- Our bottom line
- Top features of Wealthify’s Stocks and Shares ISA
- Wealthify’s platform
- Wealthify’s research offerings
- Customer service and support
- Is a Wealthify Stocks and Shares ISA a good choice for you?
- Alternatives to consider
- Frequently Asked Questions
- Can I trust Wealthify with my money?
- How does Wealthify make money?
- Who owns Wealthify?
In this Wealthify review, I’ll break down how it compares on the key factors that are most important to consider before opening an account. The platform is looking to make investing accessible to everyone. It’s fairly easy to start your investing journey straight away by opening a Stocks and Shares ISA account with a small deposit. Find out more about the pros and cons below.
Our bottom line
Wealthify is an innovative company looking to make investing accessible to everyone. You can open a stocks and shares ISA account easily with a small deposit, so you can start your investing journey straight away. The platform is simple but provides a healthy range of options for investors who have different risk appetites.
They’re backed by Aviva and really make an effort to simplify the investing process. Behind the scenes they pick out funds from top global providers, but the process for investors getting started is really easy to understand. There’s no confusing finance jargon or complicated fees.
Remember though, if you’re ever unsure about the suitability of an investment for your own circumstances, please seek independent financial advice first.
Top features of Wealthify’s Stocks and Shares ISA
Creating your investment plan is a walk in the park, although you must always be mindful that when investing your capital is at risk. You just select your appetite for risk, which ranges from cautious to adventurous. You’re able to then decide if you want to use an original or ethical theme for your funds. Simple as that.
Investing at Wealthify is simple and accessible for everyone. You can begin with a small initial amount and even set up regular montly contributions to suit your budget.
Being able to open a Wealthify stocks and shares ISA with a small deposit or a small monthly investment makes it easy to dip your toes into the world of investing and then progress to larger amounts if you want. This low barrier to entry is fantastic for people who are just learning or are keen to give investing a try. Backing from Aviva also gives added peace of mind that your investments are in good hands.
Wealthify’s platform
I found navigating around Wealthify’s website and app to be a pleasure. Everything was nice and easy to find and there was absolutely no complicated financial jargon in sight.
Setting up a stocks and shares ISA account looked straightforward, with easy-to-follow steps. Although everything on the surface looks nice and sleek, it’s also no headache to dig deeper on their website and find more information if you need it.
Wealthify mostly use a mixture of funds as the basis of your investments. Which funds they use will depend on your risk profile and plan. They use a combination of computer algorithms and expert investors to manage the investments. This way, you get the best of both worlds by using technology and good old-fashioned human brainpower.
Wealthify’s research offerings
There aren’t an amazing amount of resources provided but you’re unlikely to need much by way of resources if you have a stocks and shares ISA held here.
In fact, because the funds and investments are chosen and managed for you, it’s understandable that there is not a great deal of research materials available.
However, Wealthify do publish monthly market updates on their blog. There are also some great introductory resources if you are just getting started on your investing journey.
Occasional topical news updates are also published on their blog and you can always dig into their plans and do some additional research yourself elsewhere. But on their website and platform, there isn’t a great deal to delve into because their whole premise is to try and keep things simple and straightforward.
Do be mindful that any investment information and expert opinion provided on Wealthify’s website does not provide personal advice and is designed for investors who are, on the whole, comfortable making their own investment decisions. However, should you be unsure about the suitability of an investment for your circumstances, you’ll want to seek out your own independent financial advice.
Customer service and support
Wealthify offer a live chat service along with a telephone option for getting in touch. You’re also able to send secure messages to their team, and they have a really thorough and easy-to-understand FAQ section.
They’ve got plenty of good reviews on external sites like Trustpilot and Smart Money People, with plenty of people happy about customer service interaction and response times.
Is a Wealthify Stocks and Shares ISA a good choice for you?
For those getting started with investing, and/or those who want to take a passive investment approach, Wealthify could be a great choice. In terms of value, this platform is right near the top of the pile.
The low fees and lack of charges for making changes might make this an attractive choice. Wealthify’s Stocks and Shares ISA is also flexible, allowing you to withdraw and redeposit money without affecting your annual ISA allowance, provided it is done within the same tax year and you do not exceed £20,000 allowance.
Choosing your plan and investing style couldn’t be easier and everything is crystal clear. This simplicity may not suit people who want lots of control and choice with their investments, and may be more suited to those who are just finding their feet and getting started. This is a great place for beginners, especially those who want to get the ball rolling whilst learning more about investing.
However, if you’re still not sure, we’ve compared stocks and shares ISAs in the UK to help you determine what’s best for you.
Alternatives to consider
If you’re looking for an easy-to-use platform that also provides pre-made portfolios, some other options include:
Frequently Asked Questions
Let’s go through some of the most frequently asked questions by investors about Wealthify.
Can I trust Wealthify with my money?
Yes. Both Wealthify and its partners are regulated by the Financial Conduct Authority (FCA). Its investment products, including the Stocks and Shares ISA, Junior ISA, General Investment Accounts, and Self-Invested Personal Pensions, are all operated and managed under the FCA’s Client Asset Rules.
This also means that the first £85,000 of any money invested is protected under the Financial Services Compensation Scheme in the event of an insolvency. However, it’s important to remember that this does not protect investors from investment losses.
How does Wealthify make money?
Wealthify makes money from a combination of account management fees and transaction & fund management fees. As of December 2024, Wealthify’s account management fee is 0.6% of a portfolio’s value per year. Therefore, a £100,000 portfolio would incur £600 in annual expenses.
The fees related to transactions and funds vary depending on investor activity. However, on average, Wealthify has estimated a 0.16% annual fee for normal investing and 0.7% for ethical investing. However, these figures will be different depending on the contents of an investor’s portfolio.
Who owns Wealthify?
Wealthify operates as an independent business. However, it is owned entirely by Aviva – the UK’s largest general insurance and pension provider.