A useful fee comparison is not about finding one lowest-looking percentage. It is about identifying the costs that apply to your account, investment approach and expected activity, then comparing them on the same basis. This guide is general information, not personal financial, tax or legal advice. Investment values can fall as well as rise, and tax treatment depends on individual circumstances and may change.

What counts as the total cost of an investment platform?

Start by separating the price of the platform or service from the cost of the investments held inside it. A platform may charge an account or management fee, while the funds or ETFs you select can have their own ongoing costs. Transaction-related costs can also matter, including dealing commissions, foreign-exchange charges and the market spread between a quoted buying and selling price.

For a managed or discretionary portfolio, the ongoing management fee pays for the investment service as defined by that provider. J.P. Morgan Personal Investing, for example, says it charges an annual management fee for discretionary management and calculates it as a percentage of the investments it holds for the customer. Its published schedule also shows that pricing can differ between managed and fixed-allocation investment styles.

Some costs are recurring percentages. Others arise only when you take an action or use a particular service. Keep these groups separate:

  • Ongoing charges: platform, account, management and underlying fund or ETF costs.
  • Activity-dependent charges: dealing commission, FX and the market spread that may apply when buying or selling.
  • One-off or process charges: transfer, withdrawal or exit terms where the provider’s current documentation says they apply.

A comparison is like-for-like only when you record every relevant charge on the same balance, account type and time period. A provider’s headline fee is a starting point, not the complete answer.

Compare management fees with the service you receive

A management fee should be assessed alongside the investment service you are actually receiving. With a managed portfolio, the provider may select investments, monitor the portfolio and make adjustments within the service model. Wealthify says its investment team builds plans aligned with a chosen investment style and provides ongoing monitoring and adjustments; its published page also distinguishes its own fee from fund and trading fees.

The fee may vary by management style, portfolio value or account arrangement. J.P. Morgan Personal Investing’s published fee schedule differentiates managed investment styles from a fixed-allocation style, illustrating why two portfolios at the same provider may not have the same annual management charge.

DIY investing is a different comparison. InvestEngine states that its Do it yourself portfolio has a zero InvestEngine fee, while its Managed portfolio has a 0.25% annual InvestEngine fee. That does not mean the DIY option is cost-free: the same page says ETF costs and market spread apply to both approaches.

When comparing a managed account with a DIY ETF account, do not simply subtract one headline percentage from another. First ask what the management fee includes, whether you would otherwise make and pay for your own investment decisions, and which underlying investments are available. The appropriate choice depends on fit and documented costs, not a prediction of which approach will produce the better return.

Check the costs that headline fees can miss

Look beyond the platform’s advertised account fee before deciding that one option is cheaper. Fund and ETF costs are normally investment-level costs, so they can remain relevant even where a platform advertises a free account or zero platform fee. Wealthify, for example, publishes approximate fund and trading fees for its Original and Ethical Plans separately from its provider fee. InvestEngine likewise says ETF costs apply alongside its stated account and portfolio fees.

For transaction-based investing, record trading costs separately. InvestEngine’s comparison page lists commission and currency-conversion treatment as distinct fields, and notes that market spread applies to its portfolios. A spread is not the same as a published platform charge, but it can affect the price at which you buy or sell an investment.

Check the current terms for the account you intend to open or transfer. J.P. Morgan Personal Investing’s schedule includes a section on in-specie transfers, while Wealthify states that it does not charge for deposits, withdrawals, transfers or closing a plan. These examples show why transfer and exit terms should be verified provider by provider rather than assumed from a headline annual fee.

If you hold overseas assets, deal frequently, use a pension as well as an ISA, or expect to transfer existing investments, those details can materially change which cost rows belong in your comparison.

Use a simple worksheet to compare total documented costs

AI-generated generic editorial illustration — not a retailer product photo and does not depict the reviewed product or service. Give readers a neutral visual prompt to document every cost input before comparing platforms.

Give readers a neutral visual prompt to document every cost input before comparing platforms Use one worksheet for each option you are considering. Keep it factual: enter your planned balance, account type, investment approach and expected activity, but do not forecast investment returns.

Cost row What to record How to compare it
Account or platform fee The published percentage or fixed fee for the exact account Apply it to the same illustrative balance and period
Management fee The fee for the managed or discretionary service, if used Record separately from platform and fund costs
Fund or ETF cost The published ongoing investment cost or stated average Match the actual portfolio or investment range where possible
Trading and commission Any charge linked to planned deals Use your realistic expected frequency, not a maximum or zero by default
FX and market spread Whether they apply to your intended investments or trades Note the provider’s published terms and when the cost is incurred
Transfers, withdrawals and closure The current account-specific terms Treat these as conditional rather than annual charges unless you expect to use them
Cash assumptions Any provider explanation of how uninvested cash is treated Record the disclosure; do not turn it into a return forecast

For percentage-based charges, an illustrative annual amount can be calculated by multiplying the documented percentage by the same planned balance for each option. Keep a separate line for fixed and transaction-dependent charges, because adding them to a percentage without stating the activity assumption can mislead.

Then check the result against the provider’s current fee page or calculator. Wealthify provides a fee calculator and says its displayed figures are a guide, with fees varying according to the value of investments across the month. Moneyfarm says its pricing is intended to be transparent, but the useful comparison still comes from checking the current price details and what they cover.

The worksheet is not a recommendation. Its purpose is to make assumptions visible: the account, service model, holdings and activity behind each total. Revisit it if your balance, portfolio choice or transfer plans change.

Make a fee decision in the context of the account and service

Price matters, but it is only one part of suitability. Before selecting a platform, check whether the account is available for your purpose, whether any minimum deposit applies, and whether the investment range fits the approach you want to use. A lower stated fee may not help if the platform does not offer the account, service model or investments you need.

Use this pre-decision checklist:

  • Confirm the account type and eligibility, such as an ISA, personal pension or general investment account.
  • Check minimum deposits and any conditions attached to reduced fee rates.
  • Decide whether you want a managed service, a fixed allocation or DIY investment selection.
  • Review the available funds, ETFs or portfolios and their investment-level costs.
  • Estimate likely dealing frequency, overseas-investment exposure and FX needs.
  • Read the current transfer process, in-specie options, withdrawal rules and service limits.
  • Check how fees are calculated and collected, including whether a published annual figure is charged monthly.

Wealthify notes that minimum deposits can apply and that fees quoted annually are charged monthly. InvestEngine lists separate account types and distinguishes DIY and managed portfolios. These are reminders that a fee table must be read with its surrounding account terms.

If you need advice tailored to your tax position, pension arrangements, risk tolerance or wider finances, consider whether regulated financial advice is appropriate. Published charges are useful evidence, but they do not by themselves determine what is right for an individual.

Frequently Asked Questions

Are fund charges included in an investment platform's advertised fee?

Not necessarily. A platform or management fee can be separate from the costs of funds or ETFs held within the account. Wealthify publishes fund and trading fees separately from its provider fee, and InvestEngine states that ETF costs apply to its portfolio options. Check the provider’s current disclosure for the exact portfolio or investments you plan to hold.

Yes. A zero account or platform fee does not automatically remove investment-level or transaction-related costs. InvestEngine says its accounts have no account fee and its DIY portfolio has a zero InvestEngine fee, while also stating that ETF costs and market spread apply. Other providers may charge for trading, FX or services depending on the account and activity.

How should I compare fees for a managed portfolio and a DIY ETF account?

List them on separate cost rows. Record the managed-service fee, the underlying fund or ETF costs, and relevant trading, FX and spread assumptions for each option. Also document what the management service does. A managed fee may cover portfolio construction and ongoing monitoring, whereas a DIY account leaves investment selection to you. Compare documented costs and service fit without assuming either option will deliver a particular return.

Do transfer charges matter when switching investment platforms?

They can. Check whether a provider charges for cash transfers, in-specie transfers, withdrawals or closure, and whether the terms differ by account. Wealthify says it does not charge for transfers or closing a plan, while J.P. Morgan Personal Investing’s published schedule includes in-specie transfer provisions. Always verify the current terms for both the provider you are leaving and the one you are joining.

Should I rely on an online fee calculator?

Use it as a check, not as the entire comparison. Enter assumptions that match your intended account, balance and investment approach, then read the underlying fee schedule. Wealthify describes its calculator figures as a guide and notes that fees vary with investment value across the month. A worksheet alongside the current provider documentation makes the assumptions easier to inspect.

Sources

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