Wealthify Review 2024 (Pension, Performance, Returns)

In this Wealthify review, you’ll learn everything about this online broker. Investing is a great way to build wealth, but you need the right platform. Making a mistake can cost you.

I have been investing since 2019 and have reviewed several online brokers. I’ll tell you what I think about Wealthify and why you might want to use it.

When you invest, your capital is at risk, and you may lose money. Investments may increase or decrease in value. Only invest money you can afford to lose.

Wealthify Overview

	Wealthify
Platform	Mobile app and web platform
FCA regulation	Yes
FSCS protection	Yes
User ratings	4.0/5.0
Minimum deposit	£1 (£50 for SIPP)
Investment style	Robo-advisor, long-term investing
Available accounts	GIA, ISA, SIPP, Junior ISA
Available markets	ETFs, mutual funds Managed portfolios only
Fees	0.6-0.7% account fee ~0.16-0.7% fund fee

What Is Wealthify?

Wealthify is a robo-advisor platform. Robo-advisors are artificial financial advisors that create an investment portfolio for you. This portfolio takes into account your preferences and investment strategy. Wealthify only offers exchange-traded funds (ETFs) and mutual funds. You can’t buy single shares.

Due to the similar name, you may confuse Wealthify with Wealthyhood. However, these are different brokers.

Wealthify was founded in 2014 by Richard Theo, Michelle Pearce-Burke, and Richard Avery-Wright. It is a UK-based company originating in Cardiff. In 2018, Wealthify became part of the Aviva Group.

Wealthify Is Legit

Wealthify is legit. Wealthify Limited is a registered UK company. It is also authorised and regulated by the Financial Conduct Authority (FCA).

On Trustpilot, Wealthify has over 2000 reviews, with an average score of 4.0 out of 5.0. Overall, 86% of users rate Wealthify as great or excellent. Wealthify’s reviews particularly praise the app design and customer service.

Wealthify Is Safe

Wealthify is safe to use. Wealthify users enjoy Financial Services Compensation Scheme (FSCS) protection. In case of bankruptcy, you get protection for up to £85,000. This protection doesn’t cover investment losses.

Wealthify also keeps your money and assets with a custodian. However, compared to other brokers, there is little information about security on the site.

How Does Wealthify Work?

Wealthify is an online broker. Brokers connect customers to the stock market, enabling them to trade financial assets. On Wealthify, you can buy ETFs and funds that are a part of Wealthify’s portfolios.

1. Signing up

Signing up to Wealthify is free. People aged at least 18 who are residents of the UK can open a Wealthify account. Wealthify offers cashback for pension transfers for new users:

• £50 for transfers between £50 and £9,999
• £100 for transfers between £10,000 and £19,999
• £200 for transfers of £20,000 or over

To open an account with Wealthify, click “Invest Now”. Specify which account you want to open. Wealthify makes this easy by giving you options:

Once you have decided on a plan, Welathify asks for your details. You need to invest at least £1 to open your account. In the next step, you need to answer questions to assess your attitude towards investing. You will also need your:

• National Identity Number or National Insurance Number
• Bank details

As a robo-advisor, Wealthify recommends a fund. If you want to choose a fund yourself, you may prefer Vanguard. Read my Wealthify vs Vanguard comparison for more details.

2. Depositing

The easiest way to fund your Wealthify account is by direct debit. You can set up a regular payment or do a one-off direct debit. Bank transfer is also an option, although you have to log into your banking account. There, you can transfer the money.

One-off direct debits take up to seven business days. Bank transfers generally take two to three days. The minimum deposit amount is £50 for pensions and £1 for all other accounts.

3. Withdrawing

Withdrawals can take up to ten business days. Wealthify needs to sell your investments first. If you withdraw all your money, Wealthify closes your account. If you want to use it again, I recommend to keep £1 invested.

Wealthify Offers 4 Different Accounts

Wealthify offers the following accounts:

• General Investment Account (GIA)
• Individual Savings Account (ISA)
• Junior ISA (JISA)
• Self-invested Personal Pension

Wealthify offers an ISA account. You can invest up to £20,000 per year tax free if you haven’t used your allowance elsewhere. You can also open a JISA. You can invest up to £9000 per tax year for your child.

SIPPs are pension accounts. When you invest in a SIPP, you get a government bonus. However, you can’t use the money until you reach retirement age.

Wealthify Offers 5 Portfolios

Wealthify offers five investment portfolios:

Name	Risk Level	Aim
Cautious	1	Minimising losses and beating inflation
Tentative	2	Limiting losses and achieving reasonable growth
Confident	3	Balancing limiting losses and achieving growth
Ambitious	4	Prioritising growth over losses
Adventurous	5	Maximising growth while accepting losses

Higher risk means you are more likely to lose money. However, you could also gain more. All plans also have an ethical alternative. Ethical investing means focusing on stocks from more sustainable companies. If you want more options, you may prefer Nutmeg. Read more in my Wealthify or Nutmeg comparison.

Wealthify’s Portfolio Performances Were Positive

From February 2016 to February 2021, Wealthify’s portfolios had overall positive performances:

Year	Cautious	Tentative	Confident	Ambitious	Adventurous
2016-2017	+7.37%	+10.71%	+14.84%	+16.98%	21.95%
2017-2018	+0.60%	+1.38%	+1.88%	3.00%	3.76%
2018-2019	+0.55%	0.38%	+0.10%	-0.29%	-0.53%
2019-2020	+5.92%	5.90%	+5.59%	4.73%	4.08%
2020-2021	+0.79%	0.79%	+7.14%	9.84%	12.30%

The table shows the performance of past years. Returns in the future may look different.

Wealthify Charges Account and Fund Fees

With Wealthify, you pay a flat platform fee of 0.6%. This fee remains the same regardless of how much you invest. Additionally, Wealthify charges a fund management fee of around 0.16%.

Most comparable investment platforms charge a tiered fee. Their structure penalises small investors. Wealthify doesn’t do this. This makes Wealthify the cheapest robo-advisor for investors with less than £20,000.

The ethical plan is more expensive, with a platform fee of 0.7%. Moneyfarm is a cheaper option for ethical investment. Read my Wealthify vs Moneyfarm comparison to learn more.

	Original Theme	Ethical Theme
Account fee	0.6%	0.7%
Fund fee	~0.16%	~0.7%

Wealthify Has a Great Mobile App

Wealthify offers a web platform and a mobile app. Wealthify’s app has an average rating of 4.5 out of 5.0 on the App Store. On Google Play, Wealthify has an average rating of 4.3 out of 5.0. The app has all the functions of the web platform and is easy to use.

What Are the Pros and Cons of Wealthify?

👍🏽 Wealthify Review Pros

• Simple fee structure
• Managed portfolios
• ISA and pension accounts
• Good mobile app
• Cashback offer for pension transfers

👎 Wealthify Review Cons

• Can only invest in ETFs and mutual funds
• Depositing can be inconvenient

Is Wealthify Worth Using?

I think Wealthify is worth using for some investors. However, I recommend avoiding it if you want to manage your investments yourself.

If you don’t want to have anything to do with your investments, Wealthify might be for you. Wealthify takes over all the hassle of investing. But remember, you can’t blame Wealthify if you lose money.

Frequently Asked Questions

Is Wealthify Good for Beginners?

Wealthify is a good choice for beginners. It has a low minimum investment amount of £1. Furthermore, Wealthify generates and manages your portfolio. You can invest in a portfolio suited to your strategy even if you know nothing about investing.

Is Wealthify Better Than Moneybox?

Wealthify and Moneybox each have their strengths and drawbacks. If you want to know more, read my Wealthify vs Moneybox comparison.

Are There Alternatives to Wealthify?

If you don’t want to use Wealthify, try the following alternatives:

• eToro. eToro is a DIY platform offering many different assets. Read more in my eToro review.
• Moneyfarm. Moneyfarm is another robo-advisor similar to Wealthify. Read more in my Moneyfarm review.

Wealthify Review UK Summary

Wealthify is one of the best robo-advisor platforms. It is beginner friendly and easy to use. However, you can only invest in Wealthify’s portfolios. Advanced investors may prefer having more options. Overall, Wealthify is great for investors who don’t want to know the details of investing.

For beginners, it is one of the best UK investment apps.

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