Moneyfarm

elephantrosie
elephantrosie Posts: 467 Forumite
in Savings & investments
Anyone else using this platform? Been using it for three months and doesnt look positive at all.
Another night of thankfulness.
«1

Comments

  • surreysaver
    surreysaver Posts: 4,094 Forumite
    Name Dropper First Anniversary First Post
    I've paid in £10 pm for the last 2 months and its just sitting there, not fluctuating at all. I'm not quite sure if I'm using it properly
    I consider myself to be a male feminist. Is that allowed?
  • dunstonh
    dunstonh Posts: 116,252 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Anyone else using this platform?

    its not a platform.
    Been using it for three months and doesnt look positive at all.

    What dont you find positive about it?

    Personally, I am not a fan of a number of these robo-advice services. Moneyfarm's website is completely disingenuous when it comes to comparing charges. Its not as cheap as proper DIY and not much cheaper than a full IFA advice offering. However, as robo-advice goes, they are right where you would expect them to be and doing exactly what you expect them to do. They fit the no-knowledge market who is more impressed with internet/app interface than anything else. Hence why social media and ratings are important to them. However, no serious investor is going to use them.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Alexland
    Alexland Posts: 9,653 Forumite
    First Anniversary Photogenic Name Dropper First Post
    You need to put at least a few hundred quid a month into moneyfarm to meet their target asset allocations . Thats because, unlike Nutmeg, moneyfarm buy you whole ETF units. Untill you have over 1k you are unlikely to be balanced. We have been putting in 900 per month into their Profile 5 60/40 and the returns are comparible to our Nutmeg account. To be fair the markets hwve been a bit flat in the last couple of months.
  • Imvrasos
    Imvrasos Posts: 81 Forumite
    First Anniversary First Post
    Joined them in May, with 5k£ invested for the 500£ cashback offer. I am currently at +2%, or +12% if you take the cashback into account.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    Similar results here. Need to ensure balance stays below 10k for no-fee as next tier at 0.6pc is punishing. Unsure if they are a keeper as break even point with Vanguard 0.15 fee is about 13k.
  • cashbackproblems
    cashbackproblems Posts: 1,826 Forumite
    What profile and markets are you invested in? this would have depended on what profile your questionnaire put you into. I have seen increases in EM especially my India fund the last few months. UK/EU equities might be flat.
  • fiisch
    fiisch Posts: 509 Forumite
    First Anniversary Name Dropper First Post
    Joined in April - I did put a post on here, but feedback was generally poor - having continued to read these forums I'm thinking I may be better off with Vanguard S&S ISA via Halifax. I've seen a lot of negativity regarding results from one of their rival firms, Nutmeg, who had a TV ad campaign fairly recently.


    But I'm persevering - as of today I'm +2.89% - it's been a fairly bumpy ride, with a big dip end of June, but since investing I've loitered between -0.02% and 3.94%, so taking that as a "so good so far"!!


    I do like their app, and they are a pleasure to deal with - Jury is out as yet as it is still much too early to tell.


    @surreysaver - if you started with £0 and are putting in £10/month, it's likely you don't have enough capital yet for it to be invested, and therefore Moneyfarm are holding this in cash until you have sufficient (you can check this on your account by going to the assets section - if you only have "cash" listed as an asset, this would explain why you've not yet experienced any fluctuation.).


    You should start to see money being invested when you have >£30-40, but they do recommend that you hold £1500 to have a properly balanced portfolio.


    Edit: I am using a high risk profile (I'm aged 30, and am using this as an extra saving account with a long term view).
  • choochootrain
    choochootrain Posts: 212 Forumite
    First Anniversary
    Signed up for the cashback and withdrew when it became payable. Website was alright, but the portfolio I had was nothing you couldn't do yourself with index funds/ETFs and a bit of reading.
  • FatherAbraham
    FatherAbraham Posts: 1,024 Forumite
    First Post First Anniversary Combo Breaker
    Alexland wrote: »
    You need to put at least a few hundred quid a month into moneyfarm to meet their target asset allocations . Thats because, unlike Nutmeg, moneyfarm buy you whole ETF units. Untill you have over 1k you are unlikely to be balanced. We have been putting in 900 per month into their Profile 5 60/40 and the returns are comparible to our Nutmeg account. To be fair the markets hwve been a bit flat in the last couple of months.

    Nutmeg? Gee, you must be made of money!

    Warmest regards,
    FA
    Thus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...
    THE WAY TO WEALTH, Benjamin Franklin, 1758 AD
  • Alexland
    Alexland Posts: 9,653 Forumite
    First Anniversary Photogenic Name Dropper First Post
    I agree on ISAs but for LISAs (for the first few years of contributions) then Nutmeg are fairly compelling at 0.45pc for monthly investments. AJ Bell charge 1.50 per trade above the 0.25pc and like HL you need to maintain cash to pay the fees.
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