Wealth managers can help manage your investment portfolio to boost returns. Plus they can unlock tax efficiencies. All this can increase your net worth.
| Name | Logo | Minimum | Initial Fees | Ongoing Fees | Customer Reviews | CTA | Tag | Feature | Expand |
|---|---|---|---|---|---|---|---|---|---|
 | Minimum £250,000 | Initial Fees 1%-2% | Ongoing Fees 0.6%-1.5% | Customer Reviews | Featured Wealth Manager | Features:
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 | Minimum £1 | Initial Fees £0 | Ongoing Fees 0.1%-0.45% | Customer Reviews | Features:
| Expert ratingOur expert rating is the average of the areas listed here, each scored out of 5 by our team.
Pros
Cons
Our verdictMoneyfarm 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 for wealth management?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 were, is fine-tuning your portfolio to match your risk/reward choices. Unlike with other robo-advisors, with Moneyfarm you can also top up your portfolio with individual shares and ETFs. 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%. Market Access: You can invest in 7 pre-made portfolios, but also (unlike a lot of other digital wealth managers and robo-adviors) also buy individual shares, ETFs, bonds and mutual funds online. It’s a bit of a shame you can’t buy US stocks, But Moneyfarm is best really for setting up regular investments in a GIA, ISA or SIPP, then letting them grow over time without too much tinkering and speculating on Tech stocks. App & Platform: It’s really easy to use, plus it puts you through your paces to make sure you understand what you are investing in. Apparently, my Moneyfarm investor profile is “pioneering”, which means I want to take on more risk for potentially better returns. Customer Service: This is mostly online as you’d expect but solves all issues – I’ve had some good calls with Moneyfarm about how its products work over the years, and its people really know their stuff. If you want to find out more about the ethos, you can read my interview with the CEO Giovanni Daprà on how they are so much more than a robo-advisor. Research & Analysis: Not much to speak of other than a few guides, but that’s ok, as I don’t really want Moneyfarm spamming me with stock trading ideas.
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| | Minimum £100 | Initial Fees £299 | Ongoing Fees 0.75% – 1.15% | Customer Reviews | Features:
| Expert ratingOur expert rating is the average of the areas listed here, each scored out of 5 by our team.
Pros
Cons
Our verdictOctopus Money starts with a free video chat to explain its service, costs, and build your financial profile. A personalised financial plan costs from £299, with one-to-one sessions focused on your goals and a clear, visual forecast of your finances, alongside practical next steps. For ongoing support, you can opt into regulated advice from around 1.15% all-in. This includes tailored investment and pension recommendations, portfolio management, and continued access to a financial adviser, helping you stay on track and adapt your plan as your circumstances change. Octopus Money Offers Financial Coaching For Fixed FeePricing: The one off fixed coaching fee of £299 is a great way to get started. But if you want ongoing regulated investment advice 1.15% is inline with what traditional wealth managers charge for financial planning. If not, ongoing fees are 0.75% per year. Market Access: You can invest in a pension, stocks and shares ISA or general investment account through 10 different Octopus Portfolios (graded by risk).
App & Platform: Both simple to use. Customer Service: One of the key advantages of octopus money is access to experienced coaches and regulated advisors as and when you need them. Research & Analysis: As with customer service, you get tailised guidence and advice based on your individual circumstances. |
❓Good Money Guide Shortlisted Top Rated Wealth Managers Based On:
- Over 40,000 votes and reviews in the annual Good Money Guide awards
- Our team’s experiences evaluating the wealth managers’ products and services
- In-depth comparison of the features that make these wealth managers the best
- Exclusive interviews with the wealth manager CEOs and senior management
- Find out more about our review process in the How We Test Providers page.
Our review team has had extensive hands-on experience with each company, looking at factors like fees, account charges and investments.
What Is A Wealth Manager & What Do They Actually Do?
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 business or for handling inheritance, as well as sound financial planning for retirement.
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 you and other clients and leave 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?
Further reading: Our guide on what to ask a prospective wealth manager.
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.
Compare Wealth Managers For Families
Managing family wealth can be considerably more complicated than managing an investment portfolio for one person. You may be investing for your own retirement while also paying school or university fees, helping children onto the property ladder, supporting elderly parents and thinking about how wealth will eventually pass to the
Compare Wealth Managers For Investing
If your main reason for using a wealth manager is to have your investments professionally managed, the most important consideration is how they will actually invest your money. Wealth managers can take very different approaches to portfolio management. Some invest directly in shares and bonds, others primarily use funds and
Compare Wealth Managers When Looking For A Different Investment Approach
If you’re considering changing wealth manager because you want a different investment approach, start by identifying exactly what you dislike about your existing portfolio. Perhaps you’re frustrated with a standard portfolio of funds, want more direct share ownership, are looking for a more active investment strategy or want access to
Compare Wealth Managers For Expats & International Clients
Living overseas can make managing your wealth considerably more complicated. You may have investments, pensions, property and bank accounts in several countries while potentially being subject to different tax and investment rules in each jurisdiction. Use our wealth manager finder to compare the best wealth managers for expats and international
Compare Wealth Managers For Divorce & Financial Settlements
Divorce can significantly change your financial position. You may receive a large cash settlement, investments, property or a share of your former partner’s pension, while at the same time having to plan for your future on a single income. Use our wealth management finder tool to compare the best wealth
Compare Wealth Managers For Personal Injury Compensation
Receiving a substantial personal injury compensation payment can create a unique set of financial challenges. Unlike an inheritance, bonus or proceeds from selling a business, compensation may have been calculated specifically to provide for your future care, loss of earnings and other costs resulting from an injury. Use our wealth
Compare Wealth Managers For Entrepreneurs & Selling Your Business
Selling a business can completely change your financial position. For many entrepreneurs, the majority of their wealth has been tied up in one company for years. A successful sale can suddenly leave you with a substantial amount of cash and a completely different set of financial decisions to make. Use
Compare Wealth Managers For Investing A Large Amount Of Cash
If you have a large amount of cash to invest, perhaps following the sale of a business, an inheritance, property sale or a large bonus, choosing a wealth manager can help you decide how to put that money to work. Use our wealth management finder to compare the best wealth
Compare Wealth Managers For £500,000+ Portfolios
If you have around £500,000 to invest, you are in a strong position when choosing a wealth manager. Your portfolio is large enough to meet the minimum investment requirements of many wealth management firms, giving you a choice between traditional discretionary managers, financial advisers offering investment management and increasingly sophisticated
Compare Wealth Managers For Young Professionals
Young professionals may not immediately think of themselves as typical wealth management clients. However, high earners in areas such as finance, law, technology, medicine and entrepreneurship can quickly find their financial affairs becoming more complicated as their income and assets grow. Use our wealth management finder to compare the best
Compare Wealth Managers For Approaching Retirement
Choosing a wealth manager can become particularly important as you approach retirement. During your working life, the priority is often relatively straightforward: building your pension and investment portfolio. As retirement gets closer, the focus begins to shift towards protecting what you have accumulated and working out how to turn it
Compare Wealth Managers For High-Net-Worth Individuals
Choosing a wealth manager becomes increasingly important as your financial affairs become more complex. For high-net-worth individuals (HNWIs), the best wealth manager should do considerably more than simply construct an investment portfolio. They should understand your overall financial position, long-term objectives, tax situation, family circumstances and how your wealth may
Compare Wealth Managers For Financial Planning
What Exactly Does a Financial Planner Do? A financial planner helps you make sense of your entire financial picture and turn it into a structured plan. Rather than focusing on a single product, they look at how your income, savings, investments, pensions, property and protection fit together over the short,
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Traditional wealth managers versus digital wealth management platforms
Wealth managers are 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
Digital
- 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.
- However, despite being known as robo-advisors portfolios are managed and run by humans.
- You can invest in a smaller but cheaper range of pre-made portfolios
Traditional
- 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.
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.
What Changes In Your Finances Wealth Managers Can Help With?
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.
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.
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