as of 26/02/2019 at 6:31 pm
The biggest of the UK 'robo advisers' with over £1bn under management today. Suits people who don't know where to start or who are not interested in managing their investments on an ongoing basis.
You choose between 10 different options according to your financial situation and attitudes and get plopped into a ready-made portfolio of lots of different investments from across the globe. You can only use their portfolios – you can’t pick your own funds or shares.
You can either choose their low cost automated 'fixed allocation portfolios' or pay a bit more if you'd like their team to manage your investments in a more hands-on way. Either way, it's not an expensive option – the managed portfolios cost around 1.02% per year, or £10.20 on every £1,000.
A nice digital option which will suit busy people on-the-go. With 5 years under their belt, by far the most experienced of the UK 'robo advisers'.
The largest UK robo-adviser, with over £1bn invested
|Minimum amounts:||£500 minimum initial amount for an ISA or investment account – if you have less than £5,000 you also need regular investment of £100 per month to set up
£500 for a pension
|12 month indicative performance:||
A medium risk portfolio returned -5.9% in 2018, after charges.
"I am a beginner investor and would like to invest in a "socially responsible" Stocks & Shares ISA. I have looked into the Nutmeg and Wealthify funds, having found out about them through the Money Saving Expert website. Is there information about any other such providers on your website? And do you have any advice about how to compare the "socially responsible" criteria on the different funds?"
16/04/2019Read our reply
"I have a rough total of £30,000 in two separate company pensions from previous employers. For the last 12 years I have not contributed to a pension. I am now 44 and know I need to put money into one. I'm not financially aware and the robo providers sound tempting but, obviously, I want the possibility for the best return at medium risk. I aim to invest about another £30k immediately. Your Q2 2018 results update showed Nutmeg’s Portfolio 10 as returning 7.92%, but the Best Buys page for Nutmeg says it returned -5.9% in 2018 - I read at as a 5.9% loss. Please can you advise why the figures are so different? I've also heard that things like Vanguard Lifestrategy 60 are also a good choice but they don't have a SIPP - but then I don't know if I need a SIPP - I just want a good, solid pension. Many thanks."
Dave, West Yorkshire
26/03/2019Read our reply
"I have been investing £100 monthly in a Bank of Scotland investor ISA, and this is currently is worth about £20,000. In my wife's name I also contribute £50 monthly in the same investment and this ISA is worth about £12,000. I have about £100 monthly extra I want to invest, but I am not sure if these ISAs represent good value. I thought I could put the money in a higher risk investment, as it is money I can invest over 5-10 years, and had thought Nutmeg might be a good option as I have little investment experience. Am I right in thinking I can only contribute to one Stocks & Shares ISA at a time in my name? I could just put more money into my existing ISAs. What do you think?"
11/03/2019Read our reply