Wealthify’s General Investment Account (GIA) is a versatile option that helps to support your investment goals even after you use up your ISA allowance.
As part of the Aviva Group, Wealthify’s team of investing experts take care of everything — building and managing a portfolio tailored to your risk appetite.
Whether you prefer a cautious approach, want to take on more risk through an Adventurous portfolio, or invest ethically, they’ll build a portfolio designed around your goals and values.
But what makes the Wealthify General Investment Account stand out from its competitors? Let’s take a deeper look at the pros and cons of Wealthify as a provider and what’s in store if you’re interested in opening a GIA:
Wealthify GIA Pros and Cons
Firstly, let’s explore the pros and cons of Wealthify’s General Investment Account and whether it matches your goals as an investor:
GIA Pros:
- Cost-Effective Investing: Wealthify’s team of experts uses a blend of active and passive investment funds, containing different types of assets like stocks, bonds, and property, to build a plan that matches your needs. With a low account fee of 0.6% and free deposits and withdrawals, the Wealthify GIA is designed to keep more of your money invested.
- Freedom of Flexibility: Accounts are tailored to your investment needs, meaning that you can make a one-off deposit to build your portfolio or set up regular payments to begin your journey on your terms.
- Investing Without Limits: There’s no limit to the amount you can invest, making Wealthify’s GIA perfect for anyone looking to continue investing after filling their ISA allowance.
GIA Cons:
- High Initial Deposit: A minimum opening deposit of £1,000 is required, which may not suit those looking to start small or build their investments gradually.
- Manage Portfolios: If you prefer to research the market and hand-pick your own stocks, a managed portfolio may not be the right fit — you’d have more control with a self-managed account.
- No Tax Wrapper: A GIA doesn’t benefit from the tax advantages of an ISA or pension. Any dividends and capital gains you make may be subject to tax, depending on your personal circumstances and annual allowances.
How the Wealthify GIA Works
Wealthify’s General Investment Account is designed to provide investors with the flexibility they need to choose plans that match their risk appetite, expectations and ethics.
Simply tell Wealthify the type of plan you want, whether you’re looking for an Original or Ethical Plan, and a Cautious, Tentative, Confident, Ambitious or Adventurous investment strategy, and they’ll get to work on shaping your portfolio.
Once you’ve decided on your investment style, Wealthify’s experts will build your GIA plan with the mix of investments you’re looking for.
Because these plans are designed to suit passive investors, you don’t have to lift a finger once you’ve set your account up. Just monitor the performance of your GIA and look out for adjustments based on your expectations.
Low-Cost Fees
Another key perk of Wealthify is that it operates using a transparent fee structure, charging one single annual management fee of 0.6%.
The fee is payable on a monthly basis based on the value of your portfolio and covers the entirety of Wealthify’s operations, including getting your GIA set up, managing your money, and optimising your investments.
Some external costs can apply to GIA account holders; however, these typically average out at around 0.15% per annum for Original Plans and 0.58% annually for Ethical Plans, at the time of writing.
Who is Wealthify’s GIA For?
Because General Investment Accounts don’t come with the tax benefits of Individual Savings Accounts (ISAs), they’re most useful for investors who have already used up their £20,000 ISA allowance and are looking for extra options to grow their wealth.
Stocks and Shares ISAs, which are also available through Wealthify, operate on an entirely tax-free basis, meaning that any profit you make can be withdrawn without incurring capital gains tax (CGT) or even dividend tax.
For this reason, it’s recommended that you open an ISA before moving on to a GIA to build a portfolio once you’ve used up your Individual Savings Account allowance.
