Digital solution commits fees to charity

Yasmine Raso

Senior Journalist, Financial Newswire

6 April 2023

Australian dealer group, Spark Financial Group, has launched a digital investment solution titled Spark Invest and dedicated the profit from its management fees to charity.

The new solution continues Spark Financial’s mission to “improve the financial wellbeing of everyday Australians”, where investors can access a “self-driven” investment program with five diversified portfolios managed by Andrew Coloretti, Spark’s Chief Investment Officer, and the wider investment team.

The portfolio includes income, balanced, growth, high growth and environmental, social and governance (ESG) solutions, and while primarily for use by unadvised investors, it will also be available through Spark’s adviser investment menu for those seeking personal advice.

“Launching our digital investing solution today is a logical step in empowering consumers to engage with investing and building wealth in an accessible fashion and for Spark to reach an even greater number of people seeking cost effective solutions,” Arthur Kallos, Spark’s chief executive, said.

“After gaining confidence & 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.”

Spark Invest has been developed with the support of Melbourne-based platform solutions provider, OpenInvest.

“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” Andrew Varlamos, OpenInvest chief executive, said.