Prosper - digital wealth management

Financial Chat Fintech Chat
1

@WillsT introduced me to these today, and there’s no thread for them here yet so I thought I’d start one, because they’ve piqued my interest and completely captured my attention. Particularly their investments products (GIA/ISA/Pensions).

I’m very seriously considering moving my nutmeg pension over to them. Especially with that founder member promotion meaning there are no platform fees, and the vanguard fees are refunded. Obviously a customer acquisition tool, but very attractive. Ends in one week though.

Great selection of funds to begin with, and it can only get better from here.

3 Likes
2

Is it worth moving SIPP hmm. They still use BlackRock I think.

1 Like
3

Blackrock options are there if you want them. Don’t have to put your money in them. I won’t be.

1 Like
4

Ah good!

Think they push Blackrock mind you.

Ah might as well transfer the pension over, wish me luck!

1 Like
5

There’s a good initial range to choose from. Not all are in the offer though, think it’s just vanguard life strategy and a few others that are. But they even have things like Scottish Mortgage Trust. Allianz technology. A couple of pretty popular actively managed funds with exposure to private assets like spaceX.

Wish they had Polar Capital, and some BG ESG options. That would cement it for me.

6

How you know what funds are included in the free :eyes:

Guessing its these ones

Prosper — Funds when you tick SHOW ONLY FUNDS WITH FEE REFUNDS

1 Like
7

I don’t know why but I’m less confident about moving away from PensionBee//changing pension provider over I am banks.

Looks interesting but I think I’ll give them a little while before I commit.

2 Likes
8

Yes, those are the ones. If you are a Founding Member (i.e. open your account and start your transfer before 31/7/24) then you’ll get 0% platform fees whatever funds you choose but the ones you mention also have their OCF refunded annually.

1 Like
9

Guessing it’s all protected and stuff before I jump. So if I started transfer now then the offer is valid but only on the transferred amount. So my monthly contribution will be subject to fees

10

Yup. A shame none of the ESG ones are refunded, so I’m just here for the 0% platform fee.

1 Like
11

Yes - same FSCS protection as other investment platforms from what I can see.

That’s what I was told when I had quite a long conversation with them, yes.

1 Like
12

Given that the free bits are only on the amount you transfer this month, I don’t think you’d even notice it after a few years assuming that you continued to pay into the account.

13

In my case it’s an ISA that I’m transferring which is just a lump sum that I don’t intend adding to.

1 Like
14

Just so I’m understanding it right. The 0% platform fee is for life on the amount I transfer over? Not just the first year?

If I add money to it later, will the whole pot start paying the fee or just the new amount? Think I’m gonna need to drop them a message

15

That’s what I was told.

I was told that it would just be any additional amounts invested.

I think that’s a good idea for peace of mind :slight_smile:

1 Like
16

Late to the party. I can see they currently have two funds with 0% charge.

17

Have you tried the filter called ‘Offer’? when searching through their funds in the app? I can see quite a number with refunded fees - 15-20 or so

18

Oh excellent! Thanks

1 Like
19

Why don’t we like Blackrock?

20

I don’t think they tend to invest is very good companies.

For reference I cancelled my transfer and left it at Vanguard.

1 Like