Discussion
Trailhead said:
Hi all,
Has anyone used the Wealthify app and how would you rate the experience / investment performance?
I am considering a drip feed into something like this as diversification from Vanguard LS.
Thanks
A few observations from their website.Has anyone used the Wealthify app and how would you rate the experience / investment performance?
I am considering a drip feed into something like this as diversification from Vanguard LS.
Thanks
1. Complete lack of transparency and down right misleading-they buy shares is the claim. Actually they buy a fund containing shares.
2. They charge 0.6% as a fee. However they fail to disclose that the funds they invest in (off the shelf) also have fees. Your'e paying twice and for what exactly. An app that adds the various NAVs together?
3. I can't find any disclosure on past performance.
4. Why would anyone think it necessary to use them when all they do is buy other funds.
5. No details on key staff other than their dogs name and that they like brown shoes.
6. It's depressing that Asset Management has been diluted to this point. And again, misleading-they don't manage any money or investments.
AVOID
They're losing a lot of money (17M) and counting
Edited by Burwood on Monday 20th December 18:24
paulguitar said:
b
hstewie said:
hstewie said: Ironically you could do much worse than Vanguard LifeStrategy 
I really know very little about this. I'm after something where I can just dump the money and forget about it, would that be a good option?The whole point with vanguard is LOW fees (0.35%) so why pay 1% if you want low fees.
You can invest directly
RammyMP said:
I opened an account with them following Martin Lewis’s recommendation, the £2k I have given them so far has done ok over 18 months, plus I got £40 cashback. I’ll now look at shifting this after the previous post! Thanks!
Well, similar story here. So where do we move it to?paulguitar said:
I really know very little about this. I'm after something where I can just dump the money and forget about it, would that be a good option?
They're cheap and massive and easy to use and if you don't have the time or inclination to get too involved but want to be "there or there abouts" I think you could do much worse.
bhstewie said:
hstewie said:paulguitar said:
I really know very little about this. I'm after something where I can just dump the money and forget about it, would that be a good option?
They're cheap and massive and easy to use and if you don't have the time or inclination to get too involved but want to be "there or there abouts" I think you could do much worse.Edited by Burwood on Monday 20th December 21:51
Burwood said:
A few observations from their website.
1. Complete lack of transparency and down right misleading-they buy shares is the claim. Actually they buy a fund containing shares.
2. They charge 0.6% as a fee. However they fail to disclose that the funds they invest in (off the shelf) also have fees. Your'e paying twice and for what exactly. An app that adds the various NAVs together?
3. I can't find any disclosure on past performance.
4. Why would anyone think it necessary to use them when all they do is buy other funds.
5. No details on key staff other than their dogs name and that they like brown shoes.
6. It's depressing that Asset Management has been diluted to this point. And again, misleading-they don't manage any money or investments.
AVOID
They're losing a lot of money (17M) and counting
Thanks Burwood. 1. Complete lack of transparency and down right misleading-they buy shares is the claim. Actually they buy a fund containing shares.
2. They charge 0.6% as a fee. However they fail to disclose that the funds they invest in (off the shelf) also have fees. Your'e paying twice and for what exactly. An app that adds the various NAVs together?
3. I can't find any disclosure on past performance.
4. Why would anyone think it necessary to use them when all they do is buy other funds.
5. No details on key staff other than their dogs name and that they like brown shoes.
6. It's depressing that Asset Management has been diluted to this point. And again, misleading-they don't manage any money or investments.
AVOID
They're losing a lot of money (17M) and counting
Edited by Burwood on Monday 20th December 18:24
Do you know which fund(s) they are buying?
I thought they were purchasing the shares directly.
I've been using them since early 2018 and am a bit surprised at the level of dislike here, they've been fine for me I would say.
Last year mines grew by circa 12% and is looking to do the same this year.
The "active management" comes from them switching funds according to current and future predictions. For example back when the pound was in free fall due to Brexit they switched to more hedged funds which I did quite well out of then switched back again once the pound started to recover.
The fee is fairly high I suppose but as someone mentioned above if you just want to drip feed an amount each month and not have to think about it then I can recommend them.
Last year mines grew by circa 12% and is looking to do the same this year.
The "active management" comes from them switching funds according to current and future predictions. For example back when the pound was in free fall due to Brexit they switched to more hedged funds which I did quite well out of then switched back again once the pound started to recover.
The fee is fairly high I suppose but as someone mentioned above if you just want to drip feed an amount each month and not have to think about it then I can recommend them.
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