as of 25/02/2021 at 11:59 am
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Wealthify is a robo-adviser backed by Aviva that lets you invest into a pension from £50. Our testing shows that this really appeals to people who are fed up with the status quo and want to see something a bit different. It’s an easy website to navigate, containing a lot of helpful information from ISA year end countdowns to a free pension guide.
Investors are asked about their goal (they can select from a list or choose freely), how much they want to invest upfront, how long for and whether they want to invest monthly. There are five different investment styles, each with their respective portfolios that are spread around the world and amongst different sorts of investments – you don't pick your own funds and shares.
They try to keep their charges simple and transparent. Costs are around 0.8% per year, including Wealthify's fee and the cost of the underlying investments. This goes up to around 1.2% for the ethical investment portfolios. There are no additional charges for pension drawdown.
New robo-adviser, though Aviva has a big stake
|Minimum amounts:||£50 minimum initial amount
"I currently have my children's Stocks & Shares ISA's with H&L however I am not that savvy with investing so I am thinking of moving it over to Wealth Simple and allowing them to do it for me. Would you recommend this or are there other roboadvisors you would suggest? I am happy to leave the money in long term until they are about 18 so looking at an 'ambitious' risk. I also have the same account with H&L and will potentially swap also."
12/10/2020Read our reply
"Hi! Another question for my most trusted money info site! I am thinking of setting up a SIPP. I currently have a workplace pension and a S&S ISA with Wealthify (also two previous workplace pensions, one of which was 6 years in the Met Police). I am trying to diversify my investments and spread the risk, which is what led me to thinking about a SIPP. I looked at AJ Bell. They look fine, but I'm nervous about doing my own investments, given that Wealthify does all that for me, so I don't really know where to begin. Are there SIPPs which do it for you? Or if not, should I continue investing in my previous workplace pension pot which is with Aviva? Or have I got the wrong end of the stick? Argggg, so many questions! Thanks!"
03/07/2019Read our reply
"Hi. I am looking for a Junior ISA for my son and can't decide between a robo investor like Wealthify, or investing via Interactive Investor with an investment trust for my son's Junior ISA. I want to invest ethically and am happy to research investment trusts myself. The fees seem similar and both have fund managers. What would you do?"
01/07/2019Read our reply