Wealthify UK platform review: what are the pros and cons?

If you're looking to invest your money in a simple, hands-off way, you may have come across Wealthify.

As one of the more popular robo-advisers in the UK, Wealthify promises to make investing accessible, affordable, and hassle-free.

But does it live up to the hype? In this in-depth review, we’ll explore everything you need to know about the platform, from its services and fees to its security features and customer service. 

Wealthify: who are they? 

Wealthify is a UK-based digital investment platform, or robo-adviser, launched in 2016. The company is headquartered in Cardiff and is regulated by the Financial Conduct Authority (FCA).

In 2018, it became a subsidiary of insurance giant Aviva, which gave the platform a significant credibility boost and access to greater resources. 

The platform was built with the goal of making investing more accessible to everyone, regardless of experience or wealth. It targets beginners and intermediate investors who are looking for a simple way to invest without needing to research and pick individual stocks. 

Wealthify

UK-based digital investment platform

Founded

2016

Number of clients

30,000

Fees

Annual platform fee of 0.60%. Trading fees typically charged at 0.16%

Services

• General investment accounts

• Stocks and shares ISAs

• Junior ISAs

• Self-invested personal pension (SIPPs)

• Ethical investment portfolios

Pros

• No minimum investment 

• Simple and intuitive user interface

• Backed by Aviva, offering financial stability

• No exit fees or penalties

• Ethical investment options available

• Regulated by the FCA and covered by FSCS protection

• Mobile app available for iOS and Android 

Cons

• Limited customisation compared to DIY investing platforms

• No direct access to human financial advisers

• Passive investment strategies may not suit active investors

• Platform fee can be higher than some competitors for smaller portfolios

• Limited tax optimisation strategies 

---

Match me with a financial adviser

Not sure if Wealthify suits your needs? Let Unbiased find a financial adviser that does.

What does Wealthify do? 

Wealthify offers ready-made investment portfolios tailored to your risk tolerance and financial goals.

When you sign up, you’ll answer a few questions about your investment experience and attitude towards risk. Based on your answers, Wealthify will recommend a portfolio that aligns with your profile. 

It uses passive investing strategies, mainly through exchange-traded funds (ETFs), to build diversified portfolios. You don’t need to choose the underlying assets yourself – Wealthify’s investment team does that for you. 

There are five risk levels: cautious, tentative, confident, ambitious, and adventurous. Each risk level comes with a different asset allocation, balancing between equities, bonds, and other asset classes. 

What are the pros and cons of Wealthify?

Wealthify has several advantages but also some drawbacks.

Here's a quick look:

The pros of Wealthify

• No minimum investment 

• Simple and intuitive user interface

• Backed by Aviva, offering financial stability

• No exit fees or penalties

• Ethical investment options available

• Regulated by the FCA and covered by FSCS protection

• Mobile app available for iOS and Android 

The cons of Wealthify: 

• Limited customisation compared to DIY investing platforms

• No direct access to human financial advisers

• Passive investment strategies may not suit active investors

• Platform fee can be higher than some competitors for smaller portfolios

• Limited tax optimisation strategies 

What services does Wealthify offer? 

Wealthify provides a range of investment accounts tailored to different financial goals: 

• General investment accounts: A flexible account for general investing with no tax advantages.

• Stocks and shares ISAs: Tax-free investing for UK residents, with an annual allowance of £20,000.

• Junior ISAs: A long-term, tax-free savings account for children.

• Self-invested personal pension (SIPPs): A tax-efficient way to save for retirement.

• Ethical investment portfolios: For investors who want their money to align with socially responsible practices, including ESG (Environmental, Social, and Governance) criteria. 

All accounts come with Wealthify’s automated investment management and are accessible via desktop or mobile app.

What fees does Wealthify charge? 

Wealthify’s fee structure is straightforward but worth understanding: 

• Platform fee: 0.60% annually on your total investment value (lowering to 0.30% on pensions over £100,000)

• Fund fees: 0.16% for Original Plans and 0.70% for Ethical Plans

There are no charges for withdrawals, switching portfolios, or closing your account.

Wealthify pension review: is it right for your retirement savings?

Wealthify offers a self-invested personal pension (SIPP) as its main pension product.

Key strengths of a Wealthify pension

• Simplicity and automation: You don’t need to pick individual investments, Wealthify’s team handles the investing, rebalancing, and tax relief top-ups.

• Tiered fee structure: The lower 0.30% rate on balances above £100,000 helps reduce the marginal cost for larger pension pots.

• Consolidation and transfer flexibility: Ability to bring in old pension pots for easier oversight and potentially lower overall costs.

Potential drawbacks of a Wealthify pension

• Fee competitiveness: While 0.60% is reasonable for smaller- to medium-sized pension pots, some rivals (especially DIY or low-cost SIPP providers) may offer lower total fees, particularly for passive index investors.

• Lack of hands-on control: Because it is managed, you cannot directly pick individual stocks or tailor portfolio features beyond choosing risk level and ethical vs original style.

• Performance vs alternatives: Critics have pointed out that some Wealthify funds may underperform lower-cost index funds or passive trackers after fees are accounted for.

Wealthify pension verdict

Wealthify’s pension offering is a strong choice for beginners and hands-off investors who want a simple, fully managed way to save for retirement.

Its SIPP combines automation, flexibility, and transparency, with the added reassurance of Aviva’s backing and FCA regulation.

The tiered fee structure makes it particularly appealing for larger pension pots, while its ethical investment option adds value for socially conscious savers.

However, Wealthify may not suit investors seeking more control over their portfolios or the lowest possible fees.

It’s best suited to those who prioritise ease of use, digital management, and the ability to consolidate old pensions into one straightforward plan.

Overall, Wealthify delivers a solid balance of accessibility, technology, and trust for long-term retirement investing.

What technology does Wealthify use? 

Wealthify is a technology-first investment platform. It uses proprietary algorithms to automatically manage and rebalance portfolios based on market changes and performance.

The technology analyses data and trends to ensure your investments stay aligned with your chosen risk level. 

Its mobile app and desktop platform are both designed with simplicity in mind. Investors can view performance, top holdings, and make deposits or withdrawals with just a few clicks. 

Wealthify security: is it secure? 

Security is a top priority for Wealthify.

Here’s how they protect your money and data: 

• FCA regulation: Wealthify is authorised and regulated by the Financial Conduct Authority.

• FSCS protection: Your money is protected up to £85,000 by the Financial Services Compensation Scheme if Wealthify were to go out of business.

• Bank-level encryption: Data is encrypted using industry-standard security protocols.

• Two-factor authentication (2FA): An extra layer of login protection is available. 

Does Wealthify have good customer service? 

Wealthify generally receives positive feedback when it comes to customer service.

The support team is UK-based and available via email, phone, and live chat during business hours. Users often report quick response times and helpful advice when troubleshooting issues or making account changes. 

However, because the platform is fully digital, it does not offer personalised investment advice from human financial advisers.

This can be a downside for those who prefer one-on-one financial planning or want support beyond basic queries. 

A recent 5 star review on Trustpilot said:

Final verdict: is Wealthify right for you? 

Wealthify is a solid option for investors who want a low-effort, beginner-friendly way to grow their money.

Its low minimum investment, transparent fees, and user-friendly platform make it ideal for those new to investing.

Ethical investment options and multiple account types add further flexibility. 

That said, it’s not for everyone. If you’re a more experienced investor looking for custom portfolio strategies, access to human advice, or lower fees through DIY investing, other platforms might better suit your needs. 

But if your goal is to get started with investing in a simple, smart, and hands-off way, Wealthify is well worth considering. 

What are the best alternatives to Wealthify?

When searching for alternatives to Wealthify, UK investors will find many platforms that cater to different needs.

To identify the best options, we’ve considered factors like fee structure, investment selection, account types, user experience, and additional features.

Here’s a breakdown of the alternatives:

Get expert financial advice 

While platforms like Wealthify make investing easier, they don’t replace the value of personalised financial advice.

A qualified financial adviser can help you develop a holistic financial plan, understand your long-term goals, and navigate complex tax rules and investment choices. 

If you're unsure whether Wealthify or another platform fits your needs, speaking to an expert could help you make a more confident, informed decision.