Any experience of 'Moola' robo-investment?
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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.0 -
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).0
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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.0
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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:- 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
- 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."
Alex0 -
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 500.0 -
shame. i was going to sign up for it!Aim to retire by 45.0
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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.
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Where can you get bespoke financial advice for £7.50.?0 -
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.0 -
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.0 -
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