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How robo-advice paid for my Champions League final ticket

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How robo-advice paid for my Champions League final ticket

As James Milner sank with exhaustion onto the Stadio Olimpico turf, I wondered how much it would cost to fly to Kiev to watch Liverpool in the Champions League final.

For the first time in months my thoughts turned to the savings I had two years ago entrusted to robo-adviser Moneyfarm. The fact I had barely thought about these savings probably said something about the company’s engagement with investors.

In a recent study of online investment firms, which Moneyfarm took part in, the Financial Conduct Authority (FCA) said most firms ‘could not show adequate and up-to-date information about their clients when providing an ongoing service’.

Ignorance is bliss

When I checked my emails, Moneyfarm had contacted me a number of times offering free webinars and financial news round-ups. But it had rarely asked me to update any personal information.

Maybe this was not such a bad thing. In the two years I had not been checking it, my portfolio rose 22%. My savings had made more than £300. Great!

I decided to withdraw £300, promising myself I would replace it over the rest of the year. You have to move to cash before requesting withdrawals and it takes a while for the money to become available, delaying the withdrawal.

This is no bad thing if you want to reconsider. I did not.

By the time you read this, we will all know whether my night was spent celebrating or cursing Cristiano Ronaldo [spoiler: Liverpool lost]. But it will probably be a lot of fun.

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