National dealer group Spark Financial will begin operating as a profit-for-purpose organisation when it launches its Spark Legacy Program in the upcoming financial year.
The operating model aims to improve financial literacy among young Australians, and Spark 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 Spark Legacy Program will provide several mechanisms allowing its advisers to participate in initiatives that positively impact their local communities and drive meaningful change, including those relating to financial hardship, financial abuse, and mental health issues.
The program will also support financial literacy and well-being under the profit-for-purpose model by providing easy-to-understand products and services, as well as appropriate tools and resources to facilitate understanding and decision-making about financial products and services.
Additionally, it will include a charity fund called Spark Hope, which will be overseen and governed by an independent trustee. It will serve as a mechanism for Spark advisers to contribute towards the program’s initiatives.
Spark commenced operating in 2018 with five authorised representatives. It currently supports 80 financial , who collectively manage over $1.5 billion in funds under management.