Robo investing pitfalls/highlights

DC55

Hi, I'm looking at using a robo investment service (Nutmeg,Wealthify, Moneyfarm or Weatlhsimple).  Does anyone have any expereinces good/bad/indifferent with these guys or the concept of using this type of platform with pre determined risk profile based portfolios.
Tx 

Alexland

Yes we did 3 out of 4 of them for the new customer incentives. Nutmeg are probably the best but none of them offer anything special and there are better, cheaper and more secure options for small accounts such as holding a multi asset fund with Vanguard, HSBC, etc.

Another_Saver

They're all fine, great to get you started, Nutmeg is the best, easiest to use and understand (same as Alexland I've used 3, all except Wealth simple, Moneyfarm and Wealthify are clunky and fidgety, Nutmeg is the Apple of the bunch - it just works) but they all do the same thing you'd get from buying a multi asset fund like Vanguard Lifestrategy, HSBC global strategy through a platform like AJ Bell, iWeb or Vanguard directly which would probably be cheaper.

DireEmblem

Agree with the above - good to use as a 'starter', especially the Nutmeg deal through quidco if its still on.  Once you've started building a balance - agree with the HSBC global strategy or Vanguard LifeStrategy are good diversified funds to hold without much thought if you are planning to invest long term.

You might also want to add Plum to the list as well.  Its basically a pound a month to access their investment option, then they have a small simple set of funds to select from.  Their platform fee is 0.15% for holding your funds, and then the fund fees on top.  I think their Growth Stack fund is actually the Lifestrategy 80%, so if you went with that, then your fees are £1 a month plus 0.15% platform fee plus 0.22% fund fees.

The advantage you would have with Plum over nutmeg, is that it can be setup to automatically monitor your bank balance, and automatically save to invest or in a cash account that currently pays 0.6%.  In comparison to say Fidelity or Hargreaves where their platform fees are 0.45%, I believe that once you have a balance more than £4k invested, Plum works out cheaper with the added savings AI.

IvanOpinion

I used Nutmeg to get started and found them very easy.  I then started learning as much as I could and just this weekend have moved my last holding away from Nutmeg.  I have no issues with them and am grateful that they offered such an entry for people like me with no knowledge at the time, my investments did OK (nothing earth shattering though)