Moneyfarm and Other Robo-Advisors

ambrosino

Thanks Alexland. So you reckon it would be better to consolidate investments with one platform for tax benefits (the Vanguard ISA) than use both Vanguard and Wealthify (which means losing the tax benefits on one of them of course)?

londoninvestor

Alexland wrote: »

There is a £12.50 annual charge with the HSD ISA so for someone regularly investing at £2 per trade that would be £36.50. For the amounts ambrosino is talking about they would probably be better opening a Vanguard Investor ISA and asking them to transfer-in the Wealthify ISA and then in a few more years once the account valuation is big enough moving to someone like HSD.

Alex

Argh, you're right and I'm wrong - corrected.

Alexland

ambrosino wrote: »

Thanks Alexland. So you reckon it would be better to consolidate investments with one platform for tax benefits (the Vanguard ISA) than use both Vanguard and Wealthify (which means losing the tax benefits on one of them of course)?

I just don't see why you would continue with Wealthify (unless you are on a new customer bonus scheme) given their high fees for an average offering.

Alex

londoninvestor

Alexland wrote: »

I just don't see why you would continue with Wealthify (unless you are on a new customer bonus scheme) given their high fees for an average offering.

Alex

I agree with Alex - Vanguard is the better-value investment option and it makes sense to consolidate there.

Note though that the restriction on ISAs is one S&S ISA provider per tax year. If in three weeks' time you started a 2019/20 S&S ISA with Vanguard, nothing would cause you to lose the tax benefits of your existing ISAs from prior years. You could not of course make any new subscriptions into those ISAs during 2019/20.