Moneyfarm welcomes Wealthsimple’s UK clients

It’s official! We can now announce that Moneyfarm has acquired Wealthsimple’s UK book of business. In this post, we’ll introduce Moneyfarm a bit and run through exactly what the switch means for these investors. 

Just as we pass £2 billion in assets under management, we’re delighted to welcome some 16,000 new clients to Moneyfarm. They’ll be set up with a fully diversified, actively managed portfolio that matches their goals and each investor will be given the opportunity to talk through their investments with a consultant and review their risk level. 

The move has come as Wealthsimple has decided to focus on its Canadian business for the time being. Customers will have their assets transferred over to Moneyfarm by the end of January and will be given both immediate access to Moneyfarm’s team of investment consultants and full control of their investments. 

For the investors moving over, not a huge amount will change. The portfolios will be similar and they’ll remain actively managed by our team. The wealth will be protected by our comprehensive security measures and the investors will be able to get in touch whenever, wherever. 

A bit about Moneyfarm

We know that not everyone making the switch from Wealthsimple to Moneyfarm will know exactly who we are, so let’s introduce ourselves a bit. Moneyfarm began life in 2012 in Italy. Founded by Giovanni Daprà and Paolo Galvani, the business was born with the core goal of making investing simple and accessible. 

Nearly a decade later, we’re helping some 68,000 investors manage a combined £2 billion in assets. We’re a European digital wealth manager, with offices in Milan, London and Cagliari – as for our UK business, we’ve been here over six years and have established ourselves as one of the top companies in the UK digital wealth management space. Our team includes experienced portfolio managers and dedicated investment consultants, so all of our investors know their wealth is in good hands. 

You can find out more about Moneyfarm’s history, our people and our backers here. 

What it means for the investors

If you’re reading this as one of the customers making the move to Moneyfarm, hello and welcome! We’ll explain a bit about what to expect here but if you want the full details and a look at our portfolios, follow the link below. 

As we mentioned earlier, not a lot will materially change once you switch to Moneyfarm. The process will broadly go like this:

• Firstly, we’ll create a new Moneyfarm account using the same details the investor used for their Wealthsimple account. The investor profile, the risk level, the type of portfolio – this will all remain the same unless they instruct us otherwise. 
• Secondly, the assets will be liquidated by Wealthsimple by the end of January. The money will then be transferred to Moneyfarm and invested into the equivalent portfolio.

• The final step will be getting access to the personal dashboard. From here, investors will have the option to reassess their risk level, get in touch with a consultant, and make any adjustments if necessary. 

Another question a lot of investors will have is about fees. The good news here is that we’ll be maintaining the same management fee that investors are currently paying at Wealthsimple, or whatever Moneyfarm charges for an account of that size, whichever is lower. 

As for the security of the investments being transferred over, there’s nothing to worry about here either. On top of the usual FCA authorisation and various regulator checkups – you can read about our security features in more detail here – Moneyfarm doesn’t hold investor money directly and clients are protected by the FSCS for up to £85,000. 

From a financial point of view, Monyfarm is backed by institutions like Allianz Asset Management, Cabot Square Capital, United Ventures, and Poste Italiane. We’ve run a few high-profile funding rounds and we’re building on a decade of wealth management to continue growing our business in Europe. Long story short: we’re not going anywhere, but even if we did, your money would be well protected.

If you want to learn more about Moneyfarm as a business, our investment strategy, or what the transfer means for your portfolio specifically, you can get in touch with a member of our investment consultancy team. They’ll be happy to answer any questions. Alternatively, you can watch and read all about our wider investment strategy here. 

We look forward to welcoming Wealthsimple clients to Moneyfarm. This is exciting news for us and will have a significant impact on our business, not only from the point of view of growing our client base and assets under management, but it is also clear evidence of our commitment to the UK market. We have a lot in common with Wealthsimple UK as both firms provide a simple, cost-effective and transparent service. We are confident that clients who migrate to Moneyfarm will find our service the best on the market and an ideal solution for them. In particular our use of technology through our app and having access to a dedicated consultant.

Giovanni Daprà, Co-founder and CEO of Moneyfarm

FAQ

Who is Moneyfarm UK?
Moneyfarm is a digital investment advisor and investment management company with 68,000 investors managing a combined £2 billion in assets. It was founded in Italy in 2012, and it has several offices across Europe.

Why are people moving from Wealthsimple to Moneyfarm?
Moneyfarm acquired Wealthsimple’s UK book of business because Wealthsimple has decided to focus on its Canadian business for the time being

What fees will Wealthsimple customers get?
Clients moving from Wealthsimple will pay the same Wealthsimple management fee they are currently paying or Moneyfarm charges for an account of that size, whichever is lower.