747883). If you want potentially stronger returns, lower fees, and more flexibility to customize your portfolio, we recommend eToro. The platform was launched at the beginning of 2017, and now has more than $4 billion in assets under management and 120,000+ clients internationally. Wealthsimple Inc. is a Canadian online investment management service focused on millennials. Wealthsimple continues the trend of successful overseas robo-advice firms launching in the UK, but this time it is coming from the West, namely Canada and the US. Wealthsimple takes a hands-off approach to managing your investment portfolio. The platform has expanded to offer automated investing platforms in the US and UK, with investment plans that are customized for each country. Wealthsimple is a Canadian robo-advisor that promises to put your investing on autopilot. But opting out of some of these cookies may affect your browsing experience. Wealthsimple is an automated investing platform designed to help you save smartly. Wealthsimple also offers Halal investing to Islamic traders via its Halal portfolio. Do you need financial advice? You can unsubscribe at any time. Since the Growth portfolio was launched in 2017, it has returned just 13.1%. Critical illness insurance – what is it, and is it worth having? Notably, Wealthsimple also offers socially responsible investing versions of these three portfolios. The standard annual fee is reduced to 0.5% for clients who invest more than £100,000. We like that the platform supports multiple investment account types and offers socially responsible investing portfolios. We think so, yes, as it has no minimum investment and is easy to use, though we'd recommend eToro over Wealthsimple. The 3 risk levels are conservative, balanced and growth. Wealthsimple pride themselves on their advice but also the design, ease of use and security of their platform. The halal investing portfolio risk profile is in line with Wealthsimple's growth portfolio offerings because it is invested 100% in equities and designed to track the broad market's performance. of your money. What I do like is Wealthsimple's commitment to providing personal finance articles within its app and online to help educate customers. Diversification - spreading investments across different asset types is a key driver of portfolio performance. The catch is that you cannot withdraw money from a SIPP until you turn 55, so it is only suitable for retirement investing. Wealthsimple is considered very safe. Wealthsimple has 9 portfolios in its 'non socially responsible' range, with 3 portfolios available within each risk level. They provide its service in Canada, USA, and the UK. So, you can have an ISA, a SIPP, and Junior ISA, and manage them all from the same dashboard. Investing. Wealthsimple will ask you to complete a questionnaire and then suggest one of its pre-made portfolio balances and account types for you. In this independent Wealthsimple review I analyse the Wealthsimple* proposition and look at Wealthsimple's investment performance, fees and compare Wealthsimple vs Nutmeg, Moneyfarm*, and Wealthify. A lot of UK consumers are interested in investing online and many would welcome the flexibility and comfort of knowing that there is a human at the other end of a phone. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Wealthsimple portfolio performance. UK Company No. Better yet, you’ll never pay trading commissions or account management fees at eToro. Click the link below to get started with an eToro brokerage account today! Wealthify Review - is it the right investment choice for you? This is similar to most of the other robo-advisers in the UK but it has a slightly more streamlined feel to it. ", St Magnus House, 3 Lower Thames Street, London ECR3 6HE, UK. If you are looking for a service to manage your money and make strategic investment decisions (rather than just giving you a fixed asset allocation forever) then Wealthsimple is one of the cheapest services out there. I did this all online on my desktop then got the App. Wealthsimple offers a simple solution for either general investing or retirement investing that requires very little work on your part. He covers finance, trading, and technology. Wealthsimple has several products in addition to robo-advising, including a stock broker platform called Wealthsimple Trade and a high-interest checking and savings account called Wealthsimple Cash. After having a hands-on look at the app I can confirm it's easy to use (you can even make additional contributions through it which is ideal for the self-employed) although it won't necessarily win any design awards, but that's not really the point. This is compared to over 25% for the stock-heavy portfolio from competitor Wealthify. The growth portfolio has an 80/20 stock/bond split. They both offer low-fee automatic investing options for people who want to access the stock market but don’t want the headache of managing their own portfolio. This means investing in companies that reach a certain threshold of social responsibility. This annual fee is reduced to 0.5% for investments over £100,000. Once your account is set up, there’s not much you need to do. Help me help more people by sharing the site with your family, friends and colleagues. How you would react to a number of suggested investment scenarios. Their balanced portfolio (known as Risk Level 5 has a 60% equity exposure) has grown by 14.43% (net of fees) since the portfolio was launched on July 6th, 2017 (up to 30th September 2020). Nutmeg charge an annual fee of 0.75% on its fully managed service but this drops to 0.35% for any assets over £100,000. You get to keep more of your money. In addition the fact it manages £10,000 of your investment free for a year, if you register via this offer* page, and its lack of minimum investment amount makes it particularly attractive to investors looking to invest smaller amounts. However, the good news is that Wealthsimple now has a two-year performance track record which I analyse later in this article. Wealthsimple is an interesting addition to the world of robo-advisers and its simple low-cost fee strategy definitely makes it worth consideration. Wealthsimple charge an annual fee of 0.7% (first £10,000 via this offer*). General information on Wealthsimple, including fees, security and contact information. Investments up to £100,000 have a 0.7% fee, plus additional charges at an average of 0.2%. In addition there is an ETF charge averaging at 0.19% per year. There are a further 9 portfolios available in its 'socially responsible' range if you would prefer to invest ethically. Therefore, it has no long-term proven performance track record. Our Wealthsimple review found that this robo-advisor can be a good option for those who want both automated investing and access to a financial advisor. Wealthify vs Wealthsimple: Costs. If you want to invest in one of its newer Socially Responsible Investing (SRI) portfolios then there is a minimum investment amount of £5,000. Michael has been a member of the LearnBonds team since March 2020. You can open a new account without depositing even one pound. What insurance do I need to be self-employed? What protection is there from Wealthsimple going bust? Wealthsimple offers the usual Stocks and Shares ISA* and general account* like its peers but more notably it also offers a low cost a Junior ISA account*. Only these guys are offering this. If you want to set up a recurring deposit, you must use direct debit. Wealthsimple now also offers a pension product making it one of the few robo-advisers in the UK to do so. If you decide to invest you can monitor and manage your Wealthsimple account online or via its smartphone app. Past performance is no guarantee of future results. In addition, the Power Financial Group, one of the world's largest financial companies, has backed Wealthsimple with $100m of investment and in May 2019 Allianz X, a leading Germany-based global insurer and asset manager, backed Wealthsimple with a further $100m of investment. As part of this review, I visited Wealthsimple's central London offices to grill them over their investment process, their proposition and their ethics. If you can take advantage of this service, it more than justifies Wealthsimple’s cost. They primarily differ in how your investment is balanced among these ETFs and in terms of the risk tolerance. In addition, there is an ETF charge averaging at 0.2% per year. His work has been published on numerous high-profile websites that cover the intersection of markets, global news, and emerging tech. Since Wealthfront has both tax-privileged and individual investing accounts, you can divide up your money to meet several different investing goals simultaneously. Getting started with Wealthsimple is seamless and only takes a few minutes. In addition, Wealthsimple allows you to split your money among different portfolios within the same account. These average around 0.20% per year for the standard portfolios and around 0.28% per year for the socially responsible portfolios. 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