Moneyfarm has doubled the discount on fees it offers to customers who refer others to the platform.
Clients who invite someone to the platform will receive a 0.20% discount on management fees for six months for each new customer, up from 0.10% previously.
The discount is dependent on the level of fees currently paid, the digital wealth manager stated in an email to clients
Moneyfarm gave the example of someone paying 0.45% in fees. After one successful referral, their fees will fall by 44% for six months.
The firm’s management fees for a general investment account are tiered, starting at 0.70% to 0.45%, depending on whether active of passive management is chosen, and can fall further depending on how much money is invested.
Launched in Italy 2012 and headquartered in the UK, by Italian bankers Paolo Galvani and Giovanni Dapra Moneyfarm provides digital wealth management or robo-advice.
It has since grown to serve more than 90,000 users, for whom it manages more than £2.4 billion in assets.
Moneyfarm’s portfolios are put together by investment managers rather than a fully automated process. Its technology fine-tunes investments to match users’ risk tolerance.
In 2023 the company introduced thematic investing, allowing customers to invest in a series of growth-oriented themes including Technology, Sustainability, Society or a mix of all three.
The latest Good Money Guide review of the platform in June found it to overall be a “great investment platform for a broad range of wealth and investing goals”.
Highlights include its “smart technology” and that it has the “expertise of dedicated consultants” on its board, improving user experience and making it a more trustworthy place to keep your money.
If you want to know more about how Moneyfarm works and the vision behind the platform, you can read our interview with CEO Giovanni Daprà through this link.
“We don’t have a particularly grand proposition – we have the most simple proposition we can get away with. I want the people who value simplicity and quality of service over complexity,” he told us.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
