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.