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Wealthify Reviews

4.2 Rating 368 Reviews

82 %

of reviewers recommend Wealthify

Company Reviews

4.2

Based on 368 reviews


Customer Service
Communication Channels	Live Chat, Telephone, Email
Queries Resolved In	Under An Hour

About Wealthify:

Wealthify aims to shake things up and make investing easy and affordable for everyone. We're challenging people to think differently and do more with their savings.

Our promise is simple: No complicated jargon, no daunting fees, just straightforward, effortless investing.

Visit Website

Phone:

0800 802 1800

Email:

support@wealthify.com

Location:

Tec MarinaTerra Nova Way
Penarth
CF64 1SA

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Anonymous

Anonymous // 01/01/2019

Filter: Rated 2 None 5 Stars 4 Stars 3 Stars 2 Stars 1 Stars Helpful

“The set up process is ludicrous, with the form asking irrelevant intrusive questions, but I decided to continue in the belief once the account was open I'd be in safe hands. Over 2 years despite being on a scheme where there is supposedly less risk, I have lost around 6% and I have to pay fees for this too. While I am fully aware stock hasn't been doing well other companies have still managed to make money for their investors on similar schemes.”

Posted 1 year ago

Hi Thank you for taking the time to leave feedback. Regarding set up, as a regulated non advisory firm we are duty bound to ensure our customers complete a suitability questionnaire to ensure they have the current capacity for loss and are provided with an understanding of the risk involved with this type of investing. We do review this section of our site regularly in an effort to make it increasingly understandable and relevant to customers and we will take your feedback on board regarding this. As you state, 2022 was not a good year for investments on a global level, all assets were impacted however the bond market saw a decline that affected our typically lower risk plans. As you may know, bonds are typically seen as a lower risk asset to shares for example however last year both markets fell which will be a large part of the explanation for your poor performance that year. Things have started to recover however and we do constantly write blogs and monthly market reviews to ensure you are informed of what is happening in your Plan and the markets. Wealthify is built for long term investing, with 5 years seen as a good minimum term to invest, therefore we do aim to stick to our investment strategy and allow assets to recover over time, rather than make ad-hoc trades in an effort to make fast cash. Our fee is a standard rate of 0.6% of the daily value of your Plan, so if your Plan decreases in value whether through withdrawals or performance then your fee will be lower. We feel that is a fair way to charge for the services we offer. Best Wishes Team Wealthify

Posted 1 year ago

“To front: I normally don’t leave bad reviews, I give companies the benefit of the doubt and try my best to resolve issues with them directly. That said this warrants a poor service review. I’ve been an investor with wealthify for over 2 years and generally have had no issues with them. I’ve even helped with their beta app development, testing and suggesting changes to help the usability of their software. Returns have been poor, worse than S&P 500 which is a useful benchmark. That said the negative review has been the awful experience with my pension. Things are hard at the moment with a cost of living crisis, so I cancelled my regular pension payment 10 days before it was due to go out, rescheduling it for another 10 days later to reconsider my ability to invest. I received messages that this had been actioned. Unfortunately it wasn’t and they took the money. I immediately cancelled the second deposit. Once again this was still taken out. After contacting wealthify they said I should be able to withdraw the money. The fact they had no idea how a pension works is doubly shocking, as I cannot withdraw ahead of retirement age. After contacting them - nothing but silence. I’m now unable to afford a regular train fare or other essential payments I was due to budget for, somehow doubly worse off than my initial intention to save costs just for a single month. Awful comms, poor service and a complete lack of care. I’ve had similar issues transferring money into a JISA from family members wishing to contribute. My advice to everyone is to look for a more established provider. Sure their app is clean, but the service is terrible. N.B it’s interesting to note the discrepancy in time take to take funds vs withdraw them. Despite ample leeway and timings, they weren’t able to cancel my regular deposit, but as others have mentioned it can take more than 10 days to withdraw any money from your account.”

Posted 1 year ago

Hi Jon Thank you for leaving feedback, we have contacted you directly about the issues you have raised and have hopefully now put some resolutions in place for you. Best Wishes Team Wealthify

Posted 1 year ago

“User friendly app, which is nice but the real purpose is to grow the value of our investments rather than have a nice app and consumers should not be fooled by the app. Very long delays getting payments into wealthify and money invested in instruments. Of greater concern is that the investment returns are relatively poor compared to the same amount of money invested in other investment platforms at the same time over the same duration, so the conclusion is to transfer money to other providers and shut down wealthify account.”

Posted 5 years ago

“One year in and all it's ever done is lose me money! App is nice however I will be transferring as need an ISA that can grow money. I expect to go up and down but not continually stay down. They do not seem concerned.”

Posted 5 years ago

“Not very impressed. 5 months in and - 0.54 %. Money going down fast. I keep waiting for it to do better than the worst cash isa. Seems to take a ling time for payments to be processed. I do like the app though.”

Posted 5 years ago

“Seems to take forever for funds to arrive with them - at this rate, ill pay a monthly fee after my money has had 0 time in the market. Not impressed so far.”

Posted 5 years ago

“Losing money.”

Posted 5 years ago

“Surprisingly poor returns - not sure what's going on here as other funds (with other providers) seem to be doing fairly well. Good interface. Fees are high compared to traditional alternative (ie. Vanguard Lifestrategy)”

Posted 6 years ago

“Disappointed with returns.”

Posted 6 years ago

“Been using Wealthify now for about 5 months and whilst it is an easy site/app to use, it really is poor performing and has add very little value to my investment and am beginning to think I would get better value using a bond or peer to peer lending.”

Posted 6 years ago

“I don't have a problem with complexity, if it gets me positive returns on my investment. Wealthify has been consistently underperforming and would have continued, had I not adjusted my portfolio”

Posted 6 years ago

“Compared to Moneyfarm and Evestor over the same time period and with similar investments Wealthify not only under performed but lost money. The other two investment firms made money. Their charges are also higher than the other two.”

Posted 6 years ago

“Initial engagement was shaped by customer services telling me I was wrong on a few points I'd raised .... whereas after formal compliant I was proved right. Should never have got to a formal complaint...but intransigence and belligerent customer services led us down that route!”

Posted 6 years ago

“App doesn't work well. I reported this and was told to update my IOS to the latest. I shouldn't be dictated by apps that have such simple functionality. I use a Web browser. I wrongly set-up my mum they direct debit from wrong account. The refund is still pending 2 weeks later. I'm on adventurous..my wife has an isa with a other company and she is mid risk...her return to date is 50% greater..though with 2 more than gone aube too easy to assess... Customer response when I have raised these issues has been within 24 hours so satisfactory.”

Posted 6 years ago

“After my initial deposit the value of my fund dropped and has only now some 2 months later has it approached my orginial fund. Also an addition is a transfer is taking a long time”

Posted 6 years ago

Wealthify is rated 4.2 based on 368 reviews