Forum Home» Savings & Investments

Any experience of 'Moola' robo-investment? - Page 4

New Post Advanced Search
Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.

Any experience of 'Moola' robo-investment?

edited 30 November -1 at 12:00AM in Savings & Investments
81 replies 11.5K views
1246789

Replies

  • MalthusianMalthusian Forumite
    8.6K posts
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    0.75% per annum to be dumped in a risk-rated portfolio which will probably lose money in real terms, when you can still get bespoke financial advice for that price and associated regulatory protection? (0.5% IFA + 0.25% IFA platform.) Ouch.

    Now, I know what you're going to say - Moola is targeting customers whom IFAs wouldn't give the time of day. But that's not actually true. If all Moola's customers only have a few thousand quid on the platform, they won't cover their overheads. Even the robo-advisers who are targeting small portfolios are doing so in the hope that they'll become big portfolios later. And in enough time that the platform achieves profitability before it runs out of venture capital money and goes bust.

    And in fact, Moola has stated that it is targeting customers with over £50,000 per annum.
  • LHZLHZ Forumite
    27 posts
    Third Anniversary
    UPDATE: Just spoke to Moola via online chat. They told me that they will be making sure that the MSE cashback is paid in the 2018/2019 tax year. They also confirmed that I was eligible for the cashback (I applied around 10:30am yesterday).
  • BLB53BLB53 Forumite
    1.6K posts
    ✭✭✭
    0.75% per annum to be dumped in a risk-rated portfolio which will probably lose money in real terms, when you can still get bespoke financial advice for that price and associated regulatory protection? (0.5% IFA + 0.25% IFA platform.) Ouch.
    I am sure there are more upfront fees for new customers which add an extra 3% and this is the saving offered by the robo advisors.
  • edited 12 April 2018 at 12:38PM
    AlexlandAlexland Forumite
    7.7K posts
    1,000 Posts Third Anniversary Photogenic Name Dropper
    ✭✭✭✭
    edited 12 April 2018 at 12:38PM
    We applied just before 2pm yesterday and just received the below email.

    "You've qualified for the £125 Moola Cashback Offer

    Thank you for opening a MOOLA account as part of our cashback (Money Saving Expert) promotion. In order to receive your £125 bonus you will have to either:
    1. open the account with a minimum of £100 and make lump sum payments totalling £1,200 in the first year and not withdraw any funds from the account in the first year
    2. sign up to a regular direct debit of at least £100 for 12 months and not withdraw any funds from the account in the first year

    If you continue to meet these criteria for the promotion period we will deposit the bonus lump sum into your MOOLA account within 12 months of your first deposit."

    Alex
  • HerbalusHerbalus Forumite
    2.6K posts
    Eighth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    I have the same email. Im quite pleased they have done this as it seems they are relatively organised and also for confirming before my first investment. I wouldnt have invested if I hadnt made the cut off.

    I wonder if they decided to honour to more than the 500.
  • thenewcomerthenewcomer Forumite
    120 posts
    100 Posts Second Anniversary Name Dropper
    shame. i was going to sign up for it!
    Aim to retire by 45.
  • AnotherJoeAnotherJoe Forumite
    18.9K posts
    10,000 Posts Fourth Anniversary Name Dropper Photogenic
    ✭✭✭✭✭
    Malthusian wrote: »
    0.75% per annum to be dumped in a risk-rated portfolio which will probably lose money in real terms, when you can still get bespoke financial advice for that price and associated regulatory protection? (0.5% IFA + 0.25% IFA platform.) Ouch.

    .

    Where can you get bespoke financial advice for £7.50.?
  • HerbalusHerbalus Forumite
    2.6K posts
    Eighth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    AnotherJoe wrote: »
    Where can you get bespoke financial advice for £7.50.?

    You know thats pushing the concept of bespoke, considering Moola make you play a game with some dice and then pretty much everybody ends up with the same medium risk portfolio.
  • AlexlandAlexland Forumite
    7.7K posts
    1,000 Posts Third Anniversary Photogenic Name Dropper
    ✭✭✭✭
    Herbalus wrote: »
    You know thats pushing the concept of bespoke, considering Moola make you play a game with some dice and then pretty much everybody ends up with the same medium risk portfolio.

    Yeah I wasn't impressed by their dice game and it gives the wrong impression that investment is similar to gambling when over the very long term the probability of a positive outcome on even a high risk portfolio is very good.
  • fun4everyonefun4everyone Forumite
    2.3K posts
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    Alexland wrote: »
    We applied just before 2pm yesterday and just received the below email.

    Well done, I was going to apply today and see I am too late.
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support