At a time when saving rates are next to nothing and markets are fluctuating in light of major global socio-political decisions, an alternative investment mechanism that provides yield with a degree of stability is much sought after. MoneyFarm can help you maximise returns without having any active involvement in the investing process. By giving fiduciary control to a Digital Wealth Manager, you can watch as your portfolio works your money, and what’s more, you can earn some of the best returns on the market through a tax-efficient stocks and shares ISA – the MoneyFarm ISA.
Open a MoneyFarm ISA
- Register account: Input email address and password to log your account with MoneyFarm. Simple.
- Create a trial portfolio: This is an opportunity for you to create a trial portfolio where you can see what it would be like to have a MoneyFarm portfolio, before adding any funds to your account. This comes with no obligations and allows you to test the interface of the portfolio dashboard. Note: you will only be able to select the General investment account to test at this stage.
- Add personal details: Here you will be asked for your personal details and identity documents for AML checks. Each user is assessed on an individual basis, therefore might be asked to submit supporting document such as ID and proof of address.
- Complete risk profile questionnaire: You will be asked questions regarding your risk appetite, investing experience and financial circumstances to risk determine your risk tolerance and identify your investor profile. It’s important to be honest and open in this section to ensure you are allocated the most suitable investor profile.
- Complete account set up: To finalise the process you will be asked to accept the T&C’s and wait for a confirmation email confirming your account activation. This will usually be received within one working day.
- Portfolio creation: Once your account has been activated, you will create your real portfolio in-line with your investor profile, you can choose either a Stocks & Shares ISA or a General investment account. Once you have selected an account type you will be asked how much you’d like to invest, how long you want to invest for and if you would like to fine tune your risk level further.
Example: Create MoneyFarm stocks and shares ISA portfolio. On your dashboard, you will see a button that says ‘Create Portfolio’. When you click this you are presented with the option of creating a General Investment Account or a Stocks and Shares ISA. To create an ISA, select the latter. It looks like this:
You will be asked to define four additional parameters: Your initial investment amount; monthly contribution amount; time horizon; and your risk preference. All this information together with your investor profile will define the asset allocation of your portfolio. The risk level of your portfolio does not necessarily have to match the overall risk denoted by your investor profile. Once you have defined these parameters you can save your portfolio.
8. Add funds
Benefits of a MoneyFarm ISA
*MoneyFarm waives its own management fees on money invested up to £10,000, so you can invest £10,000 free of charge.
Discretionary investment management
Investing can be time-consuming and traditionally requires you have a fairly strong knowledge of asset classes. Moreover, the decisions are largely down to you. An IFA will make recommendations, but you ultimately hold the reigns. With MoneyFarm, your investment is managed by their team of experienced professionals who allocate your portfolio and rebalance it for you periodically.