Wealthify

Wealthify review

Find out in our review how Wealthify works, the ethical investment options, the fees, and whether we think it's any good.

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George Sweeney

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Our verdict

Overall, we found Wealthify to be a solid robo-advisor platform - it’s improved since the app was redesigned and rebuilt from scratch in late 2022. The platform is useful if you’re not interested in choosing and managing a portfolio, and makes the whole set-up process straightforward.

When testing the app, we liked that Wealthify is jargon-free and comes with 5 risk levels to choose from. And, you’re able to invest for yourself, for a child, or for retirement. You can hold multiple types of accounts on the platform, so it’s a great option if you want all your investing under one roof.

The annual percentage fee of 0.6% is on par with most rivals, but using the same fee for the original and the ethical portfolios is a unique touch, making charges simpler. We found opening an account was nice and quick, and you can start with just £1. The obvious downside is that you can’t pick your own investments, but that’s not what Wealthify is about.
Pros
  • Start with just £1
  • Simple fee structure
  • Uses a blend of assets and funds for your portfolio
  • Recently revamped app
  • Lots of ways to contact customer service
  • Ethical options
Cons
  • Limited portfolio range
  • £50 minimum for the pension
  • Relatively basic passive investing approach
  • There are cheaper robo-advisors for large portfolios (over £100,000)
Wealthify
★★★★★
User survey
★★★★★
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If you’re looking for an investment platform that handles most of your decisions, Wealthify might be the kind of thing you’re looking for. In our Wealthify review, we’ll explain some of the key features, what you can invest in, and how the whole platform works.

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What is Wealthify?

Wealthify is a digital investment management company, which aims to offer simple and effortless ways to invest your money. It falls under the category of “robo-advisor”, but the investing strategy uses a mixture of smart algorithms (robo) and expert humans (advisors).

Based in Cardiff, Wealthify launched in 2016 and is now backed by Aviva, which acquired a majority stake in 2017.

It operates online through its website and mobile app, but also has trusty humans available to speak with over the phone.

How does Wealthify work?

Wealthify invests your money in diversified portfolios to spread your risk across different industries and countries. Your portfolio will contain mainly low-cost, passive investments, such as exchange-traded funds (ETFs) and mutual funds that invest in a mixture of assets.

Its team of qualified investment managers is monitoring and adjusting your plan regularly as the stock market fluctuates to ensure the best returns for your money.

Wealthify is designed for people with little to no investment experience. Its team of investment experts build and manage your portfolio for you, no matter which product you choose. This means that you don’t need to worry about selecting your own investments, all you have to do is choose a risk profile and whether you want an “original” or “ethical” portfolio.

Wealthify gives you the opportunity to choose investments in line with your values with the option of ethical investing. With its mobile app or on its online dashboard you can see where your money is invested, how it is performing and easily make additional contributions.

What can you invest in with Wealthify?

Wealthify offers 2 different investment options, original and ethical. Each has 5 different risk profiles to choose between:

  • Cautious
  • Tentative
  • Confident
  • Ambitious
  • Adventurous

In all cases, they invest in a mix of government bonds, shares, property, corporate bonds, and some cash. The weighting between these assets differs between risk profiles to make sure it’s suited to the level of risk you’re comfortable with.

Here’s an example of how the Wealthify original portfolios have been created:

Here’s an example of what the Wealthify ethical portfolios have looked like:

Wealthify Ethical vs Original

Ethical investing aims to avoid harmful activities (e.g. tobacco, gambling, weapons and adult entertainment) and opts for companies who take their environmental and social responsibilities seriously. Original doesn’t mean investing in “bad” companies, it just means this sort of socially responsible criteria is less of a priority.

  • Original. Around 20 mutual funds and ETFs – featuring stocks, bonds, cash, property, private equity and commodities.
  • Ethical. Around 20 mutual funds and ETFs – featuring shares, bonds, and other thematic investments (e.g. gender equality or green energy funds) from best-in-class ethical fund providers around the world.

Wealthify products

Wealthify offers a comprehensive range of accounts to suit all investing goals:

Keep on reading to find out more about these products and the main differences between them.

What should I choose – an investment ISA or a general investment account?

Wealthify offers customers the chance to invest using a stocks and shares ISA (Wealthify refers to this as an “investment ISA”) or a general investment account (GIA).

Typically, the investment ISA is best to go for unless you’ve already used up your £20,000 allowance in each tax year. Any profit or gains in your portfolio are exempt from tax within the 2023/2024 year. Keep in mind, you can only open and pay into one stocks and shares ISA each year.

Alternatively, if you already have a stocks and shares ISA elsewhere, you can choose to transfer these to Wealthify. Simply use the ISA transfer form on their website.

The GIA suits bigger investments over £20,000, but you are liable to pay tax on any gains or dividends earned (above your £6,000 capital gains or £1,000 dividend tax allowance thresholds).

Stocks and shares ISAs explained

Wealthify general investment account

This account is usually chosen by investors that have already made use of their ISA allowance in the current tax year. You’ll be liable to pay tax on any profits you make over £6,000 or £1,000 in dividends in each tax year.

You can invest in all the same things that you can with the ISA and the pension.

Wealthify stocks and shares ISA

The Wealthify investment ISA is for investors who want to make the most of their annual ISA allowance. Something well worth doing! The allowance for the 2023/2024 tax year is £20,000. This means that you can invest up to £20,000 each year without paying tax on most of your profits.

You can invest in the same things with the Wealthify investment ISA as with the other accounts.

Wealthify junior ISA

If you’re a super organised parent and want to kick start your child’s savings, you can do this with Wealthify too. Junior ISAs are pretty similar to regular ISAs, except that the annual allowance is £9,000 for the 2023/2024 tax year. This means that you can save up to £9,000 in each year without paying tax on profits. This is separate to your own ISA allowances, so it doesn’t impact your £20,000 yearly allowance.

The account has to be opened by the child’s parent or guardian, but anyone can pay into it. The child gets access when they turn 18.

Wealthify pension

Wealthify aims to make saving for retirement easier by offering a self-invested personal pension (SIPP). As with its other products, it has low fees, but a minimum investment of £50 (instead of £1 elsewhere).

If you already have pensions elsewhere, you can transfer them in or you can create a new personal pension alongside those that you already have. You don’t have to commit to regular payments, either. It’s up to you whether you want the commitment of a direct debit or if you’d prefer to make ad-hoc top-ups. With a personal pension your contributions are tax free up to:

  • 100% of your annual salary each year
  • An annual allowance of £60,000
  • Or, a lifetime allowance of £1,073,100

You get tax relief on up to 100% of your annual earnings, which Wealthify instantly applies to every contribution, so no need to wait for HMRC to pay it in.

Wealthify portfolio performance

All of the figures below are Wealthify’s simulated 5 year performance figures. They are “simulated” because they’re based on the performance of a model that mirrors the decisions Wealthify made for customers’ plans. All simulated figures assume that the account size is over £100 and that a fee of 0.60% has been taken as well as fund costs.

Remember that past performance is not a reliable indicator of future results.

Wealthify original plan performance

Investment style30/03/2018 – 30/03/201929/03/2019 – 29/03/202031/03/2020 – 31/03/202131/03/2021 – 31/03/202231/03/2022 – 31/03/2023
Cautious2.49%1.96%2.90%-2.24%-6.32%
Tentative2.82%0.24%8.72%0.33%-6.03%
Confident3.08%-1.74%14.48%2.83%-5.62%
Ambitious3.26%-4.55%20.68%5.44%-4.89%
Adventurous3.67%-7.52%27.42%7.97%-4.76%

Wealthify ethical plan performance

Investment style30/03/2018 – 30/03/201929/03/2019 – 29/03/202031/03/2020 – 31/03/202131/03/2021 – 31/03/202231/03/2022 – 31/03/2023
Cautious3.22%2.85%3.47%-3.20%-8.25%
Tentative3.5%1.13%9.58%-1.66%-7.25%
Confident3.65%-0.53%16.51%-0.17%-6.40%
Ambitious3.90%-2.77%23.98%1.29%-5.46%
Adventurous4.14%-4.96%32.03%2.56%-4.7%%

How do I apply for a Wealthify account?

To open a Wealthify investing account, you must be 18 or over and a resident of the UK. We found that you should be able to set up an account in 10 minutes or so on the Wealthify website or app.

Here’s how to get started:

  1. Head to the website. On the Wealthify website, select “invest now” in the top right.
  2. Choose which account you want. We’ve explained the key differences between account types above. You can open multiple accounts later.
  3. Choose your initial investment. This is the amount you want to invest right now.
  4. Choose your monthly investment. This is the amount you plan to invest each month.
  5. Choose an investment style. We’ve detailed these further up – you’ll need to choose how much risk you’re prepared to take on.
  6. Choose an investment theme. Want to invest ethically? This is where you decide on regular investments or ethical ones.
  7. Check out your plan summary. This shows you the projected value of your investments, the fees you’ll pay and how your money will be invested.
  8. Create an account. You’ll be prompted to log in and fund your account.
  9. You’re good to go! Wealthify’s experts manage your investments for you.

Wealthify fees

Wealthify charges a flat annual fee of 0.6% based on your portfolio size. Plus, fund fees of around 0.16% for original plans, and 0.7% for the ethical options.

The fees you pay cover the following:

  • Creating your personal investment plan
  • Ongoing adjustments to your portfolio
  • 24/7 use of the app and online service
  • Live chat, phone and email support
  • News and insights on the blog and with a monthly market update
  • Buying and selling investments in your portfolio
  • Year-round expert market monitoring
  • Your money and assets held with a custodian

Is Wealthify safe?

Yes! Wealthify is authorised and regulated by the Financial Conduct Authority (FCA). Wealthify is also covered by the Financial Services Compensation Scheme (FSCS), which means that you can receive compensation on deposits of up to £85,000 if Wealthify were to go bust.

Wealthify is also part of leading financial provider and insurer Aviva, which adds an extra layer of reassurance.

Wealthify customer reviews

Customers who took part in Finder’s 2023 customer satisfaction survey were overwhelmingly positive about Wealthify, with many highlighting its “easy to use” online trading and competitive rates.

One customer said: “Wealthify has all the help and advice a beginner needs for making secure investments”

Wealthify scored of 4 out of 5 for customer satisfaction. 78% of customers would recommend the brand to a friend.

On customer review site Trustpilot, Wealthify is rated “great”, with 4 out of 5 stars. For the Wealthify investing app, it scores 4.5 out 5 on the App Store from over 2,000 reviews and a slightly less impressive 3.1 out of 5 on Google Play from over 1,000 reviews (as of July 2023).

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