FAQs

 

GENERAL

Who is Wealth8?

Wealth8 is a digital wealth management platform providing access to global investment funds and educating their customers in the language of investing.

What do I need to sign-up?

In order to sign up for our service, you will need to provide us with your:

  • National Insurance Number

  • UK bank account number and sort code

  • UK residential address

  • Passport number (if you’re a foreign national)

Unfortunately, we are not able to accept U.S. Citizens due to the U.S. Government’s tax reporting rules. This includes anyone holding a U.S. passport or anyone who has an obligation to pay tax to the U.S. tax authorities.

What makes Wealth8 different?

Wealth8 differentiates itself by bringing together a community of like-minded individuals serious about growing their wealth, learning the language of investments, and engaging in lifestyle and money issues that resonate with the black & multi-ethnic communities.

Wealth8 is about building wealth but also building community to inspire the next generation.

 

We are also bringing our community members on the journey with us, to build the product and inform future investment products. Introducing tailored funds / underlying products with investment objectives/impacts that meet your needs.

LEGAL

 

Is Wealth8 regulated?

Wealth 8 Limited is on the FCA Register (FCA ref no. 934478) as an Appointed Representative of WealthKernel Limited (FCA ref no. 723719), which is authorised and regulated by the Financial Conduct Authority. Wealth 8 Limited is registered in England and Wales, no.12513370, with a registered office at 51 Holland Street, London, England, W8 7JB.

 

Who is WealthKernel?

WealthKernel is an independent, limited company. We are not owned by a big bank or investment company – this enables us to be agile and to act in the best interest of our customers, rather than our shareholders. We’re fully authorised and regulated by the Financial Conduct Authority and our customers’ money can be covered by the Financial Services Compensation Scheme (FSCS) up to £85,000.


Is WealthKernel regulated?
Yes, WealthKernel is authorised and regulated by the Financial Conduct Authority (FCA).


The FCA regulates the financial services industry in the UK. It has three operational objectives in support of this strategic goal: to protect consumers, to protect and enhance the integrity of the UK financial system, and to promote healthy competition between financial services providers in the interests of consumers.

 


Do you provide financial advice?

No, We don’t.  We are unable to give financial advice. However, we are happy to help you with any questions about our service, whether via e-mail or chat.

Where can I find your terms and conditions?

Our Terms and Conditions are available to download and here. You will be asked to read and accept them when you sign up, and you can find a link to them from the footer of our website.  

 

INVESTMENT

Is my money covered by the Financial Services Compensation Scheme (FSCS)?

The Financial Services Compensation Scheme provides customer protection, via WealthKernel Ltd who are authorised and regulated by the Financial Conduct Authority, of up to £85,000 per person per firm, if WealthKernel Ltd or your Custodian (WealthKernel) is declared in default. 

This doesn’t cover losses incurred through investment performance or if you get back less than you originally invested.

How much does your service cost? 

We charge an all-inclusive annual fee of 1% which would be deducted from your portfolio on a pro-rata monthly basis.  

What is the minimum amount I can invest?

The minimum amount required to invest with wealth8 is £100. There is no minimum monthly or reoccurring deposit. 

 

Can Non-Uk individuals invest with Wealth8?

Currently, we can onboard UK tax residents. We can also onboard non-UK tax residents who have previously lived here and have a UK address, UK bank account, and National Insurance Number to open a General Investment Account. We are in the process of expanding this and will communicate once we can onboard non-UK customers.
 

How do you execute trades?

We have entered an agreement with WealthKernel to provide execution services to you on our behalf. We have arranged for WealthKernel to provide custody services to you, in accordance with instructions submitted by Wealth8 on your behalf. 

 

Is my money locked in?

No, not at all. You can withdraw your money at any time with no penalties or charges to pay. It will take up to 5 working days for us to release your money from your investments and then up to 5 more for the money to arrive in your bank account. It could be quicker, but we can’t promise.

 

Can I monitor my investments?

Yes, you’ll have 24-hour, year-round online access to your investments on a PC, tablet or phone. It’s good to check in from time to time, but remember, investing is a long-term savings strategy.

What type of products are currently available on Wealth8?

We currently provide easy and affordable access to a suite of funds managed by BlackRock (the global investment management company). Additional products will be added in the future, also managed by reputable asset managers.

For more information:

https://www.wealth-8.com/individual-savings-account

https://www.wealth-8.com/general-investment-account

 

Is an ISA for me?

Individual Savings Accounts (known as ISAs) hold the same investments as a Regular Plan, but you keep more of the returns for yourself as there is no UK tax to pay.

What do I need to own an ISA with Wealth8?

Individual Savings Accounts (known as ISAs) hold the same investments as a Regular Plan, but you keep more of the returns for yourself as there is no UK tax to pay.

 

You can open an ISA with us if you:

  • Are over 18

  • Are a UK tax resident

  • Have not funded an Investment ISA (other than a Lifetime ISA) with another provider since 6th April 2019

The Government currently lets you put up to £20,000 a year in a Cash ISA, Innovative Finance ISA or Investment ISA (as well as up to £4,000 in a Lifetime ISA within the £20,000 limit), or you can split your allowance between them. Please note, we only offer Stocks and Shares ISAs. You can only pay into one Stocks and Shares ISA in each tax year, but you can open a new ISA with a different provider each year if you want to.

How many ISA can I pay into?

You can only pay into one Stocks and Shares ISA in each tax year, but you can open a new ISA with a different provider each year if you want to.

How do I transfer my ISA?

To transfer your ISA when opening an account please select the “Stocks & Shares ISA” option on the sign-up form and check the box to fund by ISA transfer then follow the instructions in Tasks to transfer your ISA.

If you have already opened an ISA portfolio and would like transfer in your ISA then please fill in this form.

How long will it take to transfer my ISA?

Transferring an ISA usually takes 4-6 weeks.

 

ACCOUNT

How do I close my portfolio and/or account?

You can request to close your account using the contact us page. We will contact you to confirm your request before starting the process of closing your account. It can take up to 10 working days to complete.

 

How do I make a complaint?

Our aim is to provide you with excellent service at all times. If you are unhappy with our service and wish to make a complaint, you can contact us using the form below.

We will acknowledge your complaint within five working days, then investigate the circumstances and report the results back to you in due course.

If you feel that we are not dealing with your complaint satisfactorily, you can refer your complaint to the Financial Ombudsman Service. Their address is Exchange Tower, London E14 9SR.

Our complaints policy is in our terms here.

 

Do you perform a credit check with my details?

No, we don’t run a credit check. 

We ask you for some personal information, such as your bank details and we will use credit reference agency searches to help verify your identity. 

The searches will leave a footprint on your file, but do not affect your credit score. When you apply, we will also ask you some questions to check that the level of risk you are choosing to take is appropriate for you. We do this because we’re committed to being responsible providers.

 

What is the minimum account size?

You can open a Wealth8 account with as little as £100.00.

 

Is there a maximum account size?

ISA Plans have an annual investment limit (currently £20,000 for the 2021 to 2022 tax year).

 

What happens to my account in case of beareavement?

Upon receipt of certified proof of death, the assets you hold would be frozen. The investments you hold would remain static, though we may need to sell down some of your assets to recover any fees owed to us. We would then wait for instructions from your legally-appointed executors on what to do with any remaining funds.

 

Do you offer joint accounts?

No, not at the moment, but we are planning to in the future, so watch this space.

 

How do I make recurring contributions to my portfolio?

You can set up a standing order at any time, or you can use the funding form whenever you want to top up manually.

CUSTODIAN

Where can I find your custodian policies?

Find our custodian terms in the following document: Wealth8 Terms

 

Who is WealthKernel and what do they do?

WealthKernel is your custodian. This means they are responsible for holding your cash and investments safely. They are regulated by the Financial Conduct Authority (FCA). They hold your cash and investments separately from their own (ring-fenced) in accordance with the FCA’s client asset rules.

 

SECURITY

Is my money safe?

Yes, your investments will be held with WealthKernel who act as custodian for our customers’ money. They hold your cash and investments separately from their own (ring-fenced) in accordance with the FCA’s client asset rules, so even if Wealth8 went into administration, our creditors would not have a claim to your investments.

 

Is my account secure?

Wealth8 considers the security of your personal information to be of the utmost importance and we take several measures to ensure it is kept safe.

How protected is my data?

Any information you provide on our website is transmitted using secure SSL technology with 256-bit encryption. Where we store sensitive information, such as passwords and bank account numbers, we use strong encryption algorithms similar to those used by the major high-street banks.

We also insist on a minimum password length and require you to use upper case letters, numbers and special characters in your password to make it more secure.

Account security is also your responsibility. You should never share your password with anyone else, or let anyone else have access to your Wealth8 account.

 

 

CLIENT AND ACCOUNTS

Can I update my address?

Yes, it is important to keep your information up-to-date for regulatory requirements. Please contact us using the contact us page to change your address.

Can I change my bank account?

You can currently only register one bank account for deposits and withdrawals into your Wealth8 account. 

If you want to change your registered bank account please contact us using the contact us page. You will be asked to provide evidence of both your current account registered and your new one. The evidence must be in the form of a recent bank statement showing your name, account number and sort code. 

If you attempt to pay in using an account not yet registered with Wealth8, unfortunately, we will have to return the payment to the account it came from.

Why can’t I withdraw all the funds from my account?

We require the account to have at least £100 in so that we can continue to manage it properly. If you would like to withdraw all the money, you can request to empty your account by contacting us using the contact us page. However, you cannot leave your account balance between £0 and £100.

Can I have more than one account?

You can only own one Individual Savings Account (ISA) but you can have multiple General Investment Accounts (GIA).

If you have any further issues, please do not hesitate to contact us using the contact us page.