Spark Financial has announced the launch of its digital investing solution, Spark Invest, which will see all profits from its management fees directed to charitable benefactors.
Upon signing up, investors would be able to access one of five diversified investment portfolios supported by institutional partners and managed by Spark’s chief investment officer, Andrew Coloretti, and its experienced investment team.
Starting at $5,000 per portfolio, the suite would include high growth, ESG, growth, balanced, and income options.
According to Spark’s chief executive and founder, Arthur Kallos, Spark Invest was a “logical step in empowering consumers to engage with investing and building wealth in an accessible fashion”.
“In addition to being available to the general public, we are also building a strong, knowledgeable and engaged pipeline of clients who may require personal advice in the future,” he said.
“After gaining confidence and trust with Spark, we can connect investors to an adviser within our group for further assistance with their broader needs. Our advisers will be able to advise maintaining or investing in Spark Invest as an advised product”.
The digital investing solution was developed in conjunction with the Melbourne-based investment platform, OpenInvest.
OpenInvest’s chief executive and co-founder, Andrew Varlamos, said this was among 38 such agreements by the firm to help dealer groups and wealth management firms make professional investing expertise and knowledge accessible to everyday Australians.
He added: “Passionate, mission-driven licensees like Spark Financial Group are listening to their advisers and taking steps now to give them a means to help a much broader audience of people who aren’t yet ready for the higher costs of traditional personal advice”.
Boutique dealer group Spark was founded in 2018. Last year, it became Australia’s first social business dealer group, developing into a social business and profit-for-purpose organisation with all of its profits donated to charity.
