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Launched in 2017, evestor is an online investment manager that aims to help customers grow their finances through passive mutual funds. Like many of its digital wealth management peers, evestor assigns investors to one of three portfolios, based on their financial goals and appetite for risk. evestor also provides a financial advice service called OpenMoney.
You can sign up for an evestor account via its website. You’ll then need to pick the account type you want to open and complete a questionnaire designed to determine your investment goals. You’ll then be assigned to one of three portfolios, based on your risk profile.
You can then deposit money into your account using direct debit, though it can take up to five working days for the money to transfer. Once your money is received, it will be invested into a range of passive mutual funds. Like most robo-advisers, you do not get to select the specific funds or assets that your money is put into.
You are free to withdraw your funds, though it takes five working days for your investments to be disposed of before your money can be withdrawn. You can track your investments online or by using the evestor app.
There are three evestor portfolios that are designed to meet different levels of risk. The targeted asset allocation of each portfolio is as follows:
Portfolio 1 – Low Risk (Cautious)
Portfolio 2 – Medium Risk (Balanced)
Portfolio 3 – High Risk (Adventurous)
Self invested personal pension (SIPP). If you want more control over your retirement funds, you can set up a SIPP account with evestor. As with any evestor product, you’ll be assigned a portfolio based on your level of risk, but can benefit from government tax relief, and also transfer an existing pension across to evestor.
Stocks and shares individual savings account (ISA). An ISA is a personal account that is exempt from income and capital gains tax. You can invest up to £20,000 per year in a stocks and shares ISA and then pay no tax on any potential gains.
General investment account (GIA). An evestor GIA is aimed at regular customers looking to open an investment account. There is no cap on the amount you can invest. However, your profits are likely to be subject to income and capital gains tax, depending on your current financial situation and existing personal tax rate.
evestor charges an annual management fee of 0.25%, as well as a 0.10% administration fee, on each of its portfolios. You’ll also pay a fund fee, which covers the cost of investing in the various funds.
This is the approximate amount you’ll pay in fees on each portfolio:
evestor uses 256-bit TLS encryption to protect your data and is authorised by the FCA. It is also therefore covered by the FSCS, so you may be entitled to compensation on your investment in the event that evestor ceases trading or defaults.
As with any other type of investment, whatever capital you invest with evestor is at risk, and there is no guarantee of returns. You may end up with less than you originally invested. The performance of each portfolio will also likely differ, and a higher risk portfolio does not necessarily mean higher profits.
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.
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