MoneyFarm or funny farm?
aajax42
Posts: 65 Forumite
MoneyFarm, Italy-based FinTech company, Robo investing.Get £20k managed free with MoneyFarm.
I just wondered if anyone has had any dealings with this company and what your views are?
I just wondered if anyone has had any dealings with this company and what your views are?
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It's FSCS protected and the headline charges look about where they should be, so no immediate alarm bells. This offering looks on the surface to be preferable to the likes of Nutmeg, but that's just based on a quick look.
It looks to me that it's only the first £10k that is managed for free.0 -
They are offering a code through money observer at the moment that gives £20k managed free.0
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The name reminds me of Animal Farm.0
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How long does the £20k free last for?
A number of the robo-advice companies have poor financials. Their model is to be achieve a certain amount under management and aim to be bought by a larger player. So, it may well make sense to remain under the FSCS limit or make sure the money you invest is money that you are not likely to need to call upon should the worst happen (failure would mean you are unlikely to lose money. Just lose access to it for a while whilst administration is sorted.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.0 -
Hi aajax42. Is that a public code for MoneyFarm? Is it still valid? Could you share it?0
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moneyfoolish wrote: »Why does it look better than Nutmeg?
Have you seen Nutmeg's financial state?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.0 -
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moneyfoolish wrote: »Why does it look better than Nutmeg?moneyfoolish wrote: »No. I assume it's not great from your comment. But is MoneyFarm likely to fare any better?
In some sense, this isn't of great concern to a user of the service, since their investments will have FSCS protection if they keep within the £50k compensation limit. There is, of course, the inconvenience associated with having to go elsewhere if the service is withdrawn.
Edit: Of course the other thing to consider is that a loss making venture may need to hike its charges in order to move into profit, perhaps after luring in a suitable number of apathetic customers who won't be bothered to go elsewhere.0
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