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Richard Berry
- Updated
Wealth managers are an individuals or companies that help you invest for your future via a tax-efficient pension, ISA or general investing account. In this guide, our team has split the best UK wealth managers into two categories:
- Digital wealth managers: best for small and new portfolios
- Traditional wealth managers: best for larger portfolios
For each of Good Money Guide’s best rated providers, you can compare wealth manager features like account types, fees and deposit limits.
Comparing wealth managers can feel overwhelming, but it doesn’t have to be. Good Money Guide’s Wealth Management Finder makes it easy to connect with top-rated firms that align with your investment objectives. Compare wealth managers and take the first step toward expert guidance and a tailored portfolio strategy.
Traditional Versus Digital Wealth Management
Traditional wealth managers help you invest large amounts of money. They can give you advice on tax, international investments and complex portfolios. They’re most suited if you have over £250k to invest.
Digital wealth managers are also known as robo-advisors and provide online platforms which automate the majority of the services offered by traditional wealth managers.
Compare Wealth Managers
Use our provider information below to compare what each UK wealth manager offers.
Our review team has had extensive hands-on experience with each company, looking at factors like fees, account charges and investments.
| Wealth Manager | Service Type | GMG Rating | More Info |
|---|---|---|---|
 | Traditional | Request Call Capital at Risk |
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 | Traditional | Request Call Capital at Risk |
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 | Traditional | Request Call Capital at Risk |
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 | Digital | See Offers Capital at Risk |
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 | Digital | See Offers Capital at Risk |
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 | Digital | See Offers Capital at Risk |
Wealthify: UK Wealth Management Investing From Just £1
- Investments: Pre-made portfolios
- Minimum deposit: £1
- Account types: GIA, ISA, Pension
- Account charge: 0.6% annual charge
- Dealing fee: £0
Wealthify is the digital wealth management arm of Aviva Group. Wealthify lets you invest in either an original portfolio of investments from the UK and overseas or choose an ethical investment plan made from a blend of environmentally and socially responsible investments.
Wealthify Review
Name: Wealthify
Description: Wealthify is a digital wealth manager or “robo-advisor” that offers low-cost pre-made portfolios through their Original or Ethical investment plans. Wealthify is now owned by Aviva, and customers can set their own risk/reward threshold and invest through a general investment account, stocks and shares ISA, junior ISA or pension.
Capital at risk
Is Wealthify good for investing?
Yes, Wealthify is a great investment option for people who want a simple, low-cost investment account. They offer pre-made diverse portfolios to invest in where you can set your own goals, risks and potential returns. Fees are low at 0.6% of your portfolio value, but there are also investment costs of on average 0.16% for original plans and 0.7% for ethical plans. Fees do drop to 0.3% above £100k for pensions though.
Pros
- Owned by Aviva
- Simple investment options
- Low-cost
Cons
- Cannot buy individual shares
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Pricing
(4.5)
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Market Access
(4)
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Online Platform
(5)
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Customer Service
(5)
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Research & Analysis
(4)
Overall
4.5Nutmeg: Best UK Digital Wealth Manager
Approved by Nutmeg on the 11 September 2023
- Investments: Pre-made portfolios
- Minimum deposit: £500
- Account types: GIA, ISA, Pension, JISA, LISA
- Management fee: 0.75%-0.45%
- Dealing fee: £0
J.P. Morgan digital wealth manager owned Nutmeg won our award for best robo-advisor in 2023, 2022 and 2021 as they offer one of the simplest ways to start investing with either a standard account, stocks and shares ISA or pension. Nutmeg can also be credited with leading the way in taking managed investing online.
Nutmeg Review
Name: Nutmeg
Description: Nutmeg were among the first digital wealth managers set up in the UK, known as “robo-advisors”. Despite the term robo-advisors being used, it is an investment team that makes the investment decisions. The term robo-advisors refers more to taking the process of building a diverse portfolio automatically online.
Capital at risk. Tax treatment depends on your individual circumstances and may change in the future.
Is Nutmeg any good for investing?
Yes, Nutmeg is very easy and low-cost way to invest in a range of diverse pre-made portfolios created by experts and are part of J.P. Morgan.
- Investments: 5 investment styles are made up of 34 individual portfolios
- Account types: GIA, ISA, Pension, JISA, LISA
- Management fee: 0.75% to 0.45%
Fees: Nutmeg charge 0.75% for their managed portfolios which drops to 0.35% for balances over £100k. For their fixed allocation portfolios, they charge 0.45% dropping to 0.25% for balances over £100k. For all portfolios, there is an addition charged by the investment fund manager of around 0.2% and the market spread on buying and selling portfolios is currently between 0.04% and 0.09%. More information on fees and products can be found here.
Pros
- Great for beginners
- Risk-based funds
- Socially Responsible Portfolios
Cons
- High £500 minimum investment
- 0.75%* account fee higher than Wealthify
- Cannot invest in individual shares
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Pricing
(4)
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Market Access
(3.5)
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Online Platform
(5)
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Customer Service
(5)
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Research & Analysis
(3.5)
Overall
4.2Moneyfarm: Excellent Choice Of Risk-Based Portfolios
- Investments: Pre-made portfolios
- Minimum deposit: £500
- Account types: GIA, ISA, Pension, JISA
- Account charge: 0.75% annual charge
- Dealing fee: £0
Digital wealth manager Moneyfarm is a very simple way to invest and offers guidance from experienced professionals backed by ongoing digital investment advice so you can feel confident about your investments.
Moneyfarm Review
Name: Moneyfarm Review
Description: Moneyfarm is a digital wealth manager that aims to make personal investing simple and accessible. It was launched initially in Italy in 2012 by Italian bankers Paolo Galvani and Giovanni Dapra and entered the UK in 2016 and has big-name financial backers such as Allianz Global Investors, Cabot Square Capital, United Ventures and Poste Italiane.
Is Moneyfarm any good?
Yes, Moneyfarm is more of a digital wealth manager rather than a robo-advisor as the portfolios are put together by investment managers, rather than automatically. The automation, as it where, is fine-tuning your portfolio to match your risk/reward choices. As opposed to other robo advisors you can also top-up your portfolio with individual shares and ETFs.
- Investments: 7 pre-made portfolios
- Account types: GIA, ISA, Pension, JISA
- Costs: 0.75% to 0.6%
Fees: Moneyfarm charges 0.75% to 0.6% up to £100k then 0.45% to 0.35% over £100k. Moneyfarm investing account fees are scaled between 0.75% for accounts between £500 and £50,000, then above £100k are 0.45% to 0.35%. Average investment fund fees are 0.2% and the average market spread when buying and selling is 0.10%.
Pros
- Easy to use
- Low fees
- Diverse portfolios
Cons
- High £500 minimum investment
- 0.75%* account fee is relatively high
- No individual US shares available
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Pricing
(4)
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Market Access
(4)
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Online Platform
(5)
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Customer Service
(5)
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Research & Analysis
(4)
Overall
4.4What Is A Wealth Manager?
A wealth manager helps you invest your assets in a wide and varied set of investments. They instruct you on the best course of action for tax efficiency in your businesses or handling inheritance as well as sound financial planning for retirement.
What Do Wealth Managers Do?
A wealth manager’s day to day responsibilities will vary depending upon which type you choose. If you choose a larger, well established firm then your wealth manager may be more like a client manager. These prioritise communication with yourself and other clients and leaves the investment and detail of the work to teams within the organisation.
However, if you choose a smaller wealth management firm you may find that you have more interaction and influence over what happens with your money. They may also be more hands-on with your investments and finances.
Questions you should ask your wealth manager
- Who will be managing my money?
- Who will I be in contact with?
- How much input will I have?
Many independent financial advisers also offer wealth management services which can help you find the best returns. The finder form here includes both wealth managers and financial advisers who could help you with your needs.
Wealth Management vs Private Banking
Wealth management is a type of financial management arrangement where a wealth adviser or manager is tasked with taking over your portfolio. They ensure it gains value, is taxed efficiently and you are gaining the most value from assets like property. They can also help you plan your finances for retirement.
Private banking usually involves financial institutions offering select services and products to customers with high net worth or clients they would consider as ‘exclusive’ Different financial organisations will have different thresholds and conditions on who they would consider high net worth individuals and high-value clients.
Benefits for private banking clients could involve better rates, investing advice and access to services faster.
Wealth Management vs Financial Planning
Financial advisors offer advice on investment advice in return for financial compensation. Their services only rarely extend into account management although so do offer more hands-on services.
Financial planners can also advise on things like budgeting, cash flow, saving and investing. Unlike wealth managers, they don’t offer services only to highly wealthy individuals and would be more likely to work with someone whatever their overall financial status.
Wealth Management vs Investment Banking
Investment banking is the arm of a bank responsible for investing assets and creating capital returns on behalf of governments and businesses.
Investment banks are normally subsidiaries of retail street banks like Barclays and HSBC.
These retail banks tend to use ‘investment banking’ as the coverall phrase to explain their activities in investing.
Some investment banks offer services to clients like investment management and investment ISAs but their services are not as far-reaching as those a wealth manager could give you.
Wealth Manager Charges & Fees
Wealth managers and advisers will normally charge you a fee as a percentage of the total value of the assets they will be managing.
Depending upon the experience, expertise and specialisms of the wealth manager this could be anywhere between 0.5% – 2.0%.
Some also charge a commission on top of the fees, which is a percentage of the return investments that the wealth managers are responsible for will take.
This will generally be lower than the actual fees and could even drop if you invest larger amounts with them.
Wealth Managers Can Help With Changes In Your Finances
You may have come into money quickly perhaps via an inheritance, investing or trading or perhaps you’ve received a windfall through a large bonus from work.
Whatever the reason, if you’ve got access to a large amount of money at one time it may be something you feel you need help with. A wealth advisor could offer viable strategies and options to help you earn the best returns on your money while being a single point of contact for you to liaise with.
If that’s the case, calculate how much you have available to invest and in what forms before you get a quote.
Tax Planning With A Wealth Manager
Finding ways to reduce your outgoings earned from assets or from investing is one way to ensure that your investments are worth more to you over time.
If you have a varied and diverse portfolio including traditional stock market investments, property and business interests it can be both complex and time consuming to ensure that your tax affairs are as efficient as possible.
You might find that a wealth manager is the simplest solution to your problem and that the tax savings they can offer you are worth more to you over time than the fees they charge.
A wealth manager could work with your accountant in your business and utilise tax-efficient investments like your pension to unlock tax relief in financial years to come.
If you’re older, they could also help insulate your taxable estate assets as much as possible from tax for beneficiaries.
Consolidation Or Expansion Of Several Financial Accounts
If you’re a self-managed investor and have been active for some time, you may have active accounts with several different services and with many brokers. Using multiple brokers can end up becoming difficult to manage.
Difficulty may arise if you are manually and personally trying to keep track of every investment in each account. It could also mean higher costs overall by keeping your investments separate over consolidating them together.
You may find that it is substantially cheaper and more time-efficient to find a wealth manager who can take over and consolidate investment activities.
This could be especially true if you have assets outside of traditional financial investments to look at too.
A wealth manager could help you to achieve this consolidation and ensure that it is done so both quickly and cost-efficiently.
Retirement Planning With Wealth Management
Retirement planning can be complex but a wealth manager could help you strategise your retirement in advance and ensure that you have a strategy to unlock the value in your assets efficiently and in a timely way to last throughout your retirement years.
A good wealth manager can help you to;
- Understand how much you will need to maintain your lifestyle into retirement
- Ensure tax efficiency on your pension balance
- Manage and consolidate savings, investments and more towards your pension pot
- Locate and consolidate your forgotten pensions held by multiple providers
- Take a steady income throughout your retirement so you can maintain your standard of living
- Explain retirement options for your income after you stop work
Retirement can be a time when you have the opportunity to access the most money all at once than ever before. Getting the advice from an expert in advance of and during this critical process can help ensure that you are in the best possible position when you can retire.
One-Off Advice From A Wealth Manager
One-off wealth management advice can help many people improve the overall health of their assets and finances.
A wealth manager or adviser may be able to help you reduce your taxable income if you have completed a tax return and are facing a bill larger than you expected.
An independent financial adviser may be able to help you identify suitable investments to take on if you have suddenly come into some additional capital, through inheritance or via other means.
You can usually find wealth managers or financial advisers who can work with you on a one-off basis or advise or manage your wealth until it is safely invested on your behalf.
The arrangement of payment for the services of your wealth manager will vary depending upon your needs but many are usually willing to work for a one-off fee.
UK Wealth Manager FAQs:
JM FINN, Partners Wealth Management and 7IM are all well-established wealth management firms. Wealth management services are also offered by some investment platforms like Hargreaves Lansdown but are also available from smaller and more localised firms and professionals. Complete our request a callback for to compare the wealth managers we have interviewed, reviewed and compared.
We have ranked JM FINN as the best wealth manager in 2023. You can choose the best wealth manager for your needs by comparing multiple quotes and services in our wealth manager comparison tool. Good Money Guide can help you obtain quotes from multiple wealth managers by completing one form with some details about the services you require.
Wealth managers make money by charging an upfront fee for managing your money or by charging an annual fee based on the investments they manage for you. Fees and charges will vary by wealth management firm and depending upon the size and composition of your portfolio.
Unless frequent face to face meetings are very important to you selecting a wealth manager by comparing only those closest to you may mean you miss out on the best service and ultimately the best performance and returns on your assets.
We compare some of the best known and most well-recognised wealth managers in our comparison table. They are all authorised and regulated by the FCA and can provide personalised quotes upfront based on your needs and to allow you to check them against each other.
A number of brokers such as Freetrade offer commission-free trading. However, it’s important to be aware of other costs. Freetrade, for example, charges £3 per month for its Stocks and Shares ISA and £9.99 per month for Freetrade Plus (which offers access to more investments). It also charges FX fees of spot rate +0.45% on international shares.
In terms of investing in funds, some brokers such as Hargreaves Lansdown allow you to buy and sell funds commission free. However, these brokers generally charge an annual custody charge on fund investments. Hargreaves Lansdown, for example, charges 0.45% per year on fund holdings up to £250,000.
Yes, you can look at performance tables and results of their team of fund managers if they represent a larger organisation.
Checking the past performance of smaller wealth manager isn’t easy though. As their activities take in such a wide-reaching approach to wealth creation that gaining specific insights can be very difficult. However, they should be able to provide you with some indication of their historic success stories and client testimonials.
How do you keep in touch with your clients?
It wouldn’t be wise to choose a wealth manager on the assumption that you will have a weekly face to face catch up with them if they are unable to offer this or only deal with clients over the phone after an initial introductory meeting.
What are the services do you offer?
One question you will want to ask is whether wealth managers offer the right services to suit your needs. It would be pointless signing up the services of a wealth manager without first ensuring that the services they offer meet your specific needs.
Is it Clear What I am Looking for and Want You to Take on?
While bringing on an expert to help you can be beneficial in helping you to find new perspectives on personal wealth generation you also need to make sure that the wealth manager you choose fully understands your outlook.
If you are looking for long term returns through property investments and short term gain with steps to keep business taxation affairs efficient but your wealth manager focuses on investing as the primary strategy, neglecting the methods you see as important, then you may find you wish to switch to another sooner.
Be clear on your aims and goals upfront and ensure that you ask them about their preferred areas of expertise and focus.
How much do you charge & what is your pricing model?
You will need to be completely clear on pricing upfront, as this will help you better compare wealth managers that can help you.
Understanding whether wealth managers operate on a flat fee or commission-based payment model will also help you to understand which offers the best value for money based on the overall value of your portfolio.
Pricing, how often you are charged and what forms of payment they accept is something that wealth managers should be clear on with you upfront.
Wealth managers will normally have a minimum value or fund that they are willing to take on. You should check what this is when making contact with potential managers. If your net worth is lower than they normally work with, other services may better suit your needs.
