Wealthify launches online investment service

A new online investment service is now available in the UK thanks to Cardiff-based fintech firm, Wealthify

Wealthify launches online investment service

Wealthify says its new investment service is cost-effective, requires zero investment knowledge and is open to anyone, regardless of whether they have £250 or £2m to invest.

Customers follow a simple online process to sign up. Behind the scenes, Wealthify experts build personal investment plans aligned to an individual’s attitude to risk, then invest, monitor and manage their money for them every day.

The service allows users to check their investment plans on a phone or tablet and withdraw or deposit funds 24/7.

The launch comes at a time when the UK’s ‘savings gap’ is reaching crisis proportions. According to recent Wealthify research, one-third of Britons between the age of 18 to 55 don’t save or invest outside of pensions. Of those that do, over a quarter (28%) have less than £3,000 put aside, while just over one in ten (11%) has less than £500.

Wealthify aims to encourage better savings habits by giving both first-time and experienced investors a way to access global financial market returns that avoids the cost and complexity of traditional investing services.

The online service combines passive investment strategies with proven theory, smart algorithms and a team of investment experts, according to Wealthify. This creates cost efficiencies that are passed on to customers through lower fees.

There is a maximum fee of 0.7% per annum, which reduces as customers invest more, and they can earn further fee discounts by encouraging family and friends to start investing through Wealthify ‘Circles’ – described by the company as “a way to make investing more social”.

“Our research shows Britons are gambling with their futures,” said Michelle Pearce, co-founder and chief investment officer at Wealthify.

“Those that do save are typically stuck in low-interest savings accounts or Cash ISAs, where their money earns next to nothing. Investing in the markets is one of the best ways for people to grow their money, yet very few Britons do.

“Our research shows this is because they often don’t have the time or experience to do it themselves and are excluded from traditional wealth management services by high fees, complex processes and minimum investment thresholds in the thousands of pounds.

“It doesn’t have to be this way. This is why we’ve developed a new service for all Britons, which is convenient, user-friendly, and gives them complete flexibility and control over their savings and investments.”

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