- Moneyfarm is highly rated in both expert and user reviews, boasting an average of 4.3/5 from 243 user reviews. Users appreciate the platform’s ease of use and the ability to invest in a variety of assets, including shares and ETFs. However, some have raised concerns about customer service and issues with account management.
- Experts commend Moneyfarm for its user-friendly interface and low fees, highlighting its unique position as a digital wealth manager that allows for both automated portfolio management and individual investment choices. They note the platform’s strong customer service and diverse portfolio options, although the minimum investment requirement is considered high.
- Users frequently praise Moneyfarm for its excellent customer service and straightforward investment process, often mentioning the platform’s reliability and good returns. However, there are notable criticisms regarding account management issues and unexpected fees, which have led to frustrations for some customers.
A Rabble of Thieves
After receiving my £10,000 into a Stocks and Shares ISA, they then proceeded to close the account and refuse to return the money. The financial Ombudsman is now having to get involved. Liars, cheats, frauds. Despicable company that must be avoided.
Awful company that shirks responsibility when they’ve made errors
Dreadful business.
Messed up transferring my money into a pension account and has since offered me a pathetic £200 in compensation for the several thousands (>£10k) that it has cost me.
Technology clearly doesn’t work. Despite speaking to their team about 5/6 times they still were unable to allocate my funds to my pension on time.
Have since blamed the error on not being able to “automatically allocate” money into the fund despite me speaking to them several times before the end of the tax year and knowing exactly what I wanted to achieve.
Hiding behind pathetic excuses and not interested in making this right for a customer. It would be refreshing if they would hold up their hands when a clear error has been made, but instead they would rather push the financial loss onto me.
Dreadful business to deal with.
Misleading Interest Rate on Cash ISA and Bad Customer Service
I have just transferred a Cash ISA over to Moneyfarm from Zopa, due to better interest rates. The transfer went smoothly, however the value of the ISA has decreased, even though the interest rate is currently quoted as 4.33%. I’m no financial wizard, but by my reckoning the value should be going up, rather than down. The ‘Chat to Us’ section was of no help and my email to customer services went unanswered. Very disappointed! I will be moving my Cash ISA somewhere else before it disappears completely. Zopa we’re far better by comparison and their website was, in my opinion, more user friendly.
Excellent
Consistently good performance
Professional
Pretty much “outstanding” , easy to contact, smart folk at the other end of the phone along with great financial returns – simple as.
Customer service
Moneyfarm offers an excellent straightforward platform for investing in a stocks and shares ISA, with ethical options available. I particularly value the clear communication and helpful customer service, with regular updates provided both regarding my specific product and also news and education around broader market conditions.
Reliable and helpful
Sipp
ONE TO BET ON THIS YEAR
KEEPS YOU UP TO DATE AT ALL TIMES
AVOID – Misleading, Low Returns, Extra Fees
Drawn into Moneyfarm with a misleading advert, I’m very disappointed. Call centre staff hiding behind terms & conditions to add fees when trying to withdraw my cash.
Returns from Moneyfarm (even on 6/7 risk) have been lower than Wealthify and way lower than Santander (all invested same amount at the same time).
Definitely avoid this one, invest with a proper bank or take independent financial advice, I feel like I’m been scammed by Moneyfarm.
Excellent service and return for the economic layman!
I have a stocks and shares ISA in a mid- risk portfolio. I consider it is well curated. Periodically it is tweaked and improved. I also appreciate that I can call and speak to a knowledgeable staff member who will advise me on risk level and contents of my portfolio. Money farm has an excellent App that is secure, several billion pounds of investment behind it and I feel well looked after.
Moneyfarm
This is a ‘Robo’ advisor, the middle man between either using the expensive services of a financial adviser or doing it all yourself. Not the cheapest investment option. Ideal for the beginner investor, their is a friendly knowledgeable team on hand you can contact via email or phone if you need a helping hand. Their online platform is very attractive, easy to understand and user friendly. Steady ongoing performance, with the ability to switch up or down the risk scale should you so wish. A simple annual questionnaire determines your appetite for risk. Regular news articles and updates on how your chosen fund is performing.
easy to deal with
excellent service
Intuitive access and good performance
I m very pleased wit their performance so far.
For me, they are an…
For me, they are an exceptional business and long may that continue. Enjoyed being part of the journey since 2017 and would highly recommend. Feel I am in very good hands when it comes to wealth management.Thank you!
very good
very good
The “human touch” when seeking…
The “human touch” when seeking general advice around products & how best to use those products .
?
?
use them on line
use them on line
valid service for letting others…
valid service for letting others invest for you
Can’t fault them for customer…
Can’t fault them for customer service and investment advice
Moneyfarm Digital Wealth Management Review
Provider: Moneyfarm
Verdict: 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 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.
Pros
- Easy to use with low fees
- The ability to buy shares, bonds, ETFs & funds
- Diverse managed portfolios
Cons
- High £500 minimum investment
- 0.75%* account fee is relatively high
- Pricing (5)
- Market Access (5)
- Online Platform (5)
- Customer Service (5)
- Research & Analysis (5)
Overall
5Tell us what you think of this provider.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
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Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.