Any experience of 'Moola' robo-investment?

dunstonh

Real advice would have an initial charge. Lets say 2%. However, if its 0.5% a year cheaper than Moola then it will breakeven with a short number of years.

Advisers are not interested in small amounts. Its not cost effective. However, for larger amounts, it would be better to use an adviser or a better DIY option.

thenewcomer

AnotherJoe wrote: »

Where can you get bespoke financial advice for £7.50.?

HSBC has been trying to offer me to meet up with their financial advisor for years for free. ive not taken it up.

Malthusian

AnotherJoe wrote: »

Where can you get bespoke financial advice for £7.50.?

Read the rest of my post. Moola are not targeting portfolios of £1,000, and if they were, they would run out of VC money and go bust.

herbalus wrote:

You know thats pushing the concept of bespoke

AnotherJoe didn't say that Moola offers bespoke advice, he's disputing my assertion that you can get bespoke advice for the same cost as Moola. Which you can - albeit not from every IFA - assuming you have the kind of portfolio that Moola is targeting.

Alexland

Their business plan might have ambitious long term aspirations for their ideal target customer but for now they are only asking £100 per month to get any random cashback punters through the door. Guess everyone has to start at the bottom.

I don't see how this is any better than Moneyfarm which is also pretty average. Still happy to take their free money.

Alex

Alexland

The first £100 direct debits left our joint account earlier this week (tick) and I logged in today to see how they were invested and it says "The funds we invest in on your behalf will appear here from 4th Jun" which seems a pretty long time away. Are we invested in the market? Who knows.

I take back my above comment - so far they are making Moneyfarm look good.

Herbalus

Alexland wrote: »

The first £100 direct debits left our joint account earlier this week (tick) and I logged in today to see how they were invested and it says "The funds we invest in on your behalf will appear here from 4th Jun" which seems a pretty long time away. Are we invested in the market? Who knows.

I take back my above comment - so far they are making Moneyfarm look good.

That's interesting. My DD left on 23 April and I logged in to the following messages: "The initial investment process usually takes around 6 working days to be up and running."

I also have the following: "We have received your money and it's being held by Winterflood, your first trades are in progress."

Interesting to know how your c6 weeks have come about.

slapmatt

The biggest downside for me of these platforms is that there is no cap on the fees. So once you get up to around £6,000 invested the fees will start to exceed to maximum charged by the likes of HL and Fidelity.

Herbalus

slapmatt wrote: »

The biggest downside for me of these platforms is that there is no cap on the fees. So once you get up to around £6,000 invested the fees will start to exceed to maximum charged by the likes of HL and Fidelity.

Are you going to be there when you have £6k in it?

Alexland

Moola's fees are 0.75% + fund costs so are more expensive than holding funds on HL from day 1.

cfw1994

Holy Thread resurrection, Batman!

Just curious how folk are going with their Moola investments?
I (perhaps foolishly!) went adventurous (heck, in for a penny...), & thus far, the 100pcm has swallowed 1100 of my cash....with a value of 1088....could be worse

For me, the main draw was the bonus:

LHZ wrote: »

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).

Any update on WHEN they will pay that in?!

<edit to add> - they have pointed me to this page, which suggests it will occur before April 30th...& "Once the cashback has been paid into your Moola account (ISA or GIA) it will be invested in the next investment cycle"

Do we need to stop DDs to prevent an ISA being started for next year?
I had nothing else this year (& no spare cash lying around aside from this small amount), so it made sense, but I will revisit things for 2019-20....might need to dig deeper into when the "investment cycle" happens to whip the bonus out & prevent it being invested (& thus forming a 2019 ISA!)