Wealthify is a mobile and app-based investment platform which offers simple and effortless ways to invest. It’s technically a “robo-investor” despite not being fully automated.
Wealthify is backed by Aviva, which acquired a majority stake in 2017.
Wealthify offers a self-invested personal pension (SIPP). It differs from your average SIPP as it’s designed for people with no investment experience. Instead, you make use of its team of investment experts who build and manage your pension plan. This means that you don’t need to worry about selecting your own investments, all you have to do is choose a risk profile.
The risk profiles (known as “investment styles”) are:
When signing up, you get the option to choose your investment “theme”. You can choose between “original” which includes Wealthify’s classic investments from the UK and overseas, and “ethical” which is a mix of environmentally and socially responsible investments. This makes it easier to align your values with your investments.
The fees for Wealthify’s pension is the same as for its other products. You pay a percentage of the total value of your investments for its annual fee plus any investment costs, such as fund charges and market spread.
The flat rate is 0.6%, and the investment costs work out at around 0.16% for Original Plans and 0.7% for Ethical.
If you’ve already got a pension with another provider, you can transfer it in or you can create a new personal pension alongside those that you already have.
Wealthify is authorised and regulated by the Financial Conduct Authority (FCA), which means you could be entitled to compensation if it is found to be acting improperly.
Wealthify is also covered by the Financial Services Compensation Scheme, which means that you can receive compensation on investments up to £85,000 if Wealthify were to go bust.
It is part of the Close Brothers Group, who have been trading for over 130 years, and are backed by leading financial provider and insurer Aviva.
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