as of 14/08/2018 at 12:43 pm
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’.
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
|12 month indicative performance:||
Wealthsimple's portfolios have less than one year track record.
"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