I’m new and trying to be more in control of my finances! I recently jumped ship from Moneybox after realising that I was paying more in fees than my investment was earning, and I was looking into both Wealthsimple and Wealthify - has anyone used one (or both)? Thoughts? I just want something where I can pick an investment plan, put some money on it every month and mostly leave it alone, because I don’t really know what I’m doing
For now, the main difference I can see is that Wealthsimple integrates with Emma and, while Wealthify doesn’t, it is offering a £50 return if I leave £500 invested for three months.
I’m using Wealthsimple but like I think Gaoler is alluding to the fee ratio will depend on how much you’re investing. Once you hit a certain threshold other platforms will be more competitive on fees with some such as Vanguard putting a cap on annual fees. It’s a tradeoff given that Wealthsimple will also rebalance and make sure your portfolio matches your risk tolerance.
I’ve used Wealthsimple for years and love it. It’s doing alright in the current crisis too (compared to my nutmeg at least) if you fancy looking into it and want 5k managed free for a year here’s my referral link https://wealthsimple.com/invite/HJDHEW
Yeah, I suppose it stops you from panicking and selling any time there’s a dip? A lot of people set up automatic transfers from current acc to investment acc on payday for a similar reason I guess!