Aura Group has recently taken a significant step in their endeavour to make a positive societal impact. They have handed back their stake in Spark Financial Group. thereby supporting Spark's transition to a profit-for-purpose organisation. This bold move is a testament to Aura Group's commitment to driving meaningful change through business operations
The Power of Finance in Driving Positive Social Change
"As Managing Director of Aura Group, I am proud to announce our commitment to driving meaningful change through business. We are passing on our stake in Spark Financial Group, to solidify our dedication to supporting vital causes and amplifying our impact on society.
With 100% of Spark Dealer Group's profits dedicated to initiatives such as enhancing financial literacy, empowering financial wellbeing across young Australians, we believe this move not only reflects our values but also demonstrates our belief in the power of finance to drive positive social change," said Calvin Ng, Managing Director of Aura Group.
A Bright Spark in the Financial Services Industry
Spark Financial Group, established in 2018, had a clear vision of providing financial advice in the modern world. In 2020, the group merged with Aura Wealth and since then has experienced rapid growth. Today, funds under advice and administration have increased from AUD650 million to over AUD2 billion with more than 80 authorised representatives across Australia.
“Since coming together with Aura Wealth, the combined business has been able to deliver greater support through our technology and integrated compliance and shared services solutions, offering stronger value to our community of advisors. Now with our profit-for-purpose ethos and leadership, we can deliver a proposition that is unique and achieve the altruism required for a profession where, as we grow, so does our impact,” said Arthur Kallos, Executive Managing Director at Spark Financial Group.
Spark’s growth since July 2023 can been attributed to their unique ethos of being a 100% profit-for-purpose Dealer Group, which has allowed them to become a leading Australian financial services company for raising awareness and directing contribution towards important causes.
Spark's profits go towards purpose and impact initiatives chosen by Spark Advisors. They collaborate closely with a select number of charities, offering volunteering opportunities for their Advisors, their staff and stakeholders to participate in, thereby creating a higher level of engagement across the business.
Setting the Benchmark for Meaningful Change
The handing back of Aura Group's stake in Spark Financial Group to solidify its transition to a profit-for-purpose organisation is a significant milestone in the finance industry. It demonstrates the potential of finance to drive meaningful change and contribute to societal wellbeing. This move by Aura Group and Spark Financial Group sets a precedent for other financial institutions to follow, illustrating how businesses can balance profit-making with social responsibility.
