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In my Wealthify vs Moneyfarm comparison, we will investigate how the two robo advisors compare head-to-head. At first glance, both look similar, but are they really?
The answer to the question may depend on what you are looking for in an investment platform. Read the article below to find out how Moneyfarm compares with Wealthify.
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Wealthify vs Moneyfarm Comparison
Moneyfarm and Wealthify are both solid options for investors. Moneyfarm is cheaper for investments greater than £10,000. Plus, it also offers financial advice.
Thus, Moneyfarm may be preferable over Wealthify for most investors.
Wealthify vs Moneyfarm Comparison Overview
| Wealthify | Moneyfarm | |
|---|---|---|
| User ratings | 4.1/5.0 | 4.4/5.0 |
| Notable fees | 0.6%-0.7% fund management fee | 0.25%-0.75% account fee 0.2% fund management fee |
| Account types | GIA ISA SIPP Junior ISA | GIA ISA SIPP Junior ISA |
| Platform | Website and app | Website and app |
| Portfolios | 5 | 7 |
| Minimum deposit | £1 | £500 |
| Investment style | Robo-advisor Long-term investing | Robo-advisor Long-term investing |
| Sign-up bonus | None | Fee free for 12 months |
| Terms and conditions | Here | Here |
Company Backgrounds
Wealthify is a robo-adivsor platform founded in 2014. It is a UK-based company with around 30,000 customers. Read my Wealthify review for more information about Wealthify.
Moneyfarm is also a robo-advisor platform and was founded in 2012 in Italy. Currently, Moneyfarm has over 90,000 active investors and more than £2.4 billion invested on its platform.
Overall, Wealthify is the newer and less established investment platform. But does this mean it performs worse?
User Ratings
Trustpilot
Wealthify has an average Trustpilot score of 4.1 out of 5.0. Overall, 88% of users rated the platform as great or excellent.
Meanwhile, Moneyfarm has an average score of 4.4 out of 5.0 on Trustpilot. Of the reviews, 87% are great or excellent.
When comparing Wealthify vs Moneyfarm, both platforms are popular on Trustpilot. Moneyfarm is rated slightly better with a gap of 0.3 points between the two.
However, it also has fewer reviews which may skew the result.
What Is Trustpilot?
Overall, there are over 150 million reviews on Trustpilot. You can generally get a good understanding of the legitimacy and customer-friendliness of a company.
Wealthify vs Moneyfarm on Reddit
On Reddit, there is no thread comparing Wealthify vs Moneyfarm directly. However, the general opinion appears to be that Moneyfarm is better than Wealthify.
Users cite lower fees for larger investment amounts and better customer support as reasons for their preference.
Wealthify vs Moneyfarm Fees
| Wealthify | Moneyfarm | |
|---|---|---|
| Sign-up free | None | None |
| Deposit fee | None | None |
| Withdrawal fee | None | None |
| Inactivity fee | None | None |
| Commission | None | None |
| Account fee | None | None |
| Fund management fee | 0.6% (standard) 0.7% (ethical) | 0.25%-0.75% |
| Trading fee | None | Market spread 0.1% |
| Other | None | None |
In terms of fees, Wealthify charges a fund management fee of 0.6%-0.7%.
On the other hand, Moneyfarm’s fee depends on the plan you choose and the amount of money you want to invest (the more you invest, the cheaper it is):
- Moneyfarm fixed allocation: 0.25%-0.45%
- Moneyfarm actively managed: 0.35%-0.75%
Moneyfarm’s fees are the same for both the standard and the ethical (socially responsible) portfolio.
The Moneyfarm fixed allocation portfolio is always cheaper than Weallthify, no matter how much or little you invest.
With the actively managed portfolio, Moneyfarm is cheaper if you invest more than £10,000 (ethical) and £50,000 (standard).
Account Types
Both Moneyfarm and Wealthify offer a(n):
- General investment account (GIA)
- Individual savings account (ISA)
- Self-invested personal pension (SIPP)
- Junior ISA
Both Wealthify and Moneyfarm have a great range of account types.
Available Portfolios
Both Moneyfarm and Wealthify only offer their own funds. When you sign up with either platform, they will ask for your preferences and recommend you one of their funds.
Moneyfarm has seven portfolios which are available as either fixed allocation or actively managed.
The fixed allocation is automatically rebalanced once a year whereas the actively managed funds are continuously monitored. All portfolios also have an ethical option.
Wealthify offers five portfolios, all of which are available as standard and ethical:
- Cautious
- Tentative
- Confident
- Ambitious
- Adventurous
Overall, Moneyfarm has more portfolio options than Wealthify. Having a greater choice means your portfolio will align more closely with your investment goals.
Moneyfarm also offers both fixed allocation and actively managed portfolios. This means that you can either choose to save on fees or have your portfolio closely monitored.
User Interface
Both Wealthify and Moneyfarm have a web platform and an app. Setting up your account is a piece of cake with either platform and both will guide you through the process.
Overall, both platforms are easy to use.
Depositing and Withdrawing
Moneyfarm has a minimum deposit of £500. There is no fee for depositing or withdrawing and a withdrawal should take around seven days.
With Wealthify, there is no minimum deposit and you can start with just £1. Depositing and withdrawing money is also free. Withdrawals typically take up to ten business days.
This is because Wealthify also sells your fund for you.
Wealthify has a lower minimum investment amount compared to Moneyfarm. This means it is easier for small investors to set up an account and get started.
The lower minimum investment amount is consistent with Wealthify being cheaper for small investment amounts.
Customer Support
Because Wealthify is a robo advisor, it is most popular with beginner investors. Beginners often have questions and thus, having strong customer support is a must.
And indeed, Wealthify’s support is quick and helpful.
Moneyfarm does not only have great customer support but you also get financial advice. Every new investor gets a free consultation call to talk about their investments.
Having a human advisor in addition to AI advice is a great plus with Moneyfarm. You will not find this on Wealthify.
Sign-up Bonuses and Friend Referral Schemes
Currently, neither Wealthify nor Moneyfarm offer a sign-up bonus or operates a friend referral scheme. However, you can get 12 months of fee-free investing with either platform when you sign up.
Pros and Cons
Wealthify
| Pros | Cons |
|---|---|
| Simple fee structure Managed portfolios ISA and pension available Mobile app available Cashback offer for pension transfers | Can only invest in ETFs and mutual funds Depositing can be inconvenient |
Moneyfarm
| Pros | Cons |
|---|---|
| Ethical portfolios available Ready-made portfolios Optional fee consultation call Competitive fees ISA and SIPP available | Minimum investment of £500 Cannot buy single shares |
Is Wealthify Better Than Moneyfarm?
Wealthify is not necessarily better than Moneyfarm. Wealthify is cheaper for small investors below £10,000 and also has a lower minimum investment amount.
Beyond this, Moneyfarm is the cheaper platform and they also offer financial advice.
Wealthify vs Moneyfarm Comparison Summary
Moneyfarm and Wealthify are two solid investment platforms as you can see from this Wealthify vs Moneyfarm comparison.
Both belong to the best investment apps available in the UK.
The outcome of this Wealthify vs Moneyfarm comparison is as follows:
- User ratings: Moneyfarm
- Fees: Moneyfarm
- Account types: Tie
- Portfolios: Moneyfarm
- User interface: Tie
- Depositing and withdrawing: Wealthify
- Customer support: Moneyfarm
- Sign-up bonus and friend referral scheme: Tie
Overall, Moneyfarm wins in more categories than Wealthify. However, this does not mean that Wealthify is universally better.
Wealthify is cheaper for investors with less than £10,000 in funds.
You may also be interested in my Wealthify vs Nutmeg comparison.
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