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  • FIRST POST
    • elephantrosie
    • By elephantrosie 7th Aug 17, 7:40 PM
    • 363Posts
    • 102Thanks
    elephantrosie
    Moneyfarm
    • #1
    • 7th Aug 17, 7:40 PM
    Moneyfarm 7th Aug 17 at 7:40 PM
    Anyone else using this platform? Been using it for three months and doesnt look positive at all.
    Another night of thankfulness.
Page 1
    • surreysaver
    • By surreysaver 7th Aug 17, 8:02 PM
    • 2,248 Posts
    • 1,273 Thanks
    surreysaver
    • #2
    • 7th Aug 17, 8:02 PM
    • #2
    • 7th Aug 17, 8:02 PM
    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
    • By dunstonh 7th Aug 17, 9:06 PM
    • 89,537 Posts
    • 54,989 Thanks
    dunstonh
    • #3
    • 7th Aug 17, 9:06 PM
    • #3
    • 7th Aug 17, 9:06 PM
    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Alexland
    • By Alexland 8th Aug 17, 8:54 AM
    • 262 Posts
    • 138 Thanks
    Alexland
    • #4
    • 8th Aug 17, 8:54 AM
    • #4
    • 8th Aug 17, 8:54 AM
    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
    • By Imvrasos 8th Aug 17, 9:48 AM
    • 17 Posts
    • 7 Thanks
    Imvrasos
    • #5
    • 8th Aug 17, 9:48 AM
    • #5
    • 8th Aug 17, 9:48 AM
    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
    • By Alexland 8th Aug 17, 11:00 AM
    • 262 Posts
    • 138 Thanks
    Alexland
    • #6
    • 8th Aug 17, 11:00 AM
    • #6
    • 8th Aug 17, 11:00 AM
    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
    • By cashbackproblems 8th Aug 17, 11:16 AM
    • 1,703 Posts
    • 659 Thanks
    cashbackproblems
    • #7
    • 8th Aug 17, 11:16 AM
    • #7
    • 8th Aug 17, 11:16 AM
    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
    • By fiisch 8th Aug 17, 12:49 PM
    • 163 Posts
    • 62 Thanks
    fiisch
    • #8
    • 8th Aug 17, 12:49 PM
    • #8
    • 8th Aug 17, 12:49 PM
    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
    • By choochootrain 8th Aug 17, 4:01 PM
    • 174 Posts
    • 129 Thanks
    choochootrain
    • #9
    • 8th Aug 17, 4:01 PM
    • #9
    • 8th Aug 17, 4:01 PM
    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
    • By FatherAbraham 8th Aug 17, 11:07 PM
    • 737 Posts
    • 561 Thanks
    FatherAbraham
    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.
    Originally posted by Alexland
    Nutmeg? Gee, you must be made of money!

    Warmest regards,
    FA
    • Alexland
    • By Alexland 9th Aug 17, 12:42 PM
    • 262 Posts
    • 138 Thanks
    Alexland
    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.
    • fiisch
    • By fiisch 11th Aug 17, 11:37 PM
    • 163 Posts
    • 62 Thanks
    fiisch
    Another turbulent week, with a high of 3.94% and ending on 1.7%... OK, I only have just over £2000 invested and only plan to drip feed a small amount of money each month (£50) until have settled a couple of debts (small personal loan and paid down a PCP finance deal).

    Signed up to MF before starting to read these forums with interest. I bank with Halifax, and can't help feeling I'd be better suited with a Vanguard Lifestrategy fund based on the opinions on here.... But then, having only given MF four months, it's probably too early to tell.
    • choochootrain
    • By choochootrain 11th Aug 17, 11:50 PM
    • 174 Posts
    • 129 Thanks
    choochootrain
    Another turbulent week, with a high of 3.94% and ending on 1.7%... OK, I only have just over £2000 invested and only plan to drip feed a small amount of money each month (£50) until have settled a couple of debts (small personal loan and paid down a PCP finance deal).

    Signed up to MF before starting to read these forums with interest. I bank with Halifax, and can't help feeling I'd be better suited with a Vanguard Lifestrategy fund based on the opinions on here.... But then, having only given MF four months, it's probably too early to tell.
    Originally posted by fiisch
    I wouldn't worry about weekly price movements, it's the longer term that really matters. At least with the amount you have in Moneyfarm you're not going to pay any fees apart from the ETF costs. If you were to reach the £10k mark then you'd have to question whether what Moneyfarm add to your portfolio is worth a 0.6% fee. Until then, there's plenty of time for you to do more reading about investing and decide whether you want to go the Lifestrategy route or even something a little more hands on.
    • TattyBear
    • By TattyBear 16th Sep 17, 2:50 PM
    • 3,744 Posts
    • 1,750 Thanks
    TattyBear
    Been in 2 months with a balance of £10k. Moneyfarm have managed to lose £300 in the last week. Was just over £100 up about 10 days ago. Now they've lost £200 of my original investment. -3% down in the last week and half.

    Utterly useless. Would've been far better off keeping it in p2p. Very angry. The forecasted returns are an absolute joke and are so wide of the mark, they're probably legally actionable.
    • dunstonh
    • By dunstonh 16th Sep 17, 2:57 PM
    • 89,537 Posts
    • 54,989 Thanks
    dunstonh
    Moneyfarm have managed to lose £300 in the last week.
    How did they lose it? I would have thought it was just normal market activity rather than them.

    Utterly useless. Would've been far better off keeping it in p2p.
    You are joking aren't you? I can't see the smiley but You must be joking

    The forecasted returns are an absolute joke and are so wide of the mark, they're probably legally actionable.
    now you are trolling. its one thing to joke but no need to troll.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • A_T
    • By A_T 16th Sep 17, 3:12 PM
    • 184 Posts
    • 85 Thanks
    A_T
    Been in 2 months with a balance of £10k. Moneyfarm have managed to lose £300 in the last week. Was just over £100 up about 10 days ago. Now they've lost £200 of my original investment. -3% down in the last week and half.

    Utterly useless. Would've been far better off keeping it in p2p. Very angry. The forecasted returns are an absolute joke and are so wide of the mark, they're probably legally actionable.
    Originally posted by TattyBear
    If Sterling continues to rise next week you could lose £300 more
    • Alexland
    • By Alexland 16th Sep 17, 8:26 PM
    • 262 Posts
    • 138 Thanks
    Alexland
    Yeah to be honest this is not a Moneyfarm problem but just the normal volatility that comes from investing.

    Most portfolios will be down a few percentage points as a result of the activity last week. If you are mostly in stocks and thinking long term then it's nothing to worry about and if anything an opportunity to invest more. If you are mostly in bonds I would be more worried.

    Moneyfarm promptly paid the £200 topcashback after 4 months of £900 per month on one of our accounts and although the service and investments were good we still decided to move it.

    I know there are no platform fees for under 10k but their quoted average ETF fee is 0.30% (am sure it was lower a few months ago?) and you can get a Vanguard ISA with VLS fund for 0.37% without the restriction.

    Personally I don't think Moneyfarm will be viable in the long term with such a fee hike at £10k so I would rather pay an extra 0.07% to be with Vanguard.
    Last edited by Alexland; 16-09-2017 at 8:44 PM.
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