After careful consideration, we’ve decided to no longer provide investment services in the UK. As a result, we will be transferring all eligible accounts to Moneyfarm.
When we launched in the UK four and a half years ago, we sought to make investing human, simple, and extremely low-cost. We have valued your continued support in that mission and enjoyed being your trusted investment platform.
We are confident that Moneyfarm is the right partner to continue supporting you on your investment journey.
About the announcement
Why is Wealthsimple no longer supporting investment services in the UK?
This decision was a result of a shift in focus to our Canadian business for the time being. We have valued you as a client over the years and enjoyed being your trusted investment advisor. However, we are confident that your investments will continue to be in good hands with Moneyfarm.
Why has Wealthsimple UK decided to transfer my funds to Moneyfarm?
Our first priority in making this decision has been to find the right partner to support our clients on their continued investment journey. That is why we chose Moneyfarm, a leading European digital wealth manager, who share our mission of making investing human, simple, and low-cost.
What does this mean for my accounts?
What does this mean for my account(s)? What will happen next?
On 6th December, you will have received an email titled ‘Important update about your Wealthsimple account’ letting you know if your account is eligible for the transfer to Moneyfarm. You can find additional information about your situation in the documents section of your account. Rest assured, we will continue to communicate regularly with you throughout this transition.
Will I pay the same fees at Moneyfarm and will there be a cost to transfer my funds over?
If your account is eligible for transfer to Moneyfarm, you'll still pay the same fees you paid at Wealthsimple OR Moneyfarm's fee for an account of your size - whichever is lower - and you'll have access to Moneyfarm's team of investment consultants. If you currently enjoy any promotions for assets managed for free at Wealthsimple, Moneyfarm will honour that promotion to the end of its term.
There will be no associated fees or charges for the transfer of your accounts to Moneyfarm. You can learn more about Moneyfarm’s portfolios, costs, and ongoing fees here.
Will I have access to investment advice? Can I get advice on which Moneyfarm portfolio to invest in?
Yes! Before the transfer of eligible Wealthsimple accounts to Moneyfarm, clients will have full access to Wealthsimple’s team of investment advisers. If your account is transferred, you will have access to Moneyfarm’s team of investment consultants.
Can I still invest in a Socially Responsible/ethical portfolio?
Yes! Moneyfarm has its own Socially Responsible portfolio that you can learn more about here.
Will the assets I hold change?
Since Moneyfarm has its own portfolios, Wealthsimple will transfer eligible accounts in cash over to Moneyfarm. Once the transfer is complete, Moneyfarm will reinvest your cash into a managed portfolio based on your financial goals and risk appetite. If your funds were in a Junior ISA or an ISA at Wealthsimple, they will stay within the tax free Junior ISA / ISA wrapper at Moneyfarm. You can learn more here.
Will my risk level change? What if I have different risk profiles for each of my accounts?
No, your risk level will not change if your account is transferred to Moneyfarm. Each account will be placed in a managed portfolio based on your financial goals and risk appetite.
Do I need to create a new account and password? How will I log in to the application/website?
Our team will be sending additional information about your transition to Moneyfarm in the coming weeks, which will include an overview of their onboarding process. In the meantime, you can visit the Moneyfarm website to learn more about Moneyfarm’s investment services.
After your accounts have been transferred, Moneyfarm will reach out to you directly with instructions on how you can access your new account. You will use the same email address that was linked to your Wealthsimple account(s).
What if I already have an account with Moneyfarm?
If you already have an existing Moneyfarm account, you will see your Wealthsimple account(s) on your existing Moneyfarm dashboard after they have been transferred.
Will my money be safe at Moneyfarm?
Moneyfarm is authorised and regulated by the Financial Conduct Authority (FCA) to manage and safeguard your money on your behalf. Moneyfarm is covered by the Financial Services Compensation Scheme (FSCS) and your investments are covered up to £85,000 by the FSCS. Click here to learn more.
What are my options?
What if I don’t want my account transferred to Moneyfarm?
We respect your wishes when it comes to your investments and that is why you have the right to opt-out of the transfer to Moneyfarm if you decide this is not the right option for you. You can simply withdraw (ISA and personal accounts) your funds or initiate a transfer (ISA, JISA, SIPP and personal accounts) to another institution of your choice. Please know that while the decision is entirely up to you, our team is available to help you decide what is best for you and your investments.
If your account is not eligible for the transfer, you will need to withdraw or transfer your account based on the account type.
If I choose not to transfer to Moneyfarm, are there other institutions that I can move my assets to?
If you need help finding another provider, you may wish to refer to the Personal Investment Management and Financial Advice Association (PIMFA) website here, which allows you to search for investment firms based on your specific criteria and circumstances who are PIMFA* members. The FCA also provides guidance on their website for how to find an investment advisor here.
* Please note: Wealthsimple is not associated with or recommending any of the firms listed in the PIMFA members directory. However, the list may assist you in your search to find an alternative provider.
How do I withdraw funds from my ISA/Personal account back to my bank account?
To withdraw funds from your Wealthsimple account, please reach out to email@example.com with your details and bank information. Withdrawals can take 1-3 business days to arrive in your bank account once you have received confirmation from our support team.
What are the tax implications?
Will there be any tax implications? (capital gains on liquidation)?
Clients who hold portfolios within an ISA/JISA/SIPP will not incur any capital gains as gains are protected within the tax wrapper of these accounts.
If you hold a Personal Account with Wealthsimple (a general investment account, which is not inside a tax wrapper), the sale of your assets may incur capital gains and therefore you may owe Capital Gains Tax. Capital Gains Tax is a tax on the profit you make when you sell an asset that has increased in value. Only the gain you make is taxed, not the total amount of money you receive when you sell.
Who is Moneyfarm?
Like Wealthsimple, Moneyfarm is a digital wealth manager that builds and manages diversified investment portfolios aimed at helping people reach their financial goals. They currently serve over 68,000 clients and manage more than £2 billion in assets. Moneyfarm offers a very similar suite of products and services, including GIAs, ISAs, JISAs and SIPPs, and they have a strong track record of performance and a 4.6 rating on Trustpilot. Their portfolio management fee structure is very similar to ours. You can learn more about Moneyfarm here and they have set up a dedicated page for Wealthsimple clients here.
How can I learn more about Moneyfarm?
You can learn more about Moneyfarm here, or schedule an appointment to speak with one of their investment consultants or by emailing firstname.lastname@example.org. You also have the opportunity to register for an introduction to Moneyfarm webinar taking place on 18th December.
Where can I find more information about Moneyfarm’s products and portfolios?
You can learn more about Moneyfarm’s offerings here.
The transition to Moneyfarm - what can I expect?
When will the transfer take place?
We expect the transfer of eligible Wealthsimple accounts to take place on or around 28th January 2022 (the “Transfer Date”).
Do I need to do anything to transfer my accounts?
No, if your account is eligible for the transfer then it will automatically be transferred to Moneyfarm. If your account is not eligible for the transfer please refer to the email you received on 6th December titled ‘Important update about your Wealthsimple account’ or look at the documents section of your account.
What is the transfer process and how long will it take?
If your account is eligible for the transfer, Wealthsimple will assign your Investment Terms (the legal agreement between you and Wealthsimple that sets out how your account will be managed) and transfer your account(s) to Moneyfarm on 28th January 2022. Wealthsimple will sell your assets and after receiving the cash, Moneyfarm will reinvest it into a managed portfolio customised to your financial goals and risk appetite. The overall transfer process will take approximately 10 business days.
During this transition, will I have access to my account and assets the entire time?
The overall transition will be quite seamless and take approximately 10 business days to complete. Please note the Wealthsimple mobile app is no longer accessible but you still have full access to your account from your phone or computer using a web browser. After your accounts have been transferred, Moneyfarm will reach out to you directly with instructions on how you can access your new account. You will use the same email address that was linked to your Wealthsimple account(s). If you already have an existing Moneyfarm account, you will see your Wealthsimple account(s) alongside your Moneyfarm account(s) on your Moneyfarm dashboard after they have been transferred.
Why is my mobile app not working?
As of 6th December, the Wealthsimple mobile app is no longer accessible but you still have full access to your account from your phone or computer using a web browser (Google Chrome, Microsoft Edge, Safari, etc.).
Will my personal data still be shared with Moneyfarm if my account is not transferred?
If you decide you do not want your account(s) transferred to Moneyfarm then you will need to withdraw or initiate a transfer to another institution of your choice by 5th January 2022. Moneyfarm will not receive any personal information related to your investment account with Wealthsimple.
How will my data be transferred securely?
Accessing tax documents and other statements
How will I access tax documents or account statements?
You will have basic restricted access to your Wealthsimple profile until January 2023 to access and download any tax documents or account statements.