Wealthify

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Can anyone share their experience with Wealthify?

I am self employed and I desperately need to start a pension . I am also considering starting a savings ISA in addition.

TIA

I transferred £15k into a Wealthify SIPP about 6 months ago. And opened a couple of Junior ISAs too. All good - easy platform to use. The SIPP isn't my main pension, rather a bit of a savings account where I'm putting in £50 a month. My return has been 5.55% although was higher a few weeks ago.

I have a small GIA account with Wealthify. The app is easy to use and I got a 13% return last year.

Wealthify is a robo-investor model. (I have an account just for the promotional top up). I'm not a IFA - these are just my own thoughts on it and not financial advice.

Pros:
Clear easy to use platform.
Good customer service.
Able to invest smaller amounts.

Cons:
Pricey for larger investments compared to low cost platforms.
Even their adventurous fund is still conservative and cautious in its investment strategy. This will smooth short term volatility, but over the longer term is likely to depress performance of the fund significantly and returns will be poorer - especially true of investments in pensions which last over decades.

All robo-investment platforms seem to under perform the market over the longer term.
Investing in a Global tracker fund, or S&P 500 on a low cost platform
gives a better chance of greater returns.

Wealthify Adventurous Fund : 2016 (start of fund) to 2021
= 50% cumulative returns, according to their own data.

S&P 500: 2016 to 2021
= 170% returns (adjusted for inflation).

Coming to 2024; In the last 5 years Wealthify's lowest risk portfolio actually lost money with returns of -2.9%; and the Adventurous portfolio made 23%.

Compare to Vanguard FTSE Global AllCap tracker: 56.5%