Nalo: custom-built managed investing, no fixed profiles
Nalo is a French robo-advisor launched in 2018 that sets itself apart from its main competitor Yomoni through a fundamentally different approach: instead of offering pre-set risk profiles (P1 to P10), Nalo builds a custom allocation tailored to each of the investor's savings goals.
Underwritten by Generali Vie, the Nalo Patrimoine policy relies on 100 % ETF-based managed investing, enhanced with innovative features such as multi-project support, automatic progressive de-risking, and an SRI option. But do these specificities justify choosing Nalo over a competitor? Our full review provides the answers.
Policy fact sheet
| Feature | Nalo Patrimoine |
|---|---|
| Type | Robo-advisor, custom-built managed investing |
| Insurer | Generali Vie |
| Available wrappers | Life insurance, PER (retirement plan) |
| Total life insurance fees | ~1.55 % / year all-in |
| Underlying funds | ETFs (iShares, Amundi, Vanguard, etc.) |
| Allocation | Custom-built per project (no fixed profiles) |
| Multi-project | Yes (multiple projects in one policy) |
| Progressive de-risking | Yes (automatic glide path) |
| SRI option | Yes |
| Minimum investment | 1,000 EUR |
| Regular contributions | From 50 EUR / month |
| Self-directed investing | Not available |
| Overall score | 8 / 10 |
The custom approach: the heart of Nalo's proposition
Projects, not profiles
Nalo's philosophy rests on an observation: a single saver can have very different goals, with distinct time horizons and risk levels. Rather than assigning a single profile (conservative, balanced, or growth), Nalo lets you define independent savings projects, each with its own allocation:
- Emergency fund: short horizon (2-3 years), very conservative allocation
- Property purchase: medium horizon (5-7 years), moderate allocation
- Retirement: long horizon (20-30 years), growth allocation
- Wealth transfer: very long horizon, aggressive allocation
- Children's education: defined horizon, tailored allocation
Each project receives an allocation calculated by Nalo's algorithms based on the time horizon, target amount, and risk tolerance. Everything coexists within a single life insurance policy, simplifying administrative and tax management.
Multi-project example: Marie, age 38
Marie opens a Nalo policy with 20,000 EUR and 400 EUR / month. She creates 3 projects:
- Holiday (5,000 EUR, 2-year horizon): 80 % bonds, 20 % equities allocation
- Property deposit (10,000 EUR + 200 EUR/month, 5-year horizon): 50 % equities, 50 % bonds allocation
- Retirement (5,000 EUR + 200 EUR/month, 25-year horizon): 85 % equities, 15 % bonds allocation
Three goals, three different allocations, one single policy. That's the strength of Nalo.
The concrete advantage of multi-project
This approach avoids a classic trap: the saver who chooses a "balanced" profile by default, when they should be conservative for short-term savings and growth-oriented for retirement. By segmenting by project, Nalo optimises the risk/return balance for each goal.
Fees: slightly lower than Yomoni
Life insurance fee breakdown
Nalo's total fees amount to approximately 1.55 % per year all-in, a slight 0.05 % advantage over Yomoni.
| Fee item | Annual rate |
|---|---|
| Wrapper fee (Generali) | 0.85 % |
| Nalo management fee | 0.55 % |
| ETF internal fees | ~0.15 % |
| Total all-in | ~1.55 % |
Note that Generali's wrapper fee (0.85 %) is higher than Suravenir's at Yomoni (0.60 %), but Nalo compensates with lower management fees of its own (0.55 % vs 0.70 %) and especially lower-cost underlying ETFs (~0.15 % vs ~0.30 %).
No additional fees
Like Yomoni, Nalo charges no fees on contributions, switches, or withdrawals. The pricing is transparent and all-inclusive. This is an appreciated standard in the managed investing world.
Overall fee comparison
| Solution | Total annual fees |
|---|---|
| Nalo (life insurance) | ~1.55 % |
| Yomoni (life insurance) | ~1.60 % |
| Boursorama Vie managed | ~2.00 to 2.75 % |
| Traditional bank managed | ~2.50 to 3.50 % |
| Self-directed ETFs (Linxea Spirit 2) | ~0.80 % |
Progressive de-risking: the automatic glide path
One of Nalo's most interesting features is progressive de-risking (or glide path). As the target date for a project approaches, the allocation automatically shifts towards less risky assets (bonds, euro fund).
Concretely, if you have a "retirement" project with a 20-year horizon and an initial allocation of 80 % equities / 20 % bonds, Nalo will progressively:
- 15 years out: 80 % equities / 20 % bonds
- 10 years out: 65 % equities / 35 % bonds
- 5 years out: 45 % equities / 55 % bonds
- 2 years out: 25 % equities / 75 % bonds
- At target date: 10 % equities / 90 % bonds
This de-risking is fully automatic and transparent. It avoids the risk of having an overly aggressive allocation just before you need your money (the well-known "sequence of returns risk").
Progressive de-risking: a real advantage
The automatic progressive de-risking feature is one of Nalo's strongest arguments against Yomoni. At Yomoni, this feature only exists in the PER (a legal requirement). In life insurance, Yomoni profiles remain fixed over time, requiring the saver to manually adjust their profile as they approach their goal.
The SRI option: investing responsibly
Nalo offers a Socially Responsible Investment (SRI) option that steers the portfolio towards ETFs incorporating environmental, social, and governance (ESG) criteria. The tracked indices apply exclusion filters (fossil fuels, weapons, tobacco) and favour companies with high ESG ratings.
The SRI option is available at no additional cost, which is a positive point. Total fees remain identical to standard management. However, the investment universe is more restricted, which may slightly impact diversification and performance over certain periods.
2024 Performance
Nalo's 2024 performance falls within the following approximate ranges, net of all fees:
| Allocation type | 2024 performance (approximate) |
|---|---|
| Conservative (majority bonds) | ~4 to 5 % |
| Standard / balanced | ~8 % |
| Growth (majority equities) | ~12 % |
| Aggressive (near-100 % equities) | ~15 % |
Indicative performance
Unlike Yomoni, which publishes the performance of its 10 standardised profiles, Nalo manages custom allocations for each client. The performance figures above are approximate ranges communicated by Nalo and may vary significantly from one client to another depending on their specific allocation. Past performance does not guarantee future results.
Over a longer horizon, Nalo's growth allocations show cumulative performance close to Yomoni's, which is logical since both use the same approach (globally diversified ETFs) with similar fees.
User experience
The sign-up process
Signing up with Nalo is entirely online and stands out for the quality of its questionnaire. Rather than simply asking about your risk tolerance, Nalo asks about your concrete projects: what amount do you want to reach? By when? What is your total net worth? This "goal-based" approach is more relevant than a simple risk profile.
The process takes about 15 minutes and results in a detailed allocation proposal, with a projection of capital growth under different scenarios (optimistic, median, pessimistic).
Interface and app
Nalo's web interface is clear and well designed, with a dashboard showing for each project:
- Current allocation and how it evolves over time
- Performance since opening
- Projection towards the goal
- Upcoming operations (progressive de-risking, scheduled contributions)
The mobile app is available on iOS and Android. It is functional but slightly less polished than Yomoni's in terms of fluidity and design.
Customer service and support
Nalo distinguishes itself through the quality of its support. Nalo's wealth advisors are reachable by phone and email, and offer a free advisory appointment before you sign up. This level of service is appreciated and goes beyond what most robo-advisors offer.
Nalo vs Yomoni: what are the concrete differences?
| Criterion | Nalo | Yomoni |
|---|---|---|
| Approach | Custom-built per project | 10 standardised profiles |
| Multi-project | Yes (in a single policy) | No |
| Progressive de-risking | Yes (life insurance and PER) | PER only |
| SRI option | Yes | No |
| Insurer | Generali Vie | Suravenir |
| Total life insurance fees | ~1.55 % | ~1.60 % |
| Wrappers | Life insurance, PER | Life insurance, PER, PEA, CTO |
| Number of clients | ~30,000 | 100,000+ |
| 2024 performance (balanced) | ~8 % | ~8.5 % (P6) |
| Mobile app | Adequate | Excellent |
| Support | Free advisory appointment | Standard customer service |
In summary, both services are very close in terms of fees and performance. The difference lies in their philosophy:
- Yomoni: maximum simplicity, a single profile, 4 wrappers, top user experience
- Nalo: advanced customisation, multi-project, progressive de-risking, SRI option, quality human support
Which saver profile does it suit?
Nalo is ideal for:
- Savers with multiple goals at different time horizons (emergency fund + property + retirement)
- Those who want automatic de-risking as their goals approach
- Investors who care about SRI / ESG criteria
- Savers who appreciate human support (advisory appointment)
- Those who prefer a personalised allocation over a standardised profile
Nalo is not suited for:
- Self-directed investors who want to choose their own funds (no DIY option)
- SCPI or real estate enthusiasts in life insurance
- Those who want a PEA or brokerage account with managed investing (Nalo only offers life insurance and PER)
- Strict fee optimisers: 1.55 % is still more expensive than self-directed ETF investing
Case study: Thomas and Julie, age 42, three projects
Thomas and Julie earn 6,000 EUR net between them. They open a Nalo policy with 30,000 EUR and 500 EUR / month, split across 3 projects:
Project 1 - Emergency fund (5,000 EUR, no monthly contribution, 2-year horizon) Allocation: 90 % bonds, 10 % equities. Expected return: 3-4 % / year.
Project 2 - Children's education (10,000 EUR + 200 EUR/month, 10-year horizon) Initial allocation: 60 % equities, 40 % bonds. Automatic progressive de-risking as the deadline approaches. Projected capital: ~48,000 EUR.
Project 3 - Retirement top-up (15,000 EUR + 300 EUR/month, 22-year horizon) Initial allocation: 85 % equities, 15 % bonds. SRI option activated. Progressive de-risking over the last 10 years. Projected capital: ~250,000 EUR (median scenario).
All within a single policy, with a single life insurance tax framework. Progressive de-risking automatically adjusts each allocation over time.
Frequently asked questions about Nalo
Is Nalo safe and reliable?
Yes. Nalo is registered with the AMF as a Financial Investment Advisor (CIF) and with ORIAS as an insurance broker. The policy is underwritten by Generali Vie, a leading insurer (rated A by Standard & Poor's). Your savings are protected by the French Insurance Guarantee Fund (FGAP) up to 70,000 EUR.
Can you withdraw your money at any time?
In life insurance, yes. Withdrawals are possible at any time, with no exit fees. Processing time is typically 48 to 72 hours. In a PER, funds are locked until retirement (except for legally allowed early release cases).
Can you transfer an existing policy to Nalo?
Nalo does not offer life insurance transfers (life insurance transfers are in any case only possible within the same insurer). However, you can transfer an old PER, PERP, or Madelin contract to the Nalo PER.
What is the difference between standard Nalo and Nalo SRI?
The SRI option steers the allocation towards ESG ETFs (environmental, social, and governance criteria). Fees are identical. Performance may differ slightly from the standard allocation depending on market conditions.
Our verdict: 8 / 10
Nalo is an excellent managed investing solution, which differentiates itself intelligently from Yomoni through its custom-built approach. Multi-project support, progressive de-risking, and the SRI option are genuine assets that address concrete needs. The human support (free advisory appointment) is a welcome plus for savers who want guidance.
Total fees of 1.55 % are among the lowest on the managed investing market, slightly below Yomoni. Performance is comparable, which makes sense since both services use the same building blocks (globally diversified ETFs).
The main limitation remains the absence of self-directed investing and SCPIs, as well as the offering limited to two wrappers (life insurance and PER, no PEA or brokerage account). For investors who want to manage things themselves or who want a more complete ecosystem, other solutions will be preferable.
Strengths:
- Custom-built allocation per project (no fixed profiles)
- Multi-project within a single life insurance policy
- Automatic progressive de-risking (glide path)
- SRI option at no extra cost
- Competitive fees (~1.55 % all-in)
- Quality human support (free advisory appointment)
- 100 % ETF management with low underlying fees
Weaknesses:
- No self-directed investing option
- Total fees higher than DIY ETF investing (~1.55 % vs ~0.80 %)
- No SCPIs or real estate
- Life insurance and PER only (no PEA or brokerage account)
- Mobile app slightly behind Yomoni
- Smaller client base (~30,000 vs 100,000+ at Yomoni)
Our advice
Choose Nalo over Yomoni if you have multiple savings goals at different time horizons, if automatic progressive de-risking appeals to you, or if you want an SRI allocation. Both services are excellent, but Nalo is more refined in its customisation. As a complement, keep a self-directed policy (Linxea Spirit 2) for the portion of your assets that you manage yourself.