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Wealthify investment platform review

We analyse the charges levied by Wealthify and ask its customers to rate it for service, tools, value for money and more

In this article
What is Wealthify?  Is Wealthify any good?  What do customers say about Wealthify?  What are Wealthify's charges?
Who is Wealthify good for? Who is Wealthify expensive for? What accounts and services does Wealthify offer? Is your money safe with Wealthify?

What is Wealthify? 

Wealthify is a ‘do-it-for-me’ platform, or roboadviser, founded in 2016.

Unlike a DIY investment platform, instead of letting you select your own investments, Wealthify will place you in a portfolio tailored to your risk appetite. This is based on a questionnaire that asks you about your investment goals and attitude to risk.

If you're looking to pick your own investments, check our list of the best DIY investment platforms.

Is Wealthify any good? 

 

Which? members can exclusively read the results of our unique customer satisfaction survey.

Members can log in to see our review of Wealthify. If you're not already a member, join Which? and get full access to these results and all our reviews.

 

How we rate investment platforms

 

Which?'s rating for customer satisfaction is based on feedback from real customers.

We ask investors to rate their current platform for the quality of its online tools and smartphone app, customer service and information on investment opportunities and performance. We also ask whether it meets their needs, represents value for money and whether they'd recommend it to someone else.

How do we pick Which? Recommended Providers?

A platform must allow investors to pick their own investments from an extensive list - which means most 'do-it-for-me' platforms, including Wealthify, are excluded.

We're looking into a new way to analyse do-it-for-me platforms so we can allocate them Which? Recommended Provider status in the near future.

What do customers say about Wealthify? 

How we rate investment platforms

We’ve heard from investors who use Wealthify and this is what some of them had to say:

  • 'I have been pleasantly surprised by the amount of information received and their explanatory videos and podcasts. They keep me up to date via emails if there are changes, and the website is easy to access and use.'
  • 'It is very easy to use and manage.'

What are Wealthify's charges?

Annual charges

For an 'Original' plan:

  • 0.6% Wealthify fee
  • 0.16% average investment costs

For an 'Ethical' plan:

  • 0.6% Wealthify fee
  • 0.7% average investment costs

How much will I pay?

We’ve estimated the cost of investing with Wealthify over the course of a year in a stocks and shares Isa. These figures are for its 'Original' plan.

Amount invested Annual cost
£5,000 Logged out detail
£10,000 Logged out detail
£25,000 Logged out detail
£50,000 Logged out detail
£100,000 Logged out detail
£250,000 Logged out detail
£500,000 Logged out detail
£1m Logged out detail

Source: Analysis by Which? Money correct as of April 2022

 

Who is Wealthify good for?

‘Do-it-for-me’ platforms are good for people who don’t feel they have the time to research their investments, but also can’t afford the services of a financial advisor.

For those with a portfolio smaller than £50,000, Wealthify is slightly cheaper than its competitors Nutmeg and Moneyfarm.

Wealthify is particularly good for ethical investors, as it offers ethical portfolios that include actively managed funds. This is different to most other do-if-for-me platforms, which mainly offer tracker funds.

Who is Wealthify expensive for?

Of the three main 'do-it-for-me' platforms in the UK - including Nutmeg and Moneyfarm - Wealthify works out as more expensive if you have a larger portfolio, because unlike its competitors it doesn't lower its charges the more you invest. 

If you feel comfortable choosing and managing your own investments, you should consider a a DIY platform instead, as this will almost certainly work out cheaper. 

Most DIY investment platforms now offer ready-made portfolios as well, which are more expensive than their DIY options but could still work out cheaper than a Wealthify account, depending on the provider.

What accounts and services does Wealthify offer?

  • General investment account - can hold different types of investments but doesn't give tax-free benefits like pensions and Isas. 
  • Junior Isa - a tax-free savings account for under-18s.
  • Sipp - a pension where you have complete control over the investments you put your savings into.
  • Stocks and shares Isa - a tax-free account that allows you to put your money in a range of investments
  • Income drawdown - allows you to take money out of your pension to live on in retirement.

Is your money safe with Wealthify?

If Wealthify went out of business, you would be compensated by the Financial Services Compensation Scheme (FSCS).

The FSCS will cover up to £85,000 of investments per person, per platform. You can claim free online; there’s no reason to use a claims-management company.

You won’t be compensated for investments falling in value, or if a company you hold shares in goes bust, unless this poor performance resulted from bad advice given by a regulated Independent Financial Advisor that has since gone bust. 

 

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