Evestor review 2024
Evestor review Summary
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Evestor’s services are aimed at investors of all ages and experience, letting users build an Individual Savings (ISA), pension or investment portfolio from as little as £1 based on their individual investment profile. Find out everything you need to know about Evestor in this review including its security features, the services it offers, and the reliability of the platform.
What can I do with Evestor?
Founded in 2017 by Anthony Morrow and Duncan Cameron, Evestor is a low-cost robo-advisor based in Manchester, England. It offers active trading and investment management and it is regulated by the UK’s Financial Conduct Authority (FCA).
The platform offers three types of client accounts and four investable asset classes – cash, equities, property, and fixed interest.
You might want to use Evestor if:
- You’re a beginner with little to no knowledge about investing
- You’re looking for a safe platform to invest your funds
- You’re a trader who is looking for an affordable platform with various trading and investing options.
Pros & Cons
Pros:
Cons:
Can I open an account with Evestor?
Evestor portfolio and account options
How does Evestor work?
Evestor calls itself a “smart investment management platform” that allows investors to open both self-directed and passive investing accounts. Once you have selected your preferred product, you can choose one of three risk profiles: low, medium or high. After you pick the right product and portfolio for you, Evestor does the rest.
Evestor also offers the ability to link savings, bank accounts, and credit cards to holistically manage your money and set investment goals.
How does Evestor invest my money?
Evestor offers three products – Stocks & Shares ISA, General Investment Accounts (GIA), and Pension. Once you choose a product, you can select the level of risk preferred for your portfolios, ranging from low to high. Based on the type of account you wish to open and the level of risk preferred, Evestor will estimate your potential returns.
The advisor uses a passive investment strategy when managing its client portfolios. Allocating the capital into passive mutual funds that track market indices like the S&P 500 and the UK FTSE All-Share.
The investment committee of the advisor decides on the asset allocation and which assets will be traded, depending on the type of account you wish to open. Currently, Evestor invests in over 2,500 funds spread across 70 countries and offers:
- Bonds
- Equities
- Cash
- Property
Changes to assigned portfolios are only made when the investment committee sees fit, which means clients cannot usually select their own investments.
Evestor account types
Evestor offers three types of accounts, each designed to meet the requirements of different clients:
Individual Savings Account (ISA)
The simple and accessible Stocks & Shares ISA allows you to save money while protecting any potential returns from income and capital gains tax. The downside is that this type of account has an annual contribution limit of £20,000 for 2020/21 tax year.
Pension
A private pension account is designed for those who want to save up for retirement. While giving you tax relief on any investment returns, you will not be able to withdraw funds from this account without penalty until you reach the age of 55.
General Investment Account (GIA)
A GIA allows you to invest as much or as little as you want without any restrictions or limits. Deposits start at just £1, although it is not as tax efficient as either a ISA or Pension account, it does offer the added flexibility of being able to withdraw funds without any fees or penalties, at any time.
Evestor investment options
Each of these account types offers three levels of risk, depending on how much you are willing to gain, from low to high risk.
Individual Savings Account (ISA)
- Is a financial product that allows you to save money while protecting your returns from income and capital gains tax.
- Every person above the age of 18 has an ISA allowance of £20,000 for the 2020/2021 tax year.
- The ISA is flexible and simple to set up, allowing clients to withdraw their money at any time.
Pension plan
- A private pension account allows people to prepare and save for their retirement privately, apart from workplace benefits or state pensions.
- Personal pensions provide tax relief on investment returns made within a customer’s pension.
- You cannot access the funds from your Pension account until you reach 55 years old. General Investment Account (GIA)
- A GIA allows you to invest your money without any limits
- It is less efficient than an ISA or Pension but represents an easy way to grow your money
- GIAs can be set up within minutes from as little as £1 and withdrawals are free at any point
Fees, limits, and payment options on Evestor
What are the deposit and withdrawal methods available with Evestor?
Monthly and lump sum contributions can only be paid via direct debit, but Evestor wants to introduce alternative payment methods in the future.
You can request to withdraw any amount of money at any time (provided that the type of account you currently have allows you to) without any charges. Simply get in touch with one of Evestor’s team members and request a full or partial withdrawal. Once a withdrawal request is made, it can take up to 10 working days to receive your money.
- Debit Card
- Credit Card
Are there limits or fees on Evestor withdrawals and deposits?
The minimum deposit for any type of Evestor account is £1 and there are no maximum investment limits. However, debit card transactions currently require a minimum of £1,000. Both withdrawals and deposits are free of charge and you can even choose to withdraw any amount of money you want at any time, as long as the type of account you opt for allows you to.
| Account type | Deposit limits/fees | Withdrawal limits/fees |
|---|---|---|
| ISA | Limit: £20,000 (annual limit) Fee: None | Limit: None Fee: None |
| Pension | Limit: None Fee: None | Limit: None Fee: None but you will have to wait until the age of 55 to withdraw your money. |
| GIA | Limit: None Fee: None | Limit: None Fee: None |
How much are Evestor’s fees and commissions?
Evestor fees depend on the chosen portfolio and are made up of the underlying fund charge and platform service fee. The least risky level 1 portfolio charges a 0.49% fee, level 2 charges a 0.47% fee, and level 3 charges 0.46% in fees. By comparison, other similar services charge around 0.70%.
It is worth mentioning that Evestor also charges an annual management fee of 0.25% and an administration fee of 0.10%.
| Fee type | Account type | Amount |
|---|---|---|
| Account management fee | All accounts | 0.25% |
| Account administration fee | All accounts | 0.10% |
| Portfolio fee (All accounts) | Portfolio 1 Portfolio 2 Portfolio 3 | 0.49% 0.47% 0.46% |
Evestor investment limits
When trading with Evestor, you won’t be limited by investment minimums or maximums, which means you can choose to start investing from as little as £1. Additionally, you can choose to increase or reduce contributions to your account as you wish.
| Investment type | Minimum limit | Maximum limit |
|---|---|---|
| ISA | £1 | £20,000 |
| Pension | £1 | None |
| GIA | £1 | None |
Evestor investment platform
What devices can I use Evestor on?
Evestor can be accessed both on its website platform and its mobile trading app. The app can be downloaded from the App Store for iOS users (iPhones, iPads), and Google Play for all Android users (smartphones and tablets).
- Web browser
- Tablets
- iOS Mobile App
- Android Mobile App
The Evestor app is only available to clients who previously signed up for an account with the advisor, so it doesn’t offer any features beyond basic account functions and management.
The Evestor app has a sharp, simple, easy-to-use interface and allows 24/7 access to your investments, so you can track your account performance in real-time.
Can I use Evestor in my country?
Currently, Evestor is only available for clients in the UK.
Is Evestor available in my language?
Currently, Evestor is only available in English.
How easy is it to use Evestor?
The Evestor platform is designed to meet the requirements of beginner investors. Opening an account doesn’t take more than a few minutes and simply requires you to provide an email address, password, your name, and DOB.
The mobile app is also kept minimal and intuitive, so that investors can easily have access to their portfolios and accounts any time they want.
Key features
Evestor is one of the most affordable robo-advisor platforms available to clients in the UK. Here are some of its main features:
Full transparency
The advisor keeps a fully transparent policy towards its clients, so they know at any given moment exactly how much they pay and for what.
Low annual fees
Evestor offers some of the lowest annual fees in the industry at an average of just 0.48%, well below the market average of 0.7%.
Diverse portfolio
With Evestor, you can minimise the risk of your investment with a global investment strategy that supports over 2,500 companies from around the world.
Security and regulation
Is Evestor safe?
Evestor is a fully regulated financial entity and works similarly to a bank. It also keeps your data confidential and pledges it will never be sold to third parties.
Am I and my funds protected?
Yes, your money is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.
Is Evestor regulated?
Yes, Evestor is authorised and regulated in the UK by the Financial Conduct Authority (FCA), license no. 676331.
Do I have to verify my account with Evestor?
Yes, Evestor runs a KYC policy and requires all customers to provide personal information about them before being authorised to open an account with Evestor.
Extra information
Educational resources
Evestor provides limited educational resources in the FAQ section where it details the features of each account and its services. Other than that, there is no blog, articles, tutorials, or videos.
Customer support
The advisor’s support team is available via web chat Monday-Friday, from 9 AM to 8 PM to answer any questions you might have regarding your account or investments. You can also contact Evestor by sending them an email, but it may take up to 48 hours before you hear back.
Our verdict
Launched in 2017, Evestor is a robo-advisor investment management platform aimed at individuals who are new to investing. It offers three account types: ISA, Pension, and GIA, with the latter being self-directed. You can also choose your preferred risk tolerance from low to high, which will have a bearing on how your capital is allocated within the first two account types.
The web-based and mobile platform is easy to get started with and offers minimal fees, while providing access to over 2,500 global assets. The advisor is fully authorised and regulated in the UK by the Financial Conduct Authority (FCA) and features bank grade security on all its client accounts.
Overall, Evestor is a relatively safe option for gaining access to low-cost funds, if you are a completely passive investor.
How to open an account with Evestor
- Click on “Start Investing” in the header bar on Evestor’s website
- Input your email address, a password, your full name, and date of birth
- Once you are logged into your dashboard, you can opt to get professional advice, in which case you will be directed to a 15-minute questionnaire that will provide an assessment of your investment opportunities with the advisor or choose a self-directed GIA account type.
- From there, you can easily set up a direct debit option straight from your bank account into your new Evestor account
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