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  • FIRST POST
    • LHZ
    • By LHZ 11th Apr 18, 9:31 AM
    • 24Posts
    • 8Thanks
    LHZ
    Any experience of 'Moola' robo-investment?
    • #1
    • 11th Apr 18, 9:31 AM
    Any experience of 'Moola' robo-investment? 11th Apr 18 at 9:31 AM
    Hello all. I'm tempted to take up the latest offer from Moola robo-investment platform via MSE (125 cashback after 12 months with minimum 1200 investment over the year). Does anyone have any experience of this? Seems like a reasonable offer. Also, is there any reason for me not to put this in a S&S ISA? I'm completely new to this and whilst I've been tempted to jump in to shares I've always held off. This Moola app seems an easy way in.

    Many thanks!
Page 3
    • fun4everyone
    • By fun4everyone 12th Apr 18, 5:15 PM
    • 987 Posts
    • 1,520 Thanks
    fun4everyone
    We applied just before 2pm yesterday and just received the below email.
    Originally posted by Alexland
    Well done, I was going to apply today and see I am too late.
    • dunstonh
    • By dunstonh 12th Apr 18, 11:42 PM
    • 92,547 Posts
    • 59,834 Thanks
    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.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • thenewcomer
    • By thenewcomer 13th Apr 18, 6:32 AM
    • 93 Posts
    • 20 Thanks
    thenewcomer
    Where can you get bespoke financial advice for 7.50.?
    Originally posted by AnotherJoe
    HSBC has been trying to offer me to meet up with their financial advisor for years for free. ive not taken it up.
    Aim to retire by 45.
    • Malthusian
    • By Malthusian 13th Apr 18, 10:06 AM
    • 4,065 Posts
    • 6,371 Thanks
    Malthusian
    Where can you get bespoke financial advice for 7.50.?
    Originally posted by AnotherJoe
    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.

    You know thats pushing the concept of bespoke
    by herbalus
    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
    • By Alexland 13th Apr 18, 11:59 AM
    • 2,387 Posts
    • 1,784 Thanks
    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
    • By Alexland 28th Apr 18, 7:17 AM
    • 2,387 Posts
    • 1,784 Thanks
    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
    • By Herbalus 28th Apr 18, 8:16 AM
    • 2,061 Posts
    • 1,683 Thanks
    Herbalus
    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.
    Originally posted by Alexland
    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
    • By slapmatt 28th Apr 18, 8:43 AM
    • 100 Posts
    • 1,072 Thanks
    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
    • By Herbalus 28th Apr 18, 8:48 AM
    • 2,061 Posts
    • 1,683 Thanks
    Herbalus
    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.
    Originally posted by slapmatt
    Are you going to be there when you have 6k in it?
    • Alexland
    • By Alexland 28th Apr 18, 9:12 AM
    • 2,387 Posts
    • 1,784 Thanks
    Alexland
    Moola's fees are 0.75% + fund costs so are more expensive than holding funds on HL from day 1.
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