Wealthsimple closing! - where to transfer to?

F1001

Hi all, I opened my first S&S ISA account with Wealthsimple last year and have transferred nearly all my previous years allowances to it since I got more comfortable with exposure to financial markets rather than my 0.0001% Cash ISAs. Should I do nothing and go with the auto-transfer to Moneyfarm? Or transfer to different platform/advisor? If so, which one? I am looking for low costs for larger total asset size. 

With WS I have a Growth portfolio (80:20) - performance has been really good, its app is simple to follow what's happening (I can't change their strategy or fund choices, so no point getting too obsessive over it), and fees are really low as I get a chunk managed for free with their incentives. I like how I literally can just leave it to do it's thing, no rebalancing myself, no deciding on best buy funds / stocks of the month, can get on with day job and living life etc. 

Thank you!

eskbanker

https://forums.moneysavingexpert.com/discussion/6317936/goodbye-wealthsimple discusses this, including a potentially more cost-effective alternative....

Thrugelmir

Markets have been buoyant for a while. Best judge of performance is when the markets are more challenging and volatile. Vanguard for example would offer you something similar to what you currently hold. 

Albermarle

There are many 80:20 type funds available on many different platforms , that you can just 'buy and hold ' 
Unsurprisingly  they all perform rather similarly .

GeoffTF

Albermarle said:

There are many 80:20 type funds available on many different platforms , that you can just 'buy and hold ' 
Unsurprisingly  they all perform rather similarly .

Like this one:

https://www.vanguardinvestor.co.uk/investments/vanguard-lifestrategy-80-equity-fund-accumulation-shares/overview

F1001

Thanks All! 
Read the post mentioned by @eskbanker and with the risk of even Moneyfarm disappearing in the future or being sold on to a bigger player wonder if there is any point in continuing with the Roboadvisors and if I should go to a DIY platform ? 
If I go onto Interactive Investor and buy a Vanguard 80:20 fund would that be just as good? Wonder why these Robo advisors don't buy all Vanguard if its the same thing and cheaper - had a look at the WS portfolio and i've got some Amundi, iShares, Blackrock and Vanguard - would I be missing something if I went into a DIY platform and chucked it all in the Vanguard 80:20?

dunstonh

Or transfer to different platform/advisor?

Wealthsimple is neither a platform or an adviser.     They were a robo provider and they are looking to move you to another robo-provider.

With WS I have a Growth portfolio (80:20) - performance has been really good,

Yes.  Way above long term average but that is what happens in growth periods. 

and fees are really low as I get a chunk managed for free with their incentives.

And that is the problem with a number of robos.  They are pricing to attract sufficient business to then sell out to another.  If they fail to get sufficient business, the money runs out and they have to shut down.  

Most Robo providers are loss making and most are not expected to be here in the long term.  Consolidation and failures should be expected.  it isn't a mature market.

 I like how I literally can just leave it to do it's thing, no rebalancing myself, no deciding on best buy funds / stocks of the month, can get on with day job and living life etc. 

Yes, its pretty much the same as using a multi-asset fund on a platform except platforms and multi-asset funds are normally cheaper than most robo-providers.

Albermarle

If you go to a DIY platform , then which one largely depends on the size of your fund. Some charge a flat fee and some a % fee.
As a rule the bigger your fund the better the fixed fee ones , although there are exceptions.
Also Vanguard Lifestrategy 80 is the most well known of these types of funds but not necessarily the best .
HSBC global strategy range of funds and Blackrock Mymap series are also similar + others .

There is a new(ish) roboadvisor in town - Investengine - cheaper than the others but inevitably a question mark about their longevity.
InvestEngine review - is it the cheapest way to invest? - £50 Welcome bonus (moneytothemasses.com)

Thrugelmir

Robo advisors are the next generation.  Just to need to build scale of operation. 

F1001

Albermarle said:

If you go to a DIY platform , then which one largely depends on the size of your fund. Some charge a flat fee and some a % fee.
As a rule the bigger your fund the better the fixed fee ones , although there are exceptions.
Also Vanguard Lifestrategy 80 is the most well known of these types of funds but not necessarily the best .
HSBC global strategy range of funds and Blackrock Mymap series are also similar + others .

There is a new(ish) roboadvisor in town - Investengine - cheaper than the others but inevitably a question mark about their longevity.
InvestEngine review - is it the cheapest way to invest? - £50 Welcome bonus (moneytothemasses.com)

Investengine looks really interesting - seems cost wise it's better than the DIY and roboadvisor rivals? I guess they will inevitably introduce fees at some point / other functionalities or sell out and I will have to go through all this again!

GeoffTF

F1001 said:

Albermarle said:

If you go to a DIY platform , then which one largely depends on the size of your fund. Some charge a flat fee and some a % fee.
As a rule the bigger your fund the better the fixed fee ones , although there are exceptions.
Also Vanguard Lifestrategy 80 is the most well known of these types of funds but not necessarily the best .
HSBC global strategy range of funds and Blackrock Mymap series are also similar + others .

There is a new(ish) roboadvisor in town - Investengine - cheaper than the others but inevitably a question mark about their longevity.
InvestEngine review - is it the cheapest way to invest? - £50 Welcome bonus (moneytothemasses.com)

Investengine looks really interesting - seems cost wise it's better than the DIY and roboadvisor rivals? I guess they will inevitably introduce fees at some point / other functionalities or sell out and I will have to go through all this again!

Invest Engine is the cheapest platform, but it is very new. That should not be a problem if you are under £85K. Much more than that, I would go with a bigger player. Nutmeg is the biggest Robo. There are lots of big players for DIY.