Good for the less confident
After a non-traditional approach. Wealthsimple is simple to use, processes are smooth, and the app is simple, clear and useful.
What we say
Holly has accounts with all the providers on our website and independently reviews all of them.
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!
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Ease of use
The presentation of information is with imagery that is animated but not over the top. Familiar language engages and even the more complex charts are clear to grasp. There is an Apple-esque attention to detail that’s missing from many other groups. However, the text colour merges into the background on some pages – fashionable? Yes! But may alienate older generations who need clearer text. Account set-up, funding and transacting was all smooth and straightforward.
Mobile and Apps
A really nice, easy to use and clean app.
It's simple and effective with the focus on checking the value of your investments and topping them up. You can now sign up through the app which is a bonus. Charts are not particularly interactive compared to others – a bit basic. But overall, a good experience.
Behind the scenes
Really informative links within the logged-in page, making a big effort to demystify the industry jargon. The risk profiler and questionnaire is straightforward enough and there are nice prompts throughout. There are clear projections to show what you might make with any given investment portfolio. It’s simple, slick and worked well. There is a lack of underlying detail in some places for those looking to know more.
Stocks and Shares ISA
Chosen for you
Robo advice / ready-made portfolios
The 'Geeky' 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
New robo-adviser, also serving clients in Canada and the US
£0 minimum monthly amount
£0 minimum initial amount