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Wealthify vs Wealthsimple
They’re both focused on increasing your wealth, and they offer very similar things, but how do they compare?
What's in this guide?
Wealthsimple and Wealthify are two examples of “robo-advisors”, which means that ultimately, they’ll manage all the investments for you. Not all robo-advising is automated, there’s not necessarily a Dalek choosing what you invest in (although that would be cool and a little unsettling). In the case of Wealthsimple, there are real human beings available to monitor your portfolios. There’s generally at least a little bit of human input with robo-advisors.
Wealthify vs Wealthsimple
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| Overall rating | ★★★★★ | ★★★★★ |
| Markets and products rating | ★★★★★ | ★★★★★ |
| Costs rating | ★★★★★ | ★★★★★ |
| Mobile and web features rating | ★★★★★ | ★★★★★ |
| Learning resources and tools rating | ★★★★★ | ★★★★★ |
| Go to site More Info | More Info |
What markets and products do they cover?
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| Rating | ★★★★★ | ★★★★★ |
| Share dealing | ||
| Stocks and shares ISA | ||
| Pension (SIPP) | ||
| Lifetime ISA (LISA) | ||
| Fractional shares | ||
| Ready-made portfolios | ||
| DIY portfolios | ||
| Ethical investing | ||
| Go to site More Info | More Info |
Mobile and web features
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| Rating | ★★★★★ | ★★★★★ |
| Desktop app | ||
| Web app | ||
| iPhone | ||
| Android | ||
| Share price notifications | ||
| Go to site More Info | More Info |
Learning resources
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| Rating | ★★★★★ | ★★★★★ |
| Info on share trading | ||
| Info on funds | ||
| Info on retirement | ||
| Videos | ||
| Go to site More Info | More Info |
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Wealthify vs Wealthsimple: Costs
Wealthsimple charges fees based on the amount that you invest. It also offers additional benefits when you invest more than £100,000 and when you invest more than £500,000, such as airport lounge access.
Investments up to £100,000 have a 0.7% fee, plus additional charges at an average of 0.2%. Investments above £100,000 have a 0.5% fee plus additional charges at an average of 0.2%. Anything over £500,000 costs the same, but you get a dedicated investment advisor with ongoing portfolio monitoring.
Wealthify charges a flat rate of 0.6% on your investment amount, plus fund fees of around 0.22% (0.66% for ethical investing).
So, what does that actually mean?
If you invest £10,000 with Wealthify, then you’ll spend £82 (in a year).
If you invest £10,000 with Wealthsimple, then you’ll spend £90 (in a year).
For Wealthify, we got these numbers from the website, so if you want to check how much your investment will cost you, that’s where you can find out. Wealthsimple doesn’t have a cost calculator, so this was worked out the old fashioned way (£70 fee + £20 additional charges).
Our verdict: Is Wealthify better than Wealthsimple?
These platforms are very similar in what they offer and how much they charge. They’re both great platforms for ready-made portfolios and allow you to choose your investment based on your appetite to risk instead of creating portfolios yourself.
If you’re looking for a trading platform for share dealing, neither of these platforms would necessarily be suitable for you. If you’re looking for a platform that offers advice, then, of these two, Wealthsimple would be the most suitable, although you need to invest over £100,000 to get access to the advice.
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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.
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