Wealthsimple is latest company to establish itself in the UK and join the digital revolution in investment advice.
The company was founded in Canada in 2014 and now operates in Canada, the United States and the UK.
Founded by a group of experts in wealth management and technology entrepreneurs, the service has 100,000 clients and manages over £1.5 billion in assets.
According to Wealthsimple’s digital investment returns forecaster, somebody investing £15,500 today with monthly contributions of £125 could have a pot worth between £53,600-£108,200 in 15 years, when investing in their balanced portfolio.
Investor are able to choose from three types of investment strategy depending on their attitude to risk; conservative, balanced and growth.
When you invest with Wealthsimple, your funds will be invested in a selection of ETFs. Depending on the strategy you decide to invest in, your investment will be spread among a mixture of government issued and corporate fixed income and global equities .
Those choosing for a conservative approach can expect around 46% to be allocated to UK gilts where as those selecting the more equity heavy growth portfolio can expect just 3% to be allocated to UK gilts with 35% allocated to UK equities.
As well as UK equities and gilts, Wealthsimple will invest in US equities, emerging market bonds and equities, and European equities.
Wealthsimple allows you to invest through a range of accounts depending on your requirements. Those seeking a standard investment account can invest through a general account whereas those saving for retirement will soon be able to invest through the Wealthsimple SIPP.
Unlike some other digital advisors, Wealthsimple provides a free portfolio evaluation service for new clients. To get a free review all you have to do is simply upload a copy of your portfolio and one their investment advisors will conduct a review and personally relay the results.
Investors using Wealthsimple will also benefit from a simple and transparent fee structure.
Those investing under £100,000 will be charged 0.7% and for portfolios over £100,000 the fee drops to 0.5%.
In addition, readers of UK Investor Magazine will enjoy a promotional bonus for taking up Wealthsimple’s service.
UK Investor Magazine readers get their first £10,000 of investments with no management fees for a year when they sign up for their first account at Wealthsimple.