as of 15/04/2019 at 8:08 am
Wealthsimple recently launched in the UK after a few years running in Canada and the US. As with many other robo-advisers, you answer a few questions and get a portfolio that's suitable. You therefore don't get to pick your own individual funds or shares. Wealthsimple is also offering socially responsible investing, with three portfolios which invest into companies that ‘further socially responsible initiatives’, as well as a new ethical portfolio.
It will suit less confident investors and those that want someone else to manage their money.
Fees start off at 0.7% for Wealthsimple, plus around 0.2% for the underlying investments they use. Those with more than £100,000 invested pay 0.5% and get access to investment planning and airline lounges.
New robo-adviser, also serving clients in Canada and the US
|Minimum amounts:||£0 minimum monthly amount
£0 minimum initial amount
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Wealthsimple's portfolios have less than one year track record.
"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'm 24 and would like to begin investing. The maximum I would be able to invest at the moment is £25 - £50/month. I have a house, no debts and a steady job. It's quite low pay at the moment, but it will increase in the future once I'm qualified. I am looking to invest for 5 years minimum, not for anything in particular, purely for growth. I have been reading your blog and would like to know your thoughts. Am I better off using a robo advisor such as Wealthify/Wealthsimple or a fund such as Vanguard LifeStrategy?"
Amanda, Greater London
06/08/2018Read our reply