as of 26/02/2019 at 9:47 am
Wealthify is a new-ish robo-adviser, that lets you invest as little as £1. Aviva recently bought a majority stake, so it has a big household name as a shareholder. Our testing shows that this really appeals to people who are fed up with the status quo and want to see something a bit different.
Investors are asked about their goal (they can select from a list, or choose freely), how much they want to invest upfront, how long for and whether they want to invest monthly. There are five different investment portfolios spread around the world and amongst different sorts of investments – you don't pick your own funds and shares.
Cost is around 1% per year, including Wealthify's fee and the cost of the underlying investments.
New robo-adviser, though Aviva has a big stake
|Minimum amounts:||£1 minimum monthly amount
£1 minimum initial amount
|12 month indicative performance:||
A medium risk portfolio returned 6.5% in 2017, after charges.
"I'm a 30 year old woman earning a reasonable salary, but mainly have a relatively low cost lifestyle (no kids etc.). I have built up savings of almost £8,000 over the past 18 months and want to start investing. I like the idea of using a robo-investor like Wealthify, but I'm not sure if it's better to start with a Stocks and Shares ISA instead? I also plan on going travelling in the next 6-12 months, hence the savings, but want to start planning for my financial future as well. I could easily put up to £1000 in as a lump sum, and then between £50 - £150 pm for the next year, even if I travel I think this is achievable. So, Stocks and Shares ISA or Robo Advisor or both? Thanks"
29/04/2019Read our reply
"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
"We have £100,000 to invest, which is in Premium Bonds at present . We need it as serious illness has changed our lives completely. We have been advised to invest in a Capital Investment Bond from Wesleyan, but fees seem high to me - 0.3% and 1.7% management and on-going advice. Also a Stocks and Shares ISA. I'm considering Wealthify or other online funds. Can you help? We can invest for income stream, as only money is a very small pension. Many thanks."
25/03/2019Read our reply