Simply Ethical is an ethical halal investment platform.
What started out as your standard Muslim financial advisory company has grown into an outfit that:
(a) offers bespoke financial advice;
(b) discretionary investment management (i.e. they will invest on your behalf);
(c) robo-advisory investing (i.e. they ask you questions and invest for you based on your answers); and
(d) a stock brokerage platform (i.e. a Muslim AJ Bell). It’s important to mention at the outset that Simply Ethical is not just FCA-regulated, but also benefits from FSCS protection.
In this review, we’ll explore whether Simply Ethical is a viable option for Muslims wishing to invest in sharia-compliant stocks and shares.
In writing this review of Simply Ethical, we have interacted not just with the platform, but with the team behind it too. If you have any comments, please do leave them in the comments section.
What options do they offer?
I found this to be a key element of the Simply Ethical difference. They have 3 main offerings which are as follows:
1. Financial Advice & Discretionary Management
As an FCA-regulated entity, Simply Ethical is able to offer personal financial advice that is completely tailored to you. This is paid financial advice – as the government introduced legislation requiring all financial advisors to charge for their financial advice.
In our experience, the types of people who usually go for this are people with significant assets who need guidance on exactly where to put their money. It might be that you’re coming up to retirement, for example, and you have some very specific needs and don’t really know where to start. Or it could be that you’re a working professional with significant assets and don’t know what assets to invest in to achieve your financial aims.
Getting personal financial advice helps with this and Simply Ethical have the ability to do this.
Simply Ethical can also go one step further and actually manage your money for you (of course, guided by your risk profile and expressed preferences). This is what is called discretionary management.
We’ve not been through the financial advice/discretionary management process ourselves, but having met with the team, considering their long experience, and as Simply Ethical is an FCA-regulated entity, we have confidence that they are a safe pair of hands on this. If you would like to reach out to them, you can do so via this form.