As you’ll all be aware, there are a plethora of apps available for individuals that are looking to invest in the market but specifically want to do so through an app that can be accessed at your fingertips. Wealthify describes itself as “A new approach to investing – you choose how cautious or adventurous you want to be and we’ll put your money to work”. So far, so good.
I’ve been looking at apps which offer an investment service for a while and whilst I’ve actually ended up using about 4 of them, Wealthify was the first one I used. Wealthify offers a reasonable range of financial products, with an incredibly good fixed fee for said financial products, ranging from a standard “General Investment Account” through to the tax free “Stocks and Shares Isa” as well as other forms of ISA that sit in between these. If you head to the website they have a “Sandbox” example where you can choose your initial investment, the amount you wish to add every month and then a timescale alongside predicted growth. This level of insight into the potential growth of your money is seriously enticing despite the large time period over which it would grow to a substantial size (this is assuming you’re not investing ££££ every month and if you are maybe go on a holiday instead).
The actual app itself is well designed and user-friendly with a colour scheme that definitely appeals, hell, I don’t even care if I’ve been tricked through a great colour scheme into opening up a Stocks and Shares ISA with Wealthify, as every time I open the app I see a picture of man overlooking the horizon which I conveniently imagine to be myself as my money grows within the ISA. Opening an account with Wealthify takes no longer than 10 minutes including setting up your bank account with them. There is the obvious “Know Your Customer” (KYC) checks they have to go through which in my case did add time, albeit only an additional day or so and I was in no rush.
Within the app and then within each type of ISA Wealthify describes the different type of “Plans” that can be opened up. So, for example, I have my Stocks and Shares ISA with Wealthify, fully managed by Wealthify, and this is then split out into two different “Plans”. One is “Adventurous” which is described as taking a large risk for a large reward type of plan and the other plan is “Cautious”. This ability to set the level of risk you’re willing to take when setting up your plan for your ISA is a real benefit as it clearly outlines the approach you’d like Wealthify to take when investing your money. Once you’ve set up your “Plan” you’ll then see where Wealthify is investing your money. Each plan shows you the dates of the transaction as well as where your money is invested. This is then broken down by institution or otherwise ,alongside region, all in the form of a pie chart in another delightful colour scheme, one which I’ve spent far too long looking at really.
On top of this you can then view each of your plans (you can just have 1 if you wanted) on the app main page when you login. This shows you the current value of your plan alongside historical growth and so any additional profit you’ve made in addition to your original investment. Pretty nifty really.
Have I made any profit from my original investment? No. Actually much to the laughter of J, I am currently 75p down. Nightmare!
Would I recommend Wealthify as an easy to use, well designed app that offers a seamless service to access a financial product that you probably should have anyway? Absolutely.