Nutmeg v Wealthify
6 Jan, 2022
In this series, Boring Money CEO Holly Mackay puts two popular providers up against each other.
How do they fare?
Nutmeg and Wealthify are two of the UK’s leading ‘robo advisers’ and both owned by big backers. Nutmeg is owned by US powerhouse JP Morgan. And Wealthify is owned by the big yellow Aviva.
Nutmeg is the bigger of the two and goes into a bit more detail than Wealthify. They have a bigger and potentially more confusing range of investment options, as well as a quiz which helps you to choose the right ‘risk profile’ for your investment money.
The socially responsible option is well detailed and there is quite a lot of depth under the bonnet for those interested in digging.
What does Nutmeg cost?
All-in costs range from about 0.7% a year to 1% a year.
Wealthify has slightly less detail available and a simpler onboarding journey which remains very easy to engage with. There are a few number of choices – only 5 of the traditional options and 5 ethical options. It’s also quicker and easier to see the forecast outcome – for any given choices and sum of money you can quickly get a sense of the worst case scenario and the best case scenario.
What does Wealthify cost?
The costs are broadly similar to Nutmeg – not much in it at all.
In summary
Both options are good. I think Wealthify is probably better suited to those who want a nice simple starter journey and don’t really want to bother with what lies under the bonnet. With a lovely easy and mobile-friendly way to get going. Whilst Nutmeg is probably a bit more technical and will support more learning and detailed probing.
Final points
Nutmeg’s multiple choices could put less-confident beginners off but might be more appealing to those who fancy a bit more choice.
Wealthify has a very slightly higher customer rating on our site but again, there’s not much in it.
