What’s the verdict?
This Bestinvest review finds a company is doing some good things. The new, free investment coaching service is a great initiative, as are the fixed-price advice packages it offers customers. Investing can seem like a minefield, and knowing that someone is on hand to talk you through how it works, can only be a good thing.
The website has a new look and feel, as well as some nice features to make it easier to use. It includes a range of financial planning tools that let customers play around with the inputs and see the impact on returns of changing factors like contributions and level of risk.
Overall, it’s a great platform choice, especially for those that are new to investing and looking to dip their toes in for the first time, but. Still, it also has enough for most experienced investors too.
The challenge for Bestinvest is that it’s not a name you will immediately recognise, compared with other better-known firms, with bigger advertising budgets. However, it has started advertising heavily on public transport, so this should slowly change.
What is Bestinvest?
Bestinvest may not be as well-known as some other online investment services, but it’s as old as Usain Bolt (born 1986), and it’s and still running strong! What’s more, it’s now part of Evelyn Partners, a large advice and financial services group that looks after more than £50bn of customers’ assets.
Last year, Bestinvest went through a major upgrade. It has a completely new look and feel and comes with a whole raft of new services and features.
What’s on offer?
Pretty much everything you could want, including a full suite of products and investment types. So, whether planning for your retirement, a start for the kids, or offshore investments, it’s all there, so you really do get plenty of choice.
There are also two fixed fixed-price advice services, as well as a new education service providing access to free financial coaching.
What sets Bestinvest apart?
When conducting our Bestinvest review, what really stood out was the level of support available to customers. What really sets Bestinvest apart is the level of support available to customers. The financial coaching and education service is delivered by qualified financial planners. Notably, this exceptional service comes without any obligation and is absolutely free. Furthermore, it offers the convenience of booking sessions. As of now, this unlimited resource is a unique offering in the industry, setting Bestinvest apart. This service is free, with no obligations to follow up. It is also bookable, at present it’s unlimited and arguably does not exist anywhere else.
Bestinvest also has a robust reputation for market insights and guides to help build investor confidence.
How easy is it to setup?
The initial setup is relatively quick and easy. To open an account, you’ll need a few things to hand, such as your national insurance number and bank details, but you won’t be charged anything at the outset. You will also need some form of ID, so make sure you have a driving licence or passport to hand ensure you have a driving licence or passport. This is all standard, so no surprises here.
The next step is where you start to make choices about what sort of product you want. This is where the support kicks in. You can proceed on your own or opt for help, guidance or advice, depending on the level of support you feel you need.
What are my investment options?
Here, Bestinvest combines the best of both worlds. Customers can choose their own investments from the wide range available or select one of the ready-made portfolios. Most platforms will generally offer one or the other, so this gives investors the comfort of being able to switch between the two.
Ready-made
Bestinvest has three types of ready-made portfolios built and managed by their own investment experts at Evelyn. The choice depends on the style of investment you are looking for. It starts with a basic level of low-cost tracker funds, going through to more expensive portfolios with an active fund manager, taking in socially responsible investing along the way. Prices vary across the styles, but again, help is at hand if you need it to navigate the wide choice available.
What does it cost?
- The annual platform or customer charge is 0.4% of the amount invested for all amounts under £250k. After that, the charges step down as the amount invested increases, until it hits zero for amounts above £1m.
- Investment costs are on top of the customer charge. The ready-made portfolio charges start at 0.2%, so be sure to check the price of the option you prefer.
- There are two advice package options if you need them If you need them, there are two advice package options: a portfolio health check, which is £495, or a review of financial goals for £295.
- The financial coaching or help and support are, of course, free of charge.
Click here for information on Bestinvest, or go straight to the Bestinvest site.
