Spark Financial launches solution for consumers not yet ready for professional advice

Boutique dealer group Spark Financial Group has launched a digital investing solution, Spark Invest, for investors seeking self-directed investment options, who may not yet be ready for professional advisory services.

“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,” said Spark Financial Group chief executive officer and founder, Arthur Kallos.

Spark Invest, he explained, is available to the general public, namely consumers can sign up themselves and access one of five diversified investment portfolios managed by Spark’s chief investment officer Andrew Coloretti and an experienced investment team. The suite of portfolio solutions ranges from income, balanced growth, high growth, and ESG, and are accessible to everyone from $5,000 per portfolio.

For Spark, Mr Kallos said, the platform is a “win-win”. Not only does this align with the group’s charitable pursuits, as all profits from management fees will be directed towards charitable causes, but it also enables the firm to establish a strong, well-informed, and engaged base of potential clients who may require personal advice in the future.

“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 advisors will be able to advise maintaining or investing in Spark Invest as an advised product” Mr Kallos added.

Spark Invest has been developed in conjunction with Melbourne-based investment platform, 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” said OpenInvest CEO and co-founder, Andrew Varlamos.

Mr Varlamos added that OpenInvest now had agreements with 38 firms that are bringing professional investing expertise and knowledge to everyday Australians.