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Wealthsimple Review

as of 24/05/2019 at 2:15 pm

Holly's View

Good for the less confident after a non-traditional approach. Wealthsimple is simple to use – there is a distinct lack of jargon, processes are smooth, and the app is simple, clear and useful. Use of celebrities in blogs will polarise users and some of the slicker website features cross over into ‘annoying’. Will suit those happy with a limited pre-packaged set of investment options – share traders need not apply!

Our Rating

Recommended For

Beginner Investor

In a nutshell

Really easy to use

Investments managed for you

Good mobile app

You Say

Your overall rating

Based on 7 reviews

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What to Expect

Investment Choice

Products

Stocks and Shares ISA

Junior ISA

Investment Account

Pension

Investments available

Ethical investments

Chosen for you

Investment help

Robo advice / ready-made portfolios

The 'Geeky' Details

Provider details

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. 

Important Facts & Figures

Provider Size:

New robo-adviser, also serving clients in Canada and the US

Minimum amounts: £0 minimum monthly amount
£0 minimum initial amount
12 month indicative performance:

Wealthsimple's portfolios have less than one year track record.

Your Questions

"Hello, I currently have a Stocks & Shares ISA and a Junior ISA with Wealthsimple. I am considering changing these to Vanguard, but I am unsure if transferring across providers is a simple process, and if they can transfer without issues. Also I am confused, as I would maybe like to invest over a few different platforms, but it seems you can only pay into one per year?"

Philip, County Antrim

21/05/2019

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"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?"

Joy, Glamorgan

16/04/2019

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"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

06/08/2018

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