Spark Financial Group appoints Fourth Line to its “Compliance Tech System”

Media Release

Spark Financial Group appoints Fourth Line to its “Compliance Tech System”

Fourth Line, a leading RegTech risk management and compliance system for financial advice, today announced that it has been appointed by Spark Financial Group Pty Ltd as an embedded service in Spark’s “Compliance Tech System” which is designed to redefine the way it reviews and delivers quality financial advice.

Spark’s Founder and CEO, Arthur Kallos, believes the licensee of the future understands that best practice starts by thinking about your business and its purpose.   Spark has built a unique integrated adviser monitoring & supervision framework, “Spark Compliance Tech System” which empowers Advisers to use technology to help meet their obligations to provide appropriate advice that’s in the client’s best interest and puts the client first, whilst enabling Spark to provide proactive feedback and support to deliver better advice outcomes.

Fourth Line will provide a range of services including pre and post advice reviews for existing and new advisers, providing a range of analytics and benchmark reporting to assist Spark in continuous improvement of quality in its advice processes.

“Fourth Line fits in to our Compliance System beautifully,” said Arthur Kallos.  “A key part of our Adviser onboarding strategy is to not only conduct reference checking, but also undertake rigorous and comprehensive reviews of advice these Advisers have provided in the past.  We set high standards and do not accept all Adviser who apply to join the Spark Group”.

Kallos continued, “Within our Adviser network, Fourth Line delivers comprehensive analytics and insights which enable us, as a Licensee, to manage our Advisers in real time, meaning resources can be allocated when and where they are needed most.  Fourth Line allows us to engage and collaborate more effectively with Advisers to improve the overall quality of advice – our compliance team have become ‘Advice Coaches’, not ‘Compliance Police’.  And that’s a win for everyone!”

Fourth Line CEO, David Travers commented “We are very excited to be working with Spark to improve advice through the provision of a robust system that creates deep insights into the provision of financial advice. Our system incorporates world leading technology through our partnership with Swinburne University, and our collaboration with Mills Oakley provides the most rigorous and comprehensive financial advice review process available. We provide continuous insights that enable improvements in both the quality, timeliness and the cost of financial advice”.

About Fourth Line

Fourth Line is a rigorous RegTech risk management and compliance system for advice practices, dealer groups and other wealth management participants. Fourth Line uses algorithmic approaches to simplify the complexity in advice reviews whilst maintaining critical human oversight. Fourth Line empowers compliance teams to coach and develop strong advice behaviours through data driven insights from analytics for adviser, practice/dealer group and industry benchmark comparison providing a centralised document storage and access portal to meet regulatory requirements.

About Spark Financial Group

Spark Financial Group Pty Ltd is the parent company of Axies Pty Ltd ABN 38 136 704 446 and AURA Wealth ABN 34 122 486 935 who are Australian Financial Services Licensees No. 339384 & No. 380552.

For information email: info@fourth-line.com.au