By Moriah Costa on 20th January 2017
The wealth management start-up hopes to help 1 million UK savers invest with its first nationwide marketing.
Cardiff-based start-up Wealthify is kicking off a national advertising campaign by the end of the first quarter.
Robo advising is a wealth management service that is either online or on an app and uses automated algorithms to invest in portfolios. Many investors expect to see an uptick in robo-advisers as the technology becomes increasingly popular in the UK.
“Wealthify is an online investment service for everyone – our mission is to help 1 million UK savers become investors in the next 10 years, helping them to make their money work harder,” said Mike Normansell, a spokesman for Wealthify.
The platform has 2,000 customers and was launched in April 2016. The company invests in a range of assets and ETFs. It charges 0.7 per cent to 0.5 percent on portfolios and charges an average 0.28 per cent in yearly fund charges.
“We’re targeting mass market savers who are fed up with dismal cash savings rates, offering an easy, affordable route to investing that lets them start with just £250,” Normansell said.
Users can lower their fees by recommending friends to the platform. If people join a client’s “circle,” they get a 5 per cent fee discount, which increases to 20 per cent once 50 people have signed up to the service.