By Moriah Costa on Thursday 2 March 2017
The digital wealth manager slashed its minimum investment from £250 to £1.
Robo advisor Wealthify lowered its investment requirement to £1 from £250 in an attempt to lure more customers.
The Cardiff-based start-up also announced other changes to increase accessibility and transparency for customers, including an investment app and extending the lowest fee band of 0.5 per cent to investment of £50,000 or more.
“These changes are important steps towards our mission to democratise investing and represent a genuine desire to be the most accessible, most transparent and most straightforward online investing service available,” said Richard Theo, CEO of Wealthify.
The app, available on both iOS and Android, allows customers to track and manage their investments. It also includes added security features such as fingerprint ID.
The digital wealth managers fees will remain the same, at 0.7 per cent per year on management fees and 0.17 per cent a year in fund charges. In addition, the platform is extending its lowest fee band of 0.5 per cent to investments of £50,000 or more.
Investments below £2,000 are put in a portfolio of around 15 passive mutual funds made up of 6,500 underlying investments. Any portfolio over £2,000 contains 20 funds, including ETFs and 8,000 investments.
In addition, the platform is extending its lowest fee band of 0.5 per cent to investments of £50,000 or more.
The robo advisor recently released its first year results, with all five of its investment portfolios performing near or better than the benchmark average.
