Have you used a robo-advisor? If so, which one & how was it?
Is it your first time investing? What made you choose this way of investing over another? - If not, what other investments have you made?
How would you compare using a robo-advisor to other ways of investing?
Never used one! Am tempted to start using Nutmeg, as I really like the interactive feature at the beginning of the user journey, that shows you what your projected investment could be depending on chosen risk.
When opening an ISA with a robo-advisor, do you have to open one with your bank too?
I started using Robo’s (Nutmeg) last year after quite a few months of research. This was the best option for me then (mainly because of my investment size and discussing my options with dad).
It’s a good way to get into investing. It worked well for initially but now I want to get more involved in my investments. I’ll 100% keep using the Nutmeg ISA but I’m looking at using something like freetrade.io or revolut when they launch as well. It’s all about keeping those fees low Has anyone used something similar before?
Welcome to the community!
Yes, a lot of my friends have said the same. I don’t know too much about either platform. I’ve actually just joined the freetrade community to learn a bit more myself - it might be worth having a look there and speaking to those guys. I know that revolut has a community page too (i haven’t been on it) but probably worth checking out too. I would also suggest reading up on Robinhood. Although it’s US-based it might give you a better insight into how this type of product works.
Let us know how you get on!
It’s a very exciting space at the moment, and I reckon the low fees on new DIY platforms will really shake things up.
I started using Moneyfarm about a year ago now. Was one of the first real investments I made, coupled with some dabbling in equity crowdfunding “passion” investments!
Personally, love Moneyfarm - super easy to use, simple for a first time investor and easy to monitor the progress via the app. They’ve also nailed the balance of keeping you informed on the progress of your investments without bombarding you with spam (cue GDPR)!
All in all - great option for any type of investor, but think at the moment the focus is too narrowly on those investing for the first time - perhaps it’s time for them to target those still stuck on traditional (high fee) methods
Hi there. I have used Wealthily for 1 year. Was attracted to try it out as the minimum contribution is just £1. So far so good. Fees seem low too.