The Verdict
Netwealth may suit you if you're looking for more help than is typically available on the other platforms we review. Execution-only services provide you with the platform to execute your trade, but you'll need to be confident enough to choose your own investments and investment strategy. Netwealth provides a combination of the digital platform you need to carry out your trades, and both robo- and human advice to better help you build a successful investment strategy.
Of course, there is a price to pay for this advice and guidance, which means Netwealth doesn't fit into the low-cost category that execution-only platforms such as Vanguard, AJ Bell, Saxo and the some high street bank self-service investment options do. It's certainly cheaper than many traditional wealth management options, but if you compare it to other robo-advice firms such as Nutmeg, Wealthify and Moneyfarm, Netwealth tends to work out more expensive. You may feel it's a price worth paying, however, for the peace of mind and expert human guidance you are able to access with this platform.
One important point to note - Netwealth's advice is 'restricted' advice. That means it is limited to the products and services Netwealth offers. That is not the same as independent advice which can point you to any provider and product in the whole of the market.
There are just two types of asset available through Netwealth: passively managed funds, and ETFs. Both are low-cost options and both can help ensure you have a diversified portfolio with less concentrated risk, but it obviously means this won't be the place for you if you want to invest in individual stocks.
An initial investment level of £50,000 will rule Netwealth out for anyone just wanting to dip a toe in the markets, or build their ISA from scratch. But if you know anyone who is already a Netwealth customer, you can start an ISA with £5,000 instead.
This is not a service for all investors, but for those with large amounts to invest, who are looking for a high level of customer service, and professional advice that's there when you need it, Netwealth may be a good fit.
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Pros
- Combines traditional discretionary service with robo-advice
- Less expensive than traditional wealth management
- Able to access advice from qualified financial advisors
- Excellent digital financial planning tools
- Family and friends can join for reduced costs & lower minimum deposit
- Excellent, attentive customer service
- Socially responsible investing options
Cons
- Minimum investment amount is £50,000 (although for friends or family of an existing client, this is lowered to £5,000)
- Not cheap
- More expensive than other popular robo-advice firms
- Can only invest in passive funds and ETFs
- Advice is 'restricted' rather than 'independent' (it doesn't cover the whole of the market, only select products)
- Not a flexible ISA
Fees
NetWealth's fees are on the high side for a robo-advice service. Fees are based on the value of your account, and include: a discretionary management fee, fund costs, costs of trading, and VAT. Because the fund costs and costs of trading will vary from case to case, the following fees include estimates for those elements.
£50,000 - £249,999 0.75%
£250,000 - £999,999 0.60%
£1m - £499,999,999 0.45%
£5m+ 0.35%
If you want to access advice from a qualified Netwealth advisor, you'll need to pay additional fees (which are inclusive of VAT):
One-off Advice £200 per hour
Ongoing Advice 0.35% per annum on the value of your Account, subject to a minimum of £1,000 per annum
Financial Planning 'MOT' Fixed fee of £400 or £600 for a joint plan
There are no additional charges for opening an account or transferring in pensions, ISAs or cash. If you wish to invest through Netwealth's SIPP, there is an additional £180 annual fee.
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Pros
- Service fees include all trading and fund costs so there are no hidden extras
- Financial advice fees are reasonable
Cons
- Fees are high for robo-advice
- Financial advice service is charged for separately
- Cash withdrawal charge: £25
- Transfers out: £20 per investment holding
Account Opening
As NetWealth is designed to help you build an investment strategy that works for your personal financial planning goals, there's quite a lengthy onboarding process. The initial step in the registration process just requires a few personal details. The next steps will take you through a journey that tackles your investment goals (you're given a choice of five: retirement; regular income; large purchase; rainy day; just invest), the type of investment account you want (ISA, SIPP, Junior ISA, general investment account, or trust), the amount you want to contribute (initially and/or monthly), and the level of risk you are comfortable with.
It's a comprehensive 'robo-advice' process that allows NetWealth to tailor suggestions to your objectives and financial circumstances.
Pros
- Fully digital application possible
- Took less than 5 minutes
- Immediate digital identity verification through a secure provider
- Smooth process
Research
One of Netwealth's strengths is its use of technology to aid clients with financial planning. There are several, very helpful online modelling tools available which can help you gain a better picture of what you have, and what you could have under different scenarios.
Information on the available funds is excellent and covers the kind of historical performance and risk data you need to make informed decisions.
Safety
NetWealth is authorised and regulated by the Financial Conduct Authority (FCA).
The Financial Services Compensation Scheme provides NetWealtg clients assurance of compensation of up to £85,000 for eligible investments in the event that NetWealth ceases trading and is unable to return assets. In line with the FCA's client money rules, all client money is also segregated from the firm's own funds so that it cannot be claimed by creditors if the company went into administration.
Pros
- Regulated by the FCA
- FSCS protection up to £85,000
- Use of a custodian to keep clients' money segregated from NetWealth's own and protected from creditors
- 2-factor authentication for client logins
- All client data is encrypted
Education
Netwealth's website houses a 'Knowledge Centre' where you can read up on the key terms used on the site and expand understanding of different types of accounts, their tax implications and benefits.
Information is basic, however, and just gives an overview of topics rather than everything you'll need to know. Having said that, Netwealth does host events for clients that have educational benefits, including webinars led by advisory team members.
Customer Service
NetWealth's customer service is excellent, as you'd expect for a provider that prides itself on offering human-led advice and support. There is a UK-based phone number that takes you through to a member of the team between 8am - 6pm, Monday to Friday. My phone call was answered immediately and the gentleman who answered my queries was extremely helpful.
There is also an email address which takes you directly to client services. This is a good match for those who like the attentive level of service of old, rather than chatbots and in-app messaging.
Pros
- Excellent, attentive customer service department
- Easy to reach
- Telephone service, 8am - 6pm, Mon - Fri
- Emails answered quickly
- FAQs on the website
Cons
- No weekend support
- No chatbot (although you may see this as a positive)
Social Trading
Netwealth has no social trading features.
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Cons
- No community forum
- No copy-trading or other social trading features
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