In this article, I review my experience of joining Wealthify in 2023. I cover the pros and cons of joining Wealthify, the Welathify fees, how Wealthify works, plus a final review verdict of Welathify with a £50 refer a friend referral link to your investment account, once you invest £250 or more for at least three months. *Disclosure: If you complete a refer a friend, we both get £50 added to our accounts. This article is a review and not financial advice of any kind.
Table of Contents
Who is Wealthify?
Wealthify is a UK-based robo-advisor that allows users to invest in a range of portfolios through an online platform. Wealthify is a ‘do-it-for-me’ platform/robot adviser, founded in 2016 by a team of investment experts. Unlike a DIY investment platform, instead of letting you pick your own investments, Wealthify will place you in a fund tailored to your risk appetite and risk profile. This is based on a questionnaire that asks you about your investment goals and risk appetite. Join up to Wealthify today via the Wealthify website or the App.
Is Wealthify regulated?
Yes, Wealthify is authorised and regulated by the Financial Conduct Authority (FCA). The FCA regulates the financial services industry in the UK. Its three operational objectives are to protect consumers, to protect and enhance the integrity of the UK financial system, and to promote healthy competition between financial services providers in the interests of consumers.
Who can open a Welathify account?
Anyone over 18 living in England, Scotland, Wales or Northern Ireland can open an account with Wealthify. Residents of the Channel Islands can open a GIA. Unfortunately, they can’t accept US citizens due to tax reporting. You can only open a stocks and shares ISA if you’re a UK tax resident and haven’t opened or paid into another stocks and shares ISA in the same tax year. If you have, you will need to transfer the full amount to Wealthify or open a General Investment Account. Remember your annual isa allowance is £20,000. For their pension, you’ll need to be over 18 and under 75 to open an account.
Welathify fees
As of May 2023, annual fees are charged as a percentage of the total value of your Plans, and so the amount you pay will vary depending on the value of your investments across the month. Fees are quoted annually but are charged monthly. Join here. Investment costs include fund charges, taken directly by the fund provider and market spread (the difference between the price we buy and sell investments). Join up to Wealthify today.
For an original plan, there is a 0.60% annual Wealthify fee and an average investment cost of 0.16%. (0.76% in total).
For an ethical plan, there is a 0.60% annual Wealthify fee and an average investment cost of 0.7% fee (1.3% in total).
Their fee represents good value for money for those with smaller-sized investments of less than £10,000 but quickly becomes more expensive than their competitors when you have a portfolio size of over £50,000. If so, it would be smart to shop around.
Wealthify performance
The good news for investors is that time is your friend; if you have time on your side, you can afford to take measured risks with your portfolio. After all, it’s time in the markets, and not the timing of them, that truly counts — and the stats to back this up certainly don’t lie.
While past returns are no predictor of future results, the company’s historical track record is impressive and ranks up there with Nutmeg and Moneybox.
| Investment Style | 29/12/2017 – 29/12/2018 | 31/12/2018 – 31/12/2019 | 31/12/2019 – 31/12/2020 | 31/12/2020 – 31/12/2021 | 31/12/2021 – 31/12/2022 |
|---|---|---|---|---|---|
| Cautious | -1.50% | 6.40% | 2.70% | 0.50% | -11.20% |
| Tentative | -2.70% | 9.40% | 3.90% | 3.70% | -11.10% |
| Confident | -4.20% | 11.90% | 4.90% | 6.70% | -10.30% |
| Ambitious | -5.80% | 14.40% | 5.10% | 9.70% | -9.40% |
| Adventurous | -7.20% | 17.10% | 5.10% | 12.80% | -9.10% |
The above graph illustrates past performance for Original Plans only. The past performance data shown is simulated, but it represents real transactions we’ve carried out for actual customer Plans across each of our five Investment Styles. Simulated past performance is not a reliable indicator of future performance
Wealthify Trust Pilot score
Overall there is a 4.2 score on Trust Pilot, out of 5. This is a positive rating. Most positive rating comments are on the ease of set-up, insightful graphs and the helpful staff. The poor reviews are generally about poor returns, which are usually down to external market conditions. Join up to Wealthify today.
Wealthify App
With our investment mobile app, you can set up and manage your Original or Ethical Investment Plans, wherever and whenever you want.
Whether you’re looking for a Stocks & Shares ISA, General Investment Account or a Junior Stocks & Shares ISA, the Wealthify investment app is all you need to get your savings on track. Available on Google Play and the Apple Store. Join up to Wealthify today with this Wealthify promo code.
Is Wealthify safe?
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. Join up to Wealthify today as a new customer.
Wealthify pros
Here is a brief review of Wealthify’s features.
- Easy to use platform: Wealthify’s online platform is user-friendly and easy to navigate, even for beginners.
- Low investment minimums: Wealthify allows users to start investing with a minimum investment of only £1, making it accessible for people with different budgets.
- Diversified portfolios: Wealthify offers a range of portfolios that are diversified across different asset classes, which helps when you pick a plan based on your risk tolerance level.
- A high score on TrustPilot: Plenty of reviews are positive with a 4.1/5 star rating on Trustpilot. The majority of people like the Wealthify App, the Wealthify referral codes and their strong customer service.
- Transparent Wealthify fees: As with all investing, your money is at risk. The value of your portfolio can go down as well as up and you could get back less than you put in. The tax treatment of your investment will depend on your individual circumstances and may change in the future. You should seek financial advice if you are unsure about investing. Their annual fee displayed is transparent and easy to understand, with no hidden charges.
- Ethical investing: Wealthify offers a range of socially responsible ethical investments for users who want to invest in companies that align with their values.
- Generous refer-a-friend bonus: Wealthify offers a £50 bonus boost to your investment if you invest £250 or more for at least three months with a new Wealthify account. Once you join, you too can refer friends too with a friend link. Essentially, it is a great way to trial Wealthify for the first time and get a free bonus.
Wealthify cons
- Limited investment options: Wealthify only offers a limited range of investment options, which may not suit all investors.
- Higher fees for larger investments: Wealthify’s fees are higher for larger investments, which may be a disadvantage for high-net-worth individuals.
- Ethical investment portfolio fees: Fairly high cost for the ethical investment option
- Less control over investments: If you want to choose how and where you invest, you’re better off managing your own portfolio.
- No cash or lifetime ISA products: Only Junior ISAs and Stocks and Shares ISas are available
Wealthify Review
Overall, Wealthify is a solid robo-advisor platform for individuals who are looking for an easy-to-use platform, with low investment minimums and diversified portfolios. Wealthify offers effortless investing with good customer support and has one of the leading investment apps. However, investors should also consider other options and compare fees and features before making a decision (particularly for portfolios over £50,000). The overall rating is 7.5/10.
One option could be to join up and start with a low investment of £250 and see how you get on after 3 – 6 months (& claim your free money, a £50 referral bonus via the Wleathify referral code). Remember never invest money that you can‘t afford to lose. As with all investing, your money is at risk. The value of your portfolio can go down as well as up and you could get back less than you put in. The tax treatment of your investment will depend on your individual circumstances and may change in the future. You should seek financial advice if you are unsure about investing.
Wealthify refer A friend code
For every friend that joins Wealthify and invests £250 or more for at least three months & we’ll both earn a £50 boost to our investment. Join here. Once your friend has at least £250 invested and keeps it invested for three consecutive months, they’ll qualify. The cashback will be paid automatically within 30 days of the date your friend qualifies. Join up to Wealthify today.
Referral codes
*Enjoy a free coffee and almost a free pizza on me with some free codes to enter.
*Need a new energy supplier? Earn a special £50 joining bonus with ethical energy company Octopus Energy.
*Rent out your spare space (from parking space to a spare room) with Stashbee and get £50 when you host your space.
*Grab a free share (up to the value of £200) when joining FreeTrade.
*Remortgaging or looking at a first-time mortgage? Enjoy a £100 Amazon voucher when using the Trussle mortgage site.
