Fintech investment platform provider OpenInvest has enhanced its offering, having formed a partnership with Spark Financial Group to launch a digital investing solution.
Called Spark Invest, the new digital investing avenue will give consumers direct access to a suite of five diversified investment portfolios focusing on elements such as income, balanced asset allocation, growth, high growth, and environmental, social and governance factors.
The portfolios will be managed by Spark Financial Group chief investment officer Andrew Coloretti, with the minimum investment amount set at $5000.
In addition, all profits from the management fees charged will be directed to charitable benefactors.
“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,” Spark Financial Group chief executive Arthur Kallos said.
Kallos noted Spark Invest has been designed to engage with consumers who are not in a position to seek professional investment advice initially, but may progress to having this need in future years.
“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 advisers will be able to advise maintaining or investing in Spark Invest as an advised product,” he noted.
OpenInvest chief executive Andrew Varlamos acknowledged the development of Spark Invest has been in response to feedback from advisers.
“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,” Varlamos said.
The deal with Spark Financial Group takes the total number of partnerships OpenInvest has established with fund managers to 38.
It comes after it was announced a similar arrangement was reached with Sydney-based Sarto Advisory earlier this week.
