M&G Wealth launches &me, a consumer platform

The 1st February saw the launch of &me, but here at Compare the Platform HQ our excitement at seeing a brand-new investment platform soon turned to mild disappointment as it’s really a re-badged version of Moneyfarm.

Moneyfarm, founded in 2011 in Italy, is one of the more successful digital investment managers operating in the UK and recently M&G took a significant stake in the firm as part of a £44 million investment round.

&me is primarily an app-based investment service targeted primarily at younger investors who need straightforward investment service. It’s remarkably like the Moneyfarm offering, with very slightly lower pricing, but there are differences in the investment portfolios on offer.

&me offers two types of portfolios, Classic and Targeted, which are actively managed and overseen by the M&G Wealth team. Classic portfolios consist entirely of low-cost ETFs whereas the Targeted portfolios have a blend of active and passive funds, meaning they are more expensive to own.

The &me service also offers the ability to speak to real people about your investments, but they are consultants rather than actual financial advisers. Moneyfarm offers these consultants too, as part of their service.

The service offers an ISA, Junior ISA and general investment account with a pension ‘coming soon’. It looks slick and very user-friendly but the competition for new investors is really heating up, with established players like AJ Bell’s Dodl entering the market last summer and interactive investor launching a new entry-level service too.

And there’s no hiding the fact that &me is highly capable but doesn’t do anything new. With small accounts being charged 0.75% plus the cost of the funds (0.19% for the Classic portfolios and 0.42% for the Targeted Portfolios), ranks &me slightly above Moneyfarm in terms of price. However, &me’s proposition is restricted compared to similar offerings in the market.

That said, if you need an accessible and high-quality investment service from a well-respected investment brand and are not looking for a  complicated service, then &me may well suit you.

Work out the best service for your needs — and the best price — on our robo calculator.

Learn more about &me here.

Photo by Ian Dooley on unsplash.com

Article is accurate at date of writing.