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Wealthify review – investing made easy

In this Wealthify review, we look at the benefits of using a robo-investor, the costs involved and how Wealthify stacks up against the competition.

Wealthify is a robo-investor platform designed to make investing easy. Geared towards new investors or those looking to be hands-off, Wealthify will guide you through everything you need to get started.

Heads up – We aim to produce honest and accurate content, however, we are not financial advisors. If you need financial advice, Unbiased can connect you with a suitable professional for free. Some of our links may earn us a small commission to help us run the site.

Who is Wealthify?

  • Wealthify is a UK-based robo-investor platform. It was launched in 2017 with the aim to simplify investing.
  • Promises a jargon-free, low-fee, effortless investing experience. The platform is suitable for new investors or those who prefer a hands-free approach.
  • Part of the Aviva group, one of the largest financial services brands. Aviva invested in Wealthify early on to complement its existing insurance and investment products and services.

What is a robo-investor platform?

Robo-investors are investing services that provide automated financial planning with little to no human supervision. A typical robo-investor will collect information about your financial situation and goals and then use this data to automatically invest your money.

Essentially, it will automatically balance your portfolio according to your appetite for risk. So you get to focus your time on what enjoy.

And that makes them well-suited to new investors who need help deciding an investment strategy and portfolio allocation.

Plus, they also work well for those who are time-poor and looking to offload their investing tasks and decisions.

And then there’s the cost. Before robo-investor platforms, investors may have chosen an Independent Financial Advisor to manage their investments. These often carry hefty ‘management’ fees and would typically be more expensive, depending on lots of personal factors.

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Is Wealthify different?

Robo-investors aim to make things extremely easy to set up and use. For many, Wealthify has set a very high standard for achieving this.

Firstly, getting set up with Wealthify takes just a few minutes. Simply choose your investment style and change this later if required.

Plus, you can start with as little as £1, so it’s great for those just starting out.

In addition, Wealthify has partnered with digital bank Starling. So now you can sign up and see your Wealthify investments from inside your Starling bank account app.

All these little wins and integrations make managing your financial life easier and more convenient.

Wealthify robo-advisor investment app

What accounts does Wealthify offer?

There’s a wide range of accounts on offer here, including:

Most new investors start with the Investment ISA as this is a tax-friendly account that makes things nice and simple. For more information, check out the Stocks and Shares ISA guide.

What investment options does Wealthify offer?

When setting up your Wealthify account, one of the first decisions you are presented with is around ethical investing. If you opt for an ethical investment plan your portfolio will be free from so-called ‘sin stocks’. Essentially, this includes companies that make money from activities such as gambling, tobacco and alcohol etc.

Next up, you’ll be asked some questions to assess your risk tolerance. You’ll be offered one of the portfolios below which you can change at any time.

  • Cautions
  • Tentative
  • Confident
  • Ambitious
  • Adventurous

Essentially, Cautious offers the lowest risk while Adventurous has the highest. Just remember, higher risk doesn’t necessarily mean higher profits. With investing, profits are not guaranteed. Personally, I opted for the Confident portfolio. This plan aims to provide balance by limiting losses while still trying to achieve gains. For this reason, it is a popular choice with Wealthify customers.

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Wealthify fees

Wealthify offers some of the lowest robo-investor fees in the UK.

Typically, robo-investors charge a platform fee plus a fund fee that may vary depending on what you choose to invest in. This covers the administration costs associated with running the platform plus the investment team behind the scenes focused on keeping your portfolio balanced.

With Wealthify, the platform fee is just 0.6%. Crucially, however, Wealthify has a minimum investment of just £1 (or £50 for a SIPP) and no minimum platform charge as with some other providers.

Then there are your fund or investment fees, charged by the underlying fund providers Wealthify invests in for you.

It gets even better here. Wealthify has an average investment fee of 0.16%. This does creep up to 0.71% if you opt for the ethical investment plan – morals and ethics have a price.

Lastly, there are ‘spread fees’ which are the costs associated with buying and selling, though there is no explicit fee for these with Wealthify.

Combined together, these fees make Wealthify cheaper than its closest rivals Nutmeg and Moneyfarm. See below for more details.

Wealthify fees vs Nutmeg vs Moneyfarm

Comparison of fees across Wealthify, Nutmeg and Moneyfarm platforms. The Wealthify platform fees are fixed, regardless of portfolio size.

Nutmeg and Moneyfarm reduce the platform fees for larger portfolios. However, you would have to invest above £50,000 to make Moneyfarm‘s fees close. With Nutmeg, you would have to have over £100,000 invested to achieve similar fees.

We have used a £10,000 portfolio to compare the fees below:

Wealthify Nutmeg* Moneyfarm*
Platform fee 0.60% 0.75% 0.75%
Avg. investment cost 0.16% 0.14% 0.20%
Market spread 0.0% 0.08% 0.09%
Total 0.76% 0.97% 1.04%

* Nutmeg platform charges are tiered at 0.75% up to £100,000 and 0.35% beyond that. Moneyfarm platform charges are tiered at 0.75% up to £10,000, 0.60% on the next £10,000 – £50,000, 0.50% on the next £50,000 – £100,000 and 0.35% on anything above £100,000.

For this comparison, we have used the Nutmeg Smart Alpha portfolio. This is the cheapest actively managed portfolio available from Nutmeg.

Fees from other providers can be found here: Wealthify fees, Nutmeg fees, Moneyfarm fees.

Wealthify Review - investment performance

The tables below show the Wealthify Original Plans returns over the last five years and the Ethical Plans over the last three years, based on the various investment profiles.

Wealthify Original Plan performance

Investment Style 01/07/2016 – 01/07/2017 01/07/2017 – 01/07/2018 01/07/2018 – 01/07/2019 01/07/2019 – 01/07/2020 01/07/2020 – 01/07/2021
Cautious 5.15% 0.84% 3.95% 2.58% 1.47%
Tentative 7.39% 1.78% 4.03% 2.78% 5.55%
Confident 9.76% 2.66% 3.87% 2.73% 9.43%
Ambitious 11.45% 3.84% 3.67% 1.71% 13.56%
Adventurous 14.03% 4.88% 3.53% 0.48% 18.00%

Wealthify Original Plan Performance graph

Wealthify performance source

Past performance is not a reliable indicator of future results.

Wealthify Ethical Plan performance

Below is the Ethical Plans performance. It’s only been around for the last three years so we have less data to review.

Investment Style 01/07/2016 – 01/07/2017 01/07/2017 – 01/07/2018 01/07/2018 – 01/07/2019 01/07/2019 – 01/07/2020 01/07/2020 – 01/07/2021
Cautious n/a n/a 5.29% 3.53% 1.97%
Tentative n/a n/a 5.14% 3.87% 6.18%
Confident n/a n/a 4.97% 4.31% 10.82%
Ambitious n/a n/a 4.81% 4.23% 15.75%
Adventurous n/a n/a 4.56% 4.21% 21.00%

Wealthify Original Plan Performance graph

Wealthify performance source

Past performance is not a reliable indicator of future results.

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Wealthify reviews

Wealthify has received very positive feedback on the independent review site, Trustpilot. It has attained a rating of 4.4 out of 5 from reviewers. The most common phrases are that Wealthify is “easy to use” and “customer service is fantastic”.

And Wealthify receives similar positive reviews on both the Apple App Store and Google Play with ratings of 3.6 and 4.5 out of 5 respectively.

My personal experience backs this up with the app and website being easy to navigate and use. I’ve never had to call the customer service team so it was nice to read the Trustpilot reviews confirming that this was positive.

Wealthify Review - Trustpilot 4.4 stars

Is my money safe with Wealthify?

Wealthify works with global financial service providers who are regulated by the Financial Conduct Authority. These custodians hold your cash securely and separately from their own, which means that if Wealthify went into administration, the creditors wouldn’t have a claim to your investments.

Up to the first £85,000 of your money invested with Wealthify is be protected by the Financial Services Compensation Scheme (FSCS). This protects you in the event of the insolvency of Wealthify or its custodians.

However, it’s important to understand that the FSCS doesn’t cover you in the event that your investments do not perform as expected and you get back less than you originally invested.

What we like about Wealthify

  • Low fees – compared to the competition, Wealthify offers lower fees.
  • £1 minimum investmentMoneyfarm and Nutmeg both require at least £500.
  • Ease of use – both the mobile app and website are easy to navigate and use.
  • Easy to start investing – ready-made portfolios are great if you are starting out or time-poor.

What we don’t like about Wealthify

The main criticism I have of Wealthify is the cost of ethical investing. While the platform fee remains the same if you choose ethical options, the investment fees rise from 0.16% to 0.71%.

Part of this is an industry issue as fund providers argue that ethical investments require more management to filter out the so-called sin stocks. However, Nutmeg has managed to keep the average investment cost of their socially responsible investments down to just 0.32%.

It would be great if Wealthify could push this cost lower as this is a growing area of interest by investors.

Wealthify alternatives

The main robo-investor platforms that Wealthify competes with are shown below.  Remember, these are the robo-investor alternatives and not the whole market.

If you are unsure if you want a robo-investor service at all, then check out – How to choose the best investment platform for you.

Wealthify vs Nutmeg

Like Wealthify, Nutmeg offers a wide range of accounts and portfolios. However, its platform fees are slightly higher at 0.75% vs just 0.6% from Wealthify.

Nutmeg was recently purchased (June 2021) by JP Morgan so it has significant financial backing. However, little is known of JP’s plans for Nutmeg.

The Nutmeg app and website are clean and functional but feel a little behind Wealthify.

Nutmeg scores 3.8 out of 5 on Trustpilot, which is a good score but a way behind Wealthify.

If Nutmeg sounds like a good fit, you can get your first six months of platform fees for free by using this link (T’s and C’s apply).

Wealthify vs Moneyfarm

Moneyfarm was launched in the UK in 2016 and is backed by global insurance powerhouse Allianz. Moneyfarm offers slightly fewer account types but covers the three main options UK investors demand; Stocks and Share ISA, GIA & Pension.

One main difference is the fee structure. Moneyfarm charge 0.75% on the first £10,000, then 0.60% up to £50,000. After £50,000 the platform fees drop to 0.5% and even further for balances above £100,000 where fees are a mere 0.35%. This could make Moneyfarm very competitive for larger portfolios.

Moneyfarm has a minimum £5,000 or £1,500 and £100 per month investment which may put it out of reach for new investors. For comparison, you can open a Wealthify account with as little as £1.

Additionally, Moneyfarm offers you the ability to speak to a real person about your portfolio. Moneyfarm allocates you an investment consultant that can help you build and manage your portfolio. This is not financial advice, for that you will need an Independent Financial Advisor however it can be useful for those who want a more personal touch.

Moneyfarm has received a rating of 4.4 out of 5 on Trustpilot putting it on par with Wealthify.

Wealthify vs Moneybox

Moneybox is a very user-friendly platform aimed at newbie investors starting out. You can read more about Moneybox by checking out our official review here.

Moneybox has a clean, easy-to-use app however one criticism is the £1 monthly fee. While it’s not a huge cost per month, for those with smaller balances this can disproportionately increase the platform fees which are actually pretty low at 0.45%.

Moneybox has a slightly lower rating on Trustpilot but still receives a respectable 4.2 out of 5.

How to open a Wealthify account

Wealthify believes that anyone should be able to invest. That’s why they make investing a simple, seamless process that allows more people to invest like experts.

Opening an account is easy. First, you are asked to fill in your details and answer some questions to determine your suggested risk profile and investment style.

Next, choose if you want ethical investments and then your appropriate profile. I choose ethical investments with a confident investment style.

Finally, you can then deposit some money and set up a monthly investment if required. You should have the whole process done in less than 30 minutes.

Set up a Wealthify account today and claim your cashback reward.

Wealthify review - is this robo-investor for you?

Investing can be confusing with an overwhelming number of choices facing both new and experienced investors. Historically this would have been the place of a financial advisor who typically only takes clients with portfolios in excess of £100k, for a fee.

This is where robo-investors step in. Wealthify can help investors by removing some of the complexity, saving you time and headaches. Now, investors just starting out or those with smaller portfolios can get recommendations and reassurances at a smaller cost.

Overall, I feel Wealthify is a solid platform with a good track record of customer service and performance. Choosing between the platforms is often tricky, but Wealthify will let you move your money at any time without charge. This shows a level of confidence Wealthify have that you will enjoy the platform.

Here’s the link to join.

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EatSleepMoney.co.uk does not offer financial advice and is intended for reference/information only. Remember, you should always carry out your own research and/or take specific professional advice before choosing any financial products or services or undertaking any business or financial venture. If you need financial advice Unbiased can connect you with a suitable professional for free. Investments may go up as well as down and you may get back less than you put in.