MEDIA RELEASE: National dealer group Spark Financial Group will officially begin operating as a profit-for-purpose organisation from this Saturday, 1 July, when it launches its Spark Legacy Program.
The Group will be donating 100 per cent of its profits to nominated charity partners, the first of which will be announced in the coming weeks. The objective of the new operating model is to improve financial literacy among young Australians.
Spark Financial Group director and chief investment officer, Andrew Coloretti, said with all profits being directed to charity in perpetuity, the organisation will be delivering on its core organisational ethos and values.
“The Spark Legacy Program is testament to the support of our executive, our advisors and our partners who want to contribute to our society in a co-ordinated, structured manner.
“Transitioning a business model from for-profit to profit-for-purpose is no easy feat and not a decision the executive has taken lightly, but we’re proud to be changing direction in such a way.
“It has been a trying few years for many people, punctuated by COVID lockdowns and the resulting economic uncertainty. The opportunity to improve the financial well-being of young Australians, in particular, is one that has been embraced by our network.
“We are determined to stand for something and make a real, tangible difference to the lives of people who have a low level of financial literacy or little access to financial literacy education,” he said.
The Spark Legacy Program will provide several mechanisms that allow its advisors to participate in several initiatives that positively impact their local communities and drive meaningful change, including those relating to financial hardship, financial abuse, and mental health issues.
“We’re in a unique position to shift perceptions and reframe society’s view of money to be well beyond just the fortunate few,” he said.
Under the profit-for-purpose model, the Spark Legacy Program agrees to support financial literacy and well-being through easy-to-understand products and services, and appropriate tools and resources to facilitate understanding and decision making about financial products and services.
The Spark Legacy Program will also comprise of a charity fund, Spark Hope, which will be overseen and governed by an independent trustee, and become a mechanism for Spark advisors to contribute towards the program’s initiatives.
“Our new model will ultimately result in young and vulnerable Australians being better informed about money and where and how to invest.
“It’s an opportune time for the broader financial services industry to unite and consider both its individual and collective contributions to the common good,” said Mr Coloretti.
Spark Financial Group commenced operating in 2018 with five authorised representatives. It currently supports 80 financial advisers within its network, who collectively manage over $1.5 billion in funds under management.
