80 financial advisers.

Founder and chief executive, Arthur Kallos, would have his salary capped for his remaining tenure at Spark, his short-term performance incentive (STI) would be donated and Kallos aimed to donate $1 million himself over the next five years.

A sub-fund had been set up, Spark Hope, which would distribute capital in the form of grants and impact initiatives. This would focus on helping disadvantaged groups such as domestic violence victims and Indigenous communities to access advice and delivering financial literacy to underprivileged children.

“We want to work with our advisers to participate in life-changing solutions to those who need advice the most but cannot afford it through Spark Hope grants,” said Kallos.

“We want to solve the access to good advice as no technology or legislative change can do this alone, there will always be people falling through the gap.

“We want to change the world of advice by creating a platform that empowers and resources our advisors to social change & awareness in their local communities.”

There would no operational or leadership changes at the business and the philosophy would align to its investment solution services where investment portfolios would have a strong environmental, social and governance (ESG) ethos and mandate with further opportunities for wholesale and retail clients.


Read more about:


Submitted by Billy Bob on Mon, 2022-12-05 15:43

Jack up directors pay and then donate "profits" to charity. Great marketing

Submitted by Brian Jones on Mon, 2022-12-05 20:17

This is a great initiative. Arthur and the team at Spark are leading the industry in making this decision. I hope to see more Money Management articles that follow Spark's progress after 1 July 2023.

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry




Well done Keith and Neil, these Canberra Bureaucrats need to be stopped. ...

14 hours ago

WHEN I RETIRED A LOT OF GUY'S WERE STILL PRACTICING FORMS OF COLD CALLING. There nothing wrong with it as a way of estab...

1 day 13 hours ago

I thought you joined a dealer to be protected and have a better version of regulation explained, BUT The dealers themsel...

1 day 14 hours ago

ASIC has cancelled the AFS licence of a Sydney wealth firm, the fifth Sydney firm to see a cancellation since the start of the year....

1 week 1 day ago

A former financial adviser has been banned by ASIC from providing financial services for inappropriate advice, among multiple breaches....

3 weeks 2 days ago

ASIC has suspended the AFS licence of a Melbourne fund manager responsible for six managed investment schemes....

2 weeks 2 days ago