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Any experience of 'Moola' robo-investment?

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Comments

  • Malthusian
    Malthusian Posts: 11,055 Forumite
    Tenth Anniversary 10,000 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.
  • LHZ
    LHZ Posts: 54 Forumite
    Eighth Anniversary 10 Posts
    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).
  • BLB53
    BLB53 Posts: 1,583 Forumite
    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.
  • Alexland
    Alexland Posts: 10,561 Forumite
    Eighth Anniversary 10,000 Posts 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
  • Herbalus
    Herbalus Posts: 2,634 Forumite
    Tenth 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.
  • thenewcomer
    thenewcomer Posts: 165 Forumite
    Seventh Anniversary 100 Posts Name Dropper
    shame. i was going to sign up for it!
    Aim to retire by 45.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth 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.?
  • Herbalus
    Herbalus Posts: 2,634 Forumite
    Tenth 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.
  • Alexland
    Alexland Posts: 10,561 Forumite
    Eighth Anniversary 10,000 Posts 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.
  • fun4everyone
    fun4everyone Posts: 2,371 Forumite
    Tenth 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.
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