Wealthify review

Find out if how Wealthify works and whether we think it's any good

Updated

Fact checked
Wealthify

Finder rating ★★★★★

Wealthify is an investment company that helps you manage your portfolio.

We liked…

  • Mobile app that lets you access your portfolio anytime you want
  • No minimum investment

But watch out for…

  • No cash or lifetime ISA products
Wealthify

Open an account with Wealthify and start investing today

  • Start investing with as little as you want
  • Withdraw your money anytime
  • Download the app for free
  • Refer a friend and get £25
Promoted

What is Wealthify?

Wealthify is a digital investment management company, which aims to offer simple and effortless ways to invest your money. It technically falls under the category of “robo-investor” despite not being fully automated.

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

It operates online through its website and mobile app, but also has humans available on 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.

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.

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

Wealthify offers customers the chance to invest in stocks and shares through an investment ISA (individual savings account) or a general investing platform.

If you don’t have any other ISAs elsewhere, then an investment ISA could be a better place to start. Interest earned from your first £20,000 is exempt from tax under the 2018/2019 tax year allowance.

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

General investing suits bigger investments over £20,000, but you are liable to pay tax on any interest or dividends earned.

In terms of savings, ISAs and general investing are a better long-term investment, as you’re more likely to see better returns over a longer period. If you need to regularly access your savings, it’s worth considering a traditional savings account with a bank or building society instead.

Stocks and shares ISAs explained

Wealthify performance

All of the figures below are Wealthify’s simulated 2019 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 £500 and that a fee of 0.60% has been taken as well as fund costs.

If you want to see the performance for other years, you can see these on Wealthify’s website.

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

Wealthify ethical plan performance

Plan – based on risk appetite2019 simulated performance
Cautious8.10%
Tentative9.86%
Confident11.88%
Ambitious14.15%
Adventurous16.74%

Wealthify original plan performance

Plan – based on risk appetite2019 simulated performance
Cautious6.43%
Tentative9.37%
Confident11.96%
Ambitious14.75%
Adventurous17.14%

Wealthify dividends

As Wealthify invests in companies on your behalf, you are eligible to receive dividend payments if the companies decide to pay dividends.

How do I apply for a Wealthify account?

To open a Wealthify Investment ISA or general investing account, you must be 18 or over and a resident of the UK.

Unlike other robo advisers, Wealthify requires a low minimum investment of just £1, which is great for those who are new to investing and just want to dip their toe in.

You should be able to set up a ISA or general investing account in 10 minutes or so via their website.

After filling in some personal details, you tell Wealthify how much you have to invest, your financial goals and attitude to risk. This information will help Wealthify match you to an investment style – cautious, tentative, confident, ambitious or adventurous.

With both ISAs and general investing, you can choose between an original or ethical theme of investing. 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: Up to 20 mutual funds and ETFs, featuring stocks, bonds, cash and cash equivalents, property, private equity and commodities.
  • Ethical: Up to 25 mutual funds and ETFs, featuring shares, bonds and other thematic investments (e.g. gender equality or green energy fu nds) from around the world.

Wealthify fees

Wealthify charges a flat rate of 0.6% on your investment amount, plus fund fees of around 0.22% (0.66% for ethical investing).
The fees include:

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

What is the 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 and a minimum investment of only £50.

Wealthify’s pension is designed for people with no investment experience as it has a 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 between cautious and adventurous. Wealthify gives you the opportunity to choose investments in line with your values with the option of ethical investing.

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 Wealthify’s mobile app or on its online dashboard, you can see where your money is invested, how it is performing and make additional contributions. Wealthify instantly applies 25% tax relief to every contribution, so no need to wait for HMRC to pay it in.

Is Wealthify safe?

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.

Is wealthify good?

On the whole, it’s pretty good. It’s good for those who aren’t interested in managing their own portfolios and has a decent number based on how much risk you’re open to. Ethical investing is proving to be pretty popular at the moment, which Wealthify has the option for.

If you’re investing a larger sum of money (£100,000 or more) then you might find that other platforms are more cost-effective than Wealthify, such as interactive investor or IG.

Wealthify customer reviews

Wealthify has picked up several awards since its launch, and it seems it’s not just the industry that is impressed with the service. On customer review site Trustpilot, Wealthify is rated “Excellent”, with 4.5 out of 5 stars.

The company’s customer service is the focus of much of the praise, with reviewers calling it efficient and transparent. The negative reviews stated losing money and being rejected seemingly unfairly as the reason for the low score.

Pros and cons of Wealthify

Pros

  • No minimum investment: You can start your portfolio with just £1.
  • Easy access to your portfolio online or via the app.
  • Flexible payments: You can add to your portfolio with one-off or regular payments.
  • No withdrawal charges: It’s free to access your money at any time.
  • Customer service: Live chat, phone or online message.

Cons

  • Less control over investments: If you want to choose how and where you invest, you’re better off managing your own portfolio.
  • No cash or lifetime ISA products.

What other options are available?

Wealthify is just one robo adviser in a growing industry of digital wealth management. Similar companies exist such as Moneyfarm and Nutmeg, which offer both ISAs and general investing products.

Similar platforms to Wealthify

Table: sorted by promoted deals first
Data indicated here is updated regularly
Name Product Minimum deposit Maximum annual fee Price per trade Brand description
Hargreaves Lansdown stocks and shares ISA
£100
0.45%
£11.95
Hargreaves Lansdown is the UK's biggest wealth manager. It's got everything you'll need, from beginners to experienced investors. Capital at risk.
Interactive Investor stocks and shares ISA
£100 or £25 a month
£119.88
£7.99
Interactive Investor offers everything most investors need. Its flat fees makes it pricey for small portfolios, but cheap for big ones. Capital at risk.
Saxo Markets stocks and shares ISA
No minimum deposit requirement
0.12%
£8.00
Saxo Markets offers a wide access to a range of stocks, ETFs and funds. Capital at risk.
AJ Bell stocks and shares ISA
£500
0.25%
£9.95
AJ Bell is a good all-rounder for people who to choose between shares, funds, ISAs and pensions. Capital at risk.
Fidelity stocks and shares ISA
£1000 or a regular savings plan from £50
0.35%
£10.00
Fidelity is another good all-rounder, offering a good package at a decent price. Not suited for trading shares. Capital at risk.
Nutmeg stocks and shares ISA
£100
0.75%
£0
Nutmeg offers three types of portfolios. Choose the one that goes with your investment style. Capital at risk.
loading

Compare up to 4 providers

Data indicated here is updated regularly
Name Product Price per trade Frequent trader rate Platform fees Brand description
Fineco
£2.95
£2.95
Zero platform fee
Fineco Bank is good for share traders and investors looking for a complete platform and wide offer. Your first 50 trades are free with Fineco, until 30/09/2020. T&Cs apply. Capital at risk.
IG
0% commission on US shares, and £3 on UK shares
From £5
£0 - £24 per quarter
IG is good for experienced traders, and offers learning resources for beginners, all with wide access to shares, ETFs and funds. Capital at risk.
Hargreaves Lansdown Fund and Share Account
£11.95
£5.95
No fees
Hargreaves Lansdown is the UK's number one platform for private investors, with the depth of features you'd expect from an established platform. Capital at risk.
eToro Free Stocks
0% commission, no markup, no ticket fee, no management fee
N/A
Withdrawal fee & GDP to USD deposit conversion
eToro is good for social trading - letting you mirror the portfolios of other traders. Capital at risk. 0% commission but other fees may apply.
Interactive Investor
From £7.99 on the Investor Service Plan
From £7.99 on the Investor Service Plan
No transfer fees or exit fees. £9.99 a month on the Investor Service Plan
Capital at risk.
loading

Compare up to 4 providers

Data indicated here is updated regularly
Name Product Minimum investment Choose from Annual fee Brand description
PensionBee Pension
No minimum
7 funds
0.5% - 0.95%
Pension Bee is a newbie in the pension market. It helps consolidate your pension plans into one place. Capital at risk.
Hargreaves Lansdown Pension
£100
2,500 funds
0-0.45%
Hargreaves Lansdown is the UK's biggest wealth manager. It's got three different retirement options. Capital at risk.
Interactive Investor Pension
£25/month
Over 2,500 funds
£10/month
interactive investor is a flat-fee platform, which makes it cost effective for larger portfolios. Capital at risk.
Saxo Markets Pension
Saxo Markets Pension
£10
Over 11,000 funds
No annual fee
Saxo Markets gives flexibility and control over your investment strategy. Capital at risk.
AJ Bell Pension
£1,000
Over 2,000 funds
0.05-0.25%
AJ Bell has two different pension options, a self managed pension and one that is managed for you. Capital at risk.
Moneybox Pension
£1
3 funds
0.15% - 0.45% charged monthly
Manage your money with an easy-to-use Moneybox app. Capital at risk.
Moneyfarm Pension
Moneyfarm Pension
0.35%-0.75%
7 funds
£1,500 (initial investment)
Moneyfarm has pensions that are matched against your risk appetite, goals and planned retirement date. Capital at risk.
loading

Compare up to 4 providers

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. Capital is at risk.

Frequently asked questions

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site