As a wealth manager, the amount of wealth we manage is, naturally, very important to us. We love welcoming new customers, new members of the team, expanding into new markets, but what our business really comes down to is the volume of assets our investors entrust us to manage.
Well, we’ve hit another huge milestone in that area – £2 billion worth of assets entrusted to us to manage on behalf of our customers.
This milestone comes following a 20-month period that has been about as chaotic as it is possible to imagine in the markets – you might call it “unprecedented” – and we’re delighted that our investors have stuck by our vision for long-term financial growth. As things settle down somewhat, we’re looking to the future with optimism and, evidently, so are our clients.
A view to the long term
After the chaos of 2020, the world has settled back into something resembling a natural rhythm in 2021, though the effects of Covid-19 on the global economy are numerous and will last. Now, more than ever, it’s important for investors to take a long term view and get their financial future under control.
At Moneyfarm, the long term is our focus. We monitor markets daily, make changes to the portfolios where necessary and are never more than a phone call away from our clients – this is, however, all with a view to the long term and the aim is to grow our customers’ wealth over time. Nothing more, nothing less.
In 2021 to date, we’ve seen a 57% rise in new clients (to 68,000) and an impressive 101% increase in net inflows when compared to 2020. The value of top ups by existing Moneyfarm clients into their portfolios grew by 99%. There has also been an 80% increase in the number of dedicated appointments requested by clients with investment consultants.
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What this all tells us is not just that Moneyfarm’s offering is popular, but that more and more people are alive to the necessity of long term financial planning.
Sustainability makes an impact
Also new in 2021 is the introduction of Socially Responsible Investing. Moneyfarm clients now have the option of investing in a series of environmentally and socially engaged portfolios.
The reception in the three months since launch has been strong, to the point of changing the face of Moneyfarm’s inflows. More than 4,500 clients are already investing in a Socially Responsible portfolio, with some 34% of new customers opting for the new range. It’s something we expect to keep growing and are looking forward to seeing how far it can go.
The introduction of Socially Responsible portfolios has also had an impact on the demographics of our customer base. Millennials, for example, are Moneyfarm’s fastest-growing client base and make up almost half of all the customers opting for a Socially Responsible portfolio. We’ve also seen that women are investing with Moneyfarm at a much faster rate than men.
Giovanni Daprà, Moneyfarm’s Co-Founder and Chief Executive Officer said:
“To have reached this milestone in such a short amount of time is a great achievement and shows how Moneyfarm is delivering precisely the investment services that clients need. Importantly, it is also a testament to the dedication that every single member of the Moneyfarm team offers on a daily basis. Moneyfarm has always been driven by the desire to support our clients’ financial wellbeing through both technology and human interaction. As we look towards 2022, our pipeline of activity and the talent we have here gives me enormous confidence to say that we will continue to go from strength to strength.”