Is there an article or guide here that shows the ideal Robo-adviser for different balances?
05 April 2022
Question by Jen
Is there an article or guide here that shows the ideal Robo-adviser for different balances? I keep reading that Wealthify is not good for larger balances but then what is? and what is a large balance? 0-10k? 10k-50k? Over 50k? Over 100k?
Yes, there is. I found this link on Boring Money which will help you to compare costs on platform for any amount: https://www.boringmoney.co.uk/isas-pensions/isas-pensions/
Generally speaking, when you pick a robot-adviser, you want to be happy with the platform fees, ease and functionality of the app or website, responsive customer service and investment fund choices (as wide as possible for your investing needs).
I had a quick glance at Wealthify and their fee of 0.6% is quite high - as compared to the average of about 0.3% or 0.35%. Mr Monevator also has a good cost comparison of platforms on his blog.
Hope that helps,