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. 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.
All you need is a pound to get started which makes it accessible to just about everyone. You can also invest on a monthly basis from a minimum of one pound. Being able to change your plan for free also means that you can adjust your approach as you need.
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 commission prices
Because Wealthify offer a fully managed investment service with their stocks and shares ISA, the commission structure works a little differently to some other platforms.
There are no specific commissions to pay when investing. The only costs you pay is the on-going flat 0.6% management fee and then also an additional ongoing fee that depends on your chosen plan.
Wealthify say that for customers on an original plan, the average additional percentage cost is 0.16%. If you opt for one of their ethical plans, this percentage is higher and advertised as an extra 0.71% on average.
Fees you should know about
There is a flat annual management fee of 0.6% taken on a monthly basis. So how much it costs you in pounds will depend on the size of your portfolio each month. The fee percentage doesn’t change as the value of your portfolio changes, staying at the same rate which keeps things simple.
Depending on which investment plan you choose, there are also some small added fund fees that I just mentioned. These are charged by the investment funds themselves, not Wealthify. They use low-cost funds to keep these charges at a minimum. It’s worth bearing in mind the fees for ethical funds do tend to be slightly higher than the ones in their original plans.
There are no fees for making deposits or withdrawals into your account. There’s also no charge for changing to a different plan or closing your account altogether. So you’re given the freedom to transfer or withdraw your funds, should the need arise, without being charged by Wealthify.
Available investments with Wealthify’s Stocks and Shares ISA
Wealthify does not provide the option to invest in specific shares. They use a combination of ETFs and funds in their pre-made portfolios, but you won’t be able to purchase individual shares.
Wealthify do provide documents on their website offer an insight as to what each of their packaged portfolios is usually comprised of. This will give you an idea about what funds your money will be invested in, along with the percentage allocation. However, it’s worth keeping in mind that the investment make-up of these portfolios can be changed and adjusted at the discretion of the experts running the platform.
If you’re ever unsure about the suitability of an investment for your own circumstances, please seek independent financial advice first.
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 plat-form 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.
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 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. However, it’s important to remember that this is a non-flexible ISA. This means that any amount withdrawn still counts towards that year’s ISA 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 the top-rated stocks and shares ISAs in the UK to help you determine what’s best for you.
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