Wealthify Review: Uncomplicated Investing


What is Wealthify?

Wealthify is a digital investment platform dedicated to simplifying investing for everyone. Based in Cardiff and backed by household insurance name Aviva, this platform bridges the investment landscape, by offering a user-friendly experience that empowers individuals, whether you are investing for the first time or are a seasoned expert. As a robo-adviser, Wealthify takes much of the hassle out of investing. No need to spend hours poring over investment options or worrying about making the right choices – Wealthify does the legwork for you.

Who is Wealthify for?

Wealthify’s emphasis on simplicity makes it appealing to those just starting out in investing or those who prefer a passive investment approach. It’s designed for people who don’t want to get bogged down in the complexities of investments or lack the time to do so. They’ve got five ready-made portfolios – or “investment styles” as they like to call them – to suit your taste. So if you’re an investing pro who loves getting hands-on in crafting your own unique portfolio, then Wealthify and other robo-advisers probably won’t be for you.

How does Wealthify work?

First things first, Wealthify’s look and feel is clean, intuitive and user-friendly, and the user experience is smooth and hassle-free. Signing up as a client is simple and straightforward.

Step 1 – Create your account easily with just your National Insurance number and personal details

Step 2 – Once you’ve created an account, you’re prompted to answer questions about your financial goals, risk tolerance and investment horizon.

Step 3 – Based on your responses, Wealthify recommends a portfolio that matches your attitude to risk and long-term investment objectives.

Once it’s up and running, the investment team at Wealthify will periodically review and adjust your portfolio as required so that it stays aligned with your objectives and attitude to risk.

Wealthify review: investment choices

Wealthify provides its users with a choice between Original and Ethical plans, and you can start investing from as little as £1. Both sets of portfolios are the same, except the ethical ones invest in sustainable and ethical funds.

Based on your previous answers, Wealthy recommends one of five ready-made portfolios to match your risk profile: cautious, tentative, confident, ambitious, or adventurous.

In terms of different account options, investors can open a general investment account, an ISA and a pension. It also includes a handy Savings calculator to compare how your money might perform if left in a high street bank versus investing with Wealthify.

Wealthify help at your fingertips

While digital, Wealthify doesn’t lack the human touch. Live chat, email, and phone support assistance is always a click or call away. It also has various articles and blogs to break down complex investment jargon into digestible nuggets. Whether you’re trying to understand market fluctuations or the basics of compound interest, Wealthify has it covered.

Wealthify fees – what you see is what you get

Some platforms have complex fee structures, but Wealthify prides itself on transparency. For Original Plans, Wealthify’s management charge is 0.60%, while the average cost of the investments is 0.16%. If you invest £10,000 with Wealthify, you will pay £60 in management fees per year, plus an average of £16 in investment costs. For the Ethical plans, the management fee is the same, but the investment costs are considerably higher at 0.70%.

While these costs are on the higher end for robo-advisers, they remain competitive.

In summary

Wealthify provides an accessible entry point into investing, particularly suited to those who prefer a passive approach. While it may not cater to every investor type, the key takeaways from this Wealthify review are the robo-adviser’s commitment to simplicity, fee transparency and a focus on user experience. Backed by household insurance giant Aviva, Wealthify is well worth a look.

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