InvestEngine has rolled out its DIY platform which allows investors to build and manage their own investment portfolios for “free”.
The online wealth manager says that the platform “address a crucial gap in the market not filled by existing stock-trading apps and services”.
InvestEngine’s DIY tool will have commission-free dealing with no account charges. Investors will have a choice of over 150 ETFs and with a minimum investment of £100 ($139, €116). The firm builds and manages investment portfolios of exchange-traded funds (ETFs) for just 0.25% a year, plus the costs of the ETFs.
Simon Crookall, founder of InvestEngine, said: “It’s exciting to see that people are increasingly realising that investing is no longer reserved for the experts and those with a significant amount of money. Yet, while many trading apps have helped to democratise investing, they have failed to fulfil the responsibility of educating investors on the importance of diversification and a considered approach to risk.
“Our platform will continue to democratise investing, while also providing a blueprint for investors to build and manage their own diversified portfolio of ETFs, avoiding the temptations and risks of individual stock-picking.
“We think a DIY investment service that focuses on building diversified portfolios to achieve better long-term returns offers a better approach for wealth-building than speculating via a trading app.
“We are working to set a new standard for long-term investing by providing a DIY platform with the goal of creating more educated, better investors, while also increasing accessibility by offering lower fees, more transparency and using cutting-edge technology and automation to take the hassle out of investing. And this is only the beginning — we’ll be adding an Isa and other new features in coming months, with even more powerful functionality going forward.”
