Spark Financial partners with leading tech providers

National dealer group Spark Financial has partnered with technology providers Oko Platforms and Voyant in enabling its financial advisers to offer sustainable investing solutions to clients and also improve practice cash flow management.

Oko Adviser is a sustainability investing platform which allows advisers to work with clients on existing or proposed investment solutions, while Voyant offers financial planning and wealth management software.

Spark Financial Group chief executive, Arthur Kallos, said the technology provided by Oko Platforms and Voyant will work in sync with Spark Financial’s existing software system, and drive client growth among Spark Financial’s advisory network.

“The combination of the Oko and Voyant softwares 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.

“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,” he said.

The partnerships follow the recent announcement by Spark Financial Group that it had transitioned to a profit-for-purpose business model. Under the new arrangement, Spark Financial will be donating 100 per cent of its profits to nominated charity partners, including the Financial Basics Community Foundation, with the aim of improving financial literacy among young Australians.

According to Mr Kallos, the partnership with Oko Platforms in particular will be key to Spark Financial fulfilling the sustainability pillar of the 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.

Oko Platforms chief executive, Tom Culver, said the platform aggregates sustainability data making it available to advisers who can then better inform clients on investment solutions appropriate to their personal sustainability preferences.

“Financial advisers often find themselves challenged by the evolving client demands to incorporate sustainability into investment advice.

“They play a critical role in merging client expectations on sustainable values and financial outcomes, we’re confident our partnership with Spark will deliver this for its Advisers and their clients,” he said.

Voyant vice president of business development, Australia and Europe, Stephen Brown said: “The current level of market uncertainty along with cost-of-living pressure have reinforced the need to plan ahead and consider investments more strategically.”

He continued: “Voyant 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.”

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.