Best Wealth Managers Compared, Reviewed & Interviewed

Home > Investing > Wealth Managers

Wealth managers are an individual or company that helps you invest for your future via a tax-efficient pension, ISA or general investing account. In this guide, we have split wealth managers into two categories, digital wealth managers (for small and new portfolios) and traditional wealth managers (for larger portfolios). For each wealth manager, you can read CEO interviews, see their services and request a call back for more information.

Compare Wealth Managers

Wealth ManagerService TypeOur RatingMore Info

Traditional
(4.5)
Request Call
Capital at Risk

Traditional
(4)
Request Call
Capital at Risk

Partners Wealth Management

Traditional
(4.2)
Request Call
Capital at Risk
Wealthify Robo AdvisorDigital
(4.5)
See Offers
Capital at Risk
Moneyfarm Robo AdvisorDigital
(4.2)
See Offers
Capital at Risk
Nutmeg Robo AdvisorDigital
(4.2)
See Offers
Capital at Risk

Traditional Wealth Managers

Traditional wealth managers help you invest large amounts of money and can also provide advice on tax, international investments and complex portfolios and are more suited for those with over £250k to invest.

JM FINN: Best Wealth Manager 2023

JM FINN Review
JM FINN

Name: JM FINN

Description: JM FINN won our award for best wealth manager in 2023, 2022 and 2021. JM FINN offer a high quality, personalised investment management service that aims to meet the individual demands of today’s private and professional investors.

Summary

JM FINN offer a high-quality, personalised investment management service that aims to meet the individual demands of today’s private and professional investors.

  • Pricing
    (4.5)
  • Market Access
    (4.5)
  • Online Platform
    (4.5)
  • Customer Service
    (4.5)
  • Research & Analysis
    (4.5)
Overall
4.5
Comments Rating 4.7 (74 reviews)

Partners Wealth Management

Partners Wealth Management Review
Partners Wealth Management

Name: Partners Wealth Management

Description: Partners Wealth Management advisers build lifelong partnerships with clients, focusing on every element of advice to ensure your every need is met.

Summary

A good option for those that want a full-service wealth manager for large pensions and portfolios.

  • Pricing
    (4)
  • Market Access
    (4.5)
  • Online Platform
    (4)
  • Customer Service
    (4.5)
  • Research & Analysis
    (4)
Overall
4.2
Comments Rating 4.38 (8 reviews)

7IM (Seven Investment Management)

7IM Review
7IM

Name: 7IM

Description: Whether you’re investing for growth, planning for retirement or drawing an income from your pension, a 7IM financial advisor will work with you to find the solutions that work best for you.

Summary

A good all-round wealth manager for clients with £250k upwards. A simple pricing structure also helps keeps costs low.

Pros

  • 50 wealth managers
  • £20bn under management
  • 20 years experience

Cons

  • Better for large portfolios
  • Pricing
    (4)
  • Market Access
    (4)
  • Online Platform
    (4)
  • Customer Service
    (4)
  • Research & Analysis
    (4)
Overall
4
Comments Rating 3.67 (12 reviews)

Digital Wealth Managers

Digital wealth managers are also known as robo-advisors and provide online platforms have automated the majority of the services offered by traditional wealth managers

Nutmeg: Best Digital Wealth Manager 2023

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
Nutmeg

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.

Summary

A 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
  • Pricing
    (4)
  • Market Access
    (3.5)
  • Online Platform
    (5)
  • Customer Service
    (5)
  • Research & Analysis
    (3.5)
Overall
4.2
Comments Rating 4.37 (531 reviews)

Capital at risk

Moneyfarm: Excellent choice of risk-based portfolios

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
Moneyfarm

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.

Summary

  • 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%


Moneyfarm would rather be known as a digital wealth manager rather than a robo-advisor. Fair enough really, 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.

Pros

  • Easy to use
  • Low fees
  • Diverse portfolios

 

 

Cons

  • High £500 minimum investment
  • 0.75%* account fee is relatively high
  • Cannot invest in individual shares
  • Pricing
    (4)
  • Market Access
    (4)
  • Online Platform
    (5)
  • Customer Service
    (4.5)
  • Research & Analysis
    (3.5)
Overall
4.2
Comments Rating 3.5 (62 reviews)

Capital at risk

Wealthify: Invest from just £1

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
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

Why we like it

  • Investments: 5 pre-made portfolios
  • Account types: GIA, ISA, Pension, JISA
  • Costs: 0.6% 

Fees: 0.6% of portfolio value. There are also investment costs of on average 0.16% for original plans and 0.7% for ethical plans.


Wealthify is a great investment option for people that 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.

Pros

  • Owned by Aviva
  • Simple investment options
  • Low-cost

Cons

  • Cannot buy individual shares
  • Pricing
    (4.5)
  • Market Access
    (4)
  • Online Platform
    (5)
  • Customer Service
    (5)
  • Research & Analysis
    (4)
Overall
4.5
Comments Rating 4.59 (2426 reviews)

Capital at risk

What is the overall best wealth manager?

JM Finn has won “best wealth manager” in our 2023, 2022, and 2021 awards. JM Finn always scores very highly for customer feedback, and service in our annual survey. Watch as they collect their trophy at Plaisterer’s Hall in London.

Wealth Management Explained

Wealth managers can help you invest your assets in a wide and varied set of investments and instruct you on the best course of action for tax efficiency in your businesses or handling inheritance and they can also help you out with sound financial planning for retirement.

Their day to day responsibilities will vary depending upon which type of wealth manager you choose. If you opt to employ the services from a larger, well established, firm then your wealth manager may more closely resemble a client manager that prioritises communication with yourself and other clients and leaves the investment and detail of the work to teams within the organisation.

However, if you opt to work with a smaller wealth management firm then you may find that you have more interaction and influence over what happens with your money and they may be more hands-on with your investments and finances.

Asking questions about who will be managing your money, who you will be liaising with and how much input you’ll have throughout the relationship are all questions you may want to ask when you are approaching potential wealth managers if you want to be sure that you get the type of manager and service that works for your needs.

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 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 will also charge a commission on top of 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, through 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 that 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.

In this instance 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 are 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 are 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 and it could 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
  • Taking 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.

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 to ensure that it gains value, is taxed efficiently and you are gaining the most value from assets like property too. They could 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 which a wealth manager would be able to provide.

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.

Online wealth managers may be a better option if you have a smaller portfolio to manage. Many traditional wealth managers only work with clients who have above a minimum threshold for them to work with, for example, £100,000. Alternatively, a one-off wealth management consultation may better suit your needs. When you compare online wealth managers, check they are fully registered with the FCA and check reviews and testimonials to ensure that they are reputable and trustworthy.

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, we run an annual awards for the best wealth manager and you can read our wealth management reviews and interviews online.

This is tricky but very often the best place to start is the website of each wealth management service you are considering. Looking out for reference points such as client satisfaction survey results, confidence scores and even awards they’ve won for performance, client services as well as regulatory information.

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.

Like any service people pay for, wealth managers are only worth their fees if the advice they offer you is effective.

The cost of getting a wealth manager may be more of a worthwhile investment if they can save you time or money.

For example, if you lack expertise in investing then paying someone to take that on for you and make your current investments even more profitable likely makes sense.

Likewise, if you are a confident investor but struggle to properly manage all of your investments due to the size of your portfolio or because it is spread across multiple brokers then paying someone else to take responsibility for managing it may make a lot of sense.

Of course, you will need to find a wealth manager that you feel confident in and that you trust to take over this financial management for you.

Wealth managers can also help by taking the emotion out of your investing activity. Without realising it, your investment activity could be heavily biased towards one type of instrument or market and the “good” returns you’ve been earning through them could have the potential to be much better by investing the money elsewhere. A good wealth manager will keep on top of these opportunities and help determine which ones are right for you.

The other consideration when making your decision is the risk of stock market investing, the value of your investments could go up or down and stock market downturns could impact your wealth despite the best efforts of your wealth manager.

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.

Scroll to Top