Robo-advice  

Reshuffle at Wealthify as new chairman appointed

Reshuffle at Wealthify as new chairman appointed

Wealthify has appointed Aviva's Ben Luckett as its new chairman after the provider completed its acquisition of the robo-adviser earlier this year. 

Mr Luckett is managing director of the venture fund Aviva Ventures and has sat on Wealthify’s board since 2019.

A former strategy director for Aviva’s UK General Insurance business, he replaces Wealthify co-founder and angel investor Richard Avery-Wright who is standing down as chairman after overseeing the completion of Aviva's takeover in June. 

Mr Luckett will be working alongside Wealthify's recently appointed chief executive Andy Russel as the robo-adviser pursues a "period of ambitious growth". 

Mr Luckett said: "I am looking forward to being even more involved and supporting the business to reach its full potential.

"Wealthify has a very bright future, with a hugely talented and ambitious leadership team. We have many exciting developments ahead of us and I’m thrilled to be taking up my new position at such a crucial time for the business."

Aviva first took a majority stake in Wealthify in 2017, but in June completed a full takeover of the company. 

Andrew Russell, chief executive of Wealthify, said: "Ben's experience of building a successful investment vehicle with Aviva Ventures will be hugely beneficial during Wealthify’s next stage of growth.

"He is keen to protect and nurture our innovative and agile culture and wholeheartedly supports our purpose to inspire anyone to build their future wealth by making investing easy and accessible for everyone."

Earlier this month TSB partnered with Wealthify in a deal which gave its 5m banking customers access to the latter's investment platform. 

Customers are able to invest a minimum of £1 in a choice of funds, including shares, bonds and property. 

Wealthify charges a management fee of 60 basis points, with additional investment costs amounting to 22 basis points on average.

ESG funds are more expensive as they are actively managed, at an average total annual fee of 1.26 per cent.

rachel.mortimer@ft.com

What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.