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Wealthify vs Moneyfarm: what’s the difference?

Wealthify and Moneyfarm are two big players in online investing that offer managed portfolio services. 

But how do they compare on fees, investment options and philosophies? This guide examines the key differences so you can choose the right platform for you. 

Summary 

  • Wealthify offers simple pre-set exchange-traded fund (ETF) plans, while Moneyfarm provides customised portfolio management

  • Wealthify is ideal for hands-off convenience, while Moneyfarm is more suitable if you want control over your investments

  • Both aim to make investing accessible

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What is the difference between Wealthify and Moneyfarm?

The core distinction between Wealthify and Moneyfarm lies in their overall approaches: 

  • Wealthify focuses on simple ready-made plans and auto-investing based on your risk appetite. 

  • Moneyfarm provides a more tailored service with portfolios constructed to suit your individual preferences. 

So, Wealthify aims for ease of use with simple plans, while Moneyfarm offers more customisation. 

Wealthify vs Moneyfarm: how do the fees compare?

Fees are crucial to consider when selecting an investment platform. 

Here's how the fees compare: 

Wealthify fees 
  • No set up fees. 

  • 0.6% annual fee on your total balance. 

  • Average investing costs of between 0.16% and 0.7%. 

  • No trading charges. 

Moneyfarm fees 
  •  Your first £10,000 is managed for free (robo advisor service). 

  • For actively managed portfolios, 0.7% annual fee on up to £10,000, 0.7% for £10,000-£20,000, 0.65% for £20,000-£50,000 and 0.6% on investments between £50,000 and £100,000. The fees are lower for bigger portfolios.  

  • Moneybox is cheaper overall for smaller portfolios under £30,000. 

Is Wealthify or Moneyfarm better? 

Looking beyond the fees, there are other factors to consider when comparing the platforms: 

  • Choice: Wealthify has five investment plans. Moneyfarm tailors its portfolios from 80 approved ETFs. 

  • Management: Both actively manage investments for you. 

  • Accounts: Both offer individual savings accounts (ISAs). Moneyfarm also offers a general investment account (GIA). 

  • Style: Wealthify focuses on simplicity, while Moneyfarm aims for a slick customer experience. 

There is no definitively superior platform. Both Wealthify and Moneyfarm offer slightly different services that cater to different investors. 

Which should you choose? 

Consider the following when deciding if Wealthify or Moneyfarm is a better match for you. 

If you want: 

  • Ready-made investment plans: Wealthify 

  • A customised portfolio:  Moneyfarm 

  • Easy investing: Wealthify 

  • Control over your portfolio: Moneyfarm 

  • A wide choice of investment styles: Moneyfarm 

  • Auto-investing: Wealthify 

  • Desktop and mobile access: Moneyfarm 

Both platforms can be great options depending on the style of investing you prefer. 

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Can you open accounts with both?

Yes, you can open a Wealthify and Moneyfarm account at the same time. 

 Here are some of the potential benefits: 

  • You can use Wealthify for convenient auto-investing. 

  • You can use Moneyfarm to manage your core portfolio. 

  • It’s possible to blend simple and customised management approaches. 

  • You can compare investment performance between both platforms. 

  • It’s possible to split money across providers for diversification. 

The only extra hassle is tracking (and paying for) two accounts, although both Wealthify and Moneyfarm can give you a more rounded investing experience. 

Which offers better long term, passive investing? 

Both Wealthify and Moneyfarm take a passive, long-term investment approach: 

  • Wealthify’s plans invest in globally diversified low-cost ETFs. 

  • Moneyfarm’s portfolios also contain ETFs and index mutual funds. 

For completely hands-off long-term investing, Moneyfarm has a slight edge as they actively manage and rebalance your holdings. 

But Wealthify offers ultimate simplicity by automating everything into your chosen plan. 

So, both can be good passive investing options, depending on your preferences. 

How do their investment philosophies differ? 

Wealthify’s philosophy: 

  • Hassle-free investing through ready-made plans. 

  • To offer an intuitive online platform and auto-investing. 

  • To offer low-cost access to ETF portfolios. 

  • To provide educational content for beginners. 

  • To offer access to socially responsible options. 

Moneyfarm’s philosophy: 

  • To provide tailored portfolios invested across many markets. 

  • To offer active management and rebalancing of portfolios. 

  • Customised plans for each customer. 

  • To offer access to sophisticated investment tools and reports. 

  • Aims to beat specific stock markets through asset allocation. 

Wealthify focuses on simplicity and auto-investing, while Moneyfarm provides more customisation and control for investors. 

Wealthify is more suited to beginners who value ease of use, and Moneyfarm appeals to those who want more input over their portfolio. 

Think about whether simplicity or flexibility matters more to you and this should point you towards Wealthify or Moneyfarm as your ideal platform. 

Want help with investing? 

Unbiased can connect you with a financial adviser who can help you build an investment portfolio or optimise an existing one so you can reach your future financial goals. 

Similar articles: Moneybox vs Moneyfarm | Hargreaves Lansdown vs AJ Bell | Vanguard vs Moneyfarm

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