Wealthsimple also closing US books. It seems they will be focusing on their own soil Canada. They have autopilot, junior ISA and SIPP employment contribution (that freetrade is missing 
)
Wealthsimple holds over Ā£3 billion in customer assets in the U.K. and $10 billion in Canada, and caters to more than 2.5 million collective customers.
The charge 0.7% - 0.5% management fee too.
Ā£3bn x 0.6% (mid point) = Ā£180m Ā£18m revenue.
HL have a P/E if 20.63 & AJ bell 43 P/E which ācouldā make the wealth simple UK business worth a lot, could they not have sold it? Floated it?
What am I missing?
Iāve used HL, their fees are shocking if you have a small account. I also use eToro - I really like their interface/chart/trailing SL but they donāt have as many tickers as FT, especially smaller cap names.
@adavid Where does the UK number Ā£3 billion come from?
Hi Brian 
Thank you very much.
There is something really odd about this number. I invite you to look at the P&L accounts of this loss making company filed in December 2020. There is no mention of the held customer assets merely a percentage growth number. A Google search doesnāt corroborate the Ā£3billion.
@neilb There is something odd about this. The (last) P&L accounts filed in the UK donāt corroborate these UK revenue numbers. Of course there is one way out of the conundrum - when investing with this company perhaps one is actually investing with a non UK entity.
Itās Ā£18 million not Ā£180 million.
Edited - That what happens when you rush on an iPhone calculator
Ā£272M Wealthsimple
So my ādoes this number make senseā sonar seems to have gone off correctly.
Had a JISA with them for my daughter - donāt think Iāll go to moneyfarm - any suggestions on a similar-ish provider?
EDIT: looks like they donāt do JISAās 
Vanguard and buy something cheap and simple like VWRL / V3AM. Itās not as slick bit the fees are 0.15% + 0.22% (fund dependant) then transfer it straight over to FT when they launch.
Thanks - will take a look! 
Proves the low to no cost brokerage market is starting to oversaturate.
Those that donāt have a unique selling point will struggle long term.
Iāve said this for ages!! Too many people have had a period where they couldnāt spend and sports stopped so they couldnāt gamble on it so played stocks and shares instead. Parallel to that loads of new platforms started and now life is returning to normal there just wonāt be enough investors 
I think Freetrade got in at the perfect time but others may just fail pretty quickly.
I guess that is one of the challenges for these businesses.
Also there are country related cultural attitudes towards share ownership. It is very easy to see this difference (especially) on the continental mainland.