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Ellevest is a robo-advisor that focuses on financial services for women. Algorithms for its personalized investment portfolio use data related to pay gaps, career breaks and lifespan to provide more targeted advice. Its memberships also give access to online workshops and discounted coaching packages with CPAs and other professionals to help women make informed financial decisions and improve their finances.
- Made by women and for women
- All-inclusive memberships
- Educational programs and coaching
- IRA not included in Essential plan
- No joint accounts available
Ellevest is a digital financial platform designed for women. It offers robo-advising for easy investing, as well as goal-based investment portfolios, banking services and education. It doesn’t provide joint taxable accounts.
What is Ellevest?
Ellevest is a financial company that offers investing and banking services. It matches you up with an investment portfolio based on your financial goals, and memberships include a spending and saving account.
Ellevest’s mission is to close the gender gap in financial services by using a gender-aware algorithm. It employs data related to women in particular — for instance, it will account for factors like women’s longer lifespans when recommending retirement options.
Ellevest also goes beyond investment services, providing on-demand learning, online workshops, email courses and videos on money management and investment topics. Members can also access various coaching sessions (for a discounted fee) with Certified Financial Planners (CPAs) and other professionals.
How does Ellevest work?
You’ll fill out a form to create an account so the company can provide more tailored financial advice. Then you’ll choose an investing goal related to what you want to save for. You can customize your goal’s start date, end date and total savings amount.
From there, Ellevest matches you with an investment portfolio that’ll best help you meet your goal by its deadline. After selecting your preferred portfolio, you’ll choose how much you want to invest and make your first deposit. Ellevest then automatically invests the money and adjusts when necessary to align with your goals.
Ellevest has three membership plans:
- Personalized investment portfolio
- Unlimited access to educational resources
- Banking benefits
- Coaching access at 20% off
- Plus: Includes all Essential items, plus coaching access at 30% off and retirement services like personalized retirement investment plans
- Executive: Includes all items under Plus, plus coaching access at 50% off and multi-goal investing
Ellevest also offers private wealth management for those looking to invest $1 million or more.
The costs for Ellevest’s memberships are:
- Essential: $1 per month or $12 per year
- Plus: $5 per month or $54 per year
- Executive: $9 per month or $97 per year
Ellevest includes fees for advisory services, execution, custody and banking services in its memberships. There are also no overdraft or account fees for banking, and it reimburses U.S. ATM fees. International ATM withdrawal fees are $5.
Ellevest’s coaching sessions run from $45 to $1,995 for non-members. Members receive 20%, 30% or 50% off depending on their membership tier.
- How much do I need to invest with Ellevest?
- There are portfolio-specific minimums of $1 up to about $240. However, there are no minimum investment or balance requirements with an Ellevest membership. Private Wealth Management clients have a $1 million minimum.
- Where is Ellevest available?
- Ellevest is available in all 50 states. Members must have a Social Security number, have a U.S. checking or savings account and meet other requirements.
- When can I withdraw my money from Ellevest?
- You can withdraw all or part of your money from an Ellevest taxable investment account once the money has been in the account for at least five days.
- Who owns Ellevest?
- Ellevest’s CEO is Sallie Krawcheck. The company was founded in 2014.
Is Ellevest legit?
Ellevest is a legitimate company that offers tailored investment portfolio options based on your goals. It provides individual taxable accounts only under its memberships, so it may not be the best option for those who want more than one person making decisions on the account. It also might not be suitable if you’re looking to choose individual stocks. But it’s likely a winner if you want a more laidback form of investing that adjusts to reach your specific financial goals with algorithms based on data related to women’s experiences in finance.
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