Spark expands ESG investment offerings with new tech

Spark Financial, a ‘profit-for-purpose’ advice business, has secured new partnerships with two wealthtech solutions providers that promise to substantially expand the firm’s range of sustainable investment product offerings and improve cash flow management.

The two new platforms, provided by Oko Platforms and Voyant, will plug into and work “in sync” with Spark’s existing software system, said Spark Financial Group chief executive Arthur Kallos.

“The combination of the Oko and Voyant [software] will mean our advisers can offer clients – of all demographics and wealth phases – a more comprehensive suite of products, including sustainable investments, as well as model complex scenarios that help clients visualise their financial goals,” Kallos said.

Oko Adviser is a dedicated sustainability investment platform that enables financial advisers to find and pair funds aligned to clients’ individual sustainability needs.

Oko notes that its advanced analytics engine, which aggregates sustainability data from the broader ESG investment market, helps advisers “quickly [source] aligned solutions and avoid greenwashing”, and enables them to better inform clients on investment solutions.

Commenting on the deployment, Oko Platforms chief executive Tom Culver recognised the challenges that financial advisers currently face by “evolving client demands to incorporate sustainability into investment advice”.

Spark, as part of its new partnership with Voyant, will also deploy a new customisable financial planning and wealth management platform, which boasts advanced visualisation features, for its 80-plus adviser network.

Voyant vice president of business development, Australia and Europe, Stephen Brown said the platform is “designed to remove the complexity around financial planning while enabling Spark advisers to visually demonstrate necessary cash-flow levels at each life stage so clients can invest accordingly.”

Kallos noted that the “two sets of software are complementary to one another and collectively work to strengthen the tool kit of our advisers, particularly important at a time when accessing quality, affordable financial advice is paramount”.

Singling out the Oko partnership, Kallos said the new platform will be key to Spark fulfilling the sustainability pillar of its recently announced profit-for-purpose model.

“There’s an increasing desire for clients to work within sustainable value investments, and it’s not just millennials and younger investors wanting to make a positive impact and drive meaningful change,” he said.

Commencing operations in 2018, Spark currently supports around 80 financial advisers within its network, who collectively manage over $1.5 billion in funds under management.

The company in late June this year announced it had moved to a ‘profit-for-purpose’ model, donating 100 per cent of its profits to nominated charity partners.

In December 2022, Spark entered into binding terms to become Australia’s first social business dealer group.