a Financial Platform Tailored for Women
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Ellevest
Account Minimum
$1 – $240 (varies by portfolio)
Fees
$54 – $97 annually; $5 or $9/month
- Personalized, automated investment advice with a $0 minimum requirement
- Monthly plans include discounted access to certified financial planners
- Automated IRA accounts and 401(k)/403(b) rollovers available
- Private wealth management for individuals, families, and institutions who have at least $1 million to invest
- No active trading opportunities available; money is mainly invested in stock ETFs and bond ETFs
- You can only open individual investment accounts and retirement accounts; joint accounts or custodial accounts not available
- No tax-loss harvesting
Insider’s Take
Ellevest is one of the best robo-advisors for goal-focused investing. It could be a good fit if you want automated investing and retirement accounts.
Product Details
- Promotion: None at this time.
- Consider it if: You’re looking for a one-stop shop for financial planning.
About Ellevest
Ellevest is a woman-run investing and private wealth management platform for individual investors to trade ETFs and mutual funds. Access a suite of financial planning services and tools for navigating change, managing your investments, and coordinating your estate plan.
Investment strategies tailored for women by Ellevest get you access to customized asset allocations and financial plans based on gender-specific salary curves and longevity data. The robo-advisor then considers your financial goals, risk tolerance, and time horizon to diversify a risk-optimized portfolio across 21 asset classes. Goldman Sachs acts as the custodian for Ellevest accounts.
The platform offers a range of retirement plans, including traditional and Roth IRAs, with access to online workshops led by Ellevest financial planners. Plus, you’ll receive monthly market insight from Dr. Sylvia Kwan, Ellevest’s Chief Investment Officer. Ellevest is a fiduciary.
Ellevest approach to savings and retirement planning was designed to close the wealth gap experienced by women, Ellevest welcomes all clients, including non-binary and gender non-conforming individuals.
Explore Ellevest membership fees and benefits in Business Insider’s Ellevest 2024 review.
Is Ellevest Right For You?
Overall, Ellevest is best for passive investors who want personalized plans for individual investment or retirement accounts. It’s a strong choice for those looking to merge automated investing with human advice. Personalized financial planning with Ellevest is one of the platform’s strongest perks.
However, you should consider other platforms — such as our picks for the best stock trading app — if you’re searching for self-direct trading, joint accounts, custodial accounts, or features like tax-loss harvesting.
Ellevest: Overall Rating
Ellevest Pros and Cons
Is Ellevest Trustworthy?
Ellevest has a B- status from the Better Business Bureau. The BBB usually rates companies with a grade scale of A+ to F. A B- is a decent score.
BBB ratings can vary per investment app, but the bureau generally considers the following factors when evaluating businesses: type of business, time in business, customer complaint history, licensing and government actions, and advertising issues.
Ellevest’s record is clear of any major lawsuits or scandals.
Ways to Invest With Ellevest
Automated Investing Accounts
Ellevest offers two portfolio options:
- Ellevest Core: The standard portfolio option that invests your funds in a blend of ETFs and mutual funds to best reach your financial goals. This is a better option for investors not interested in socially conscious investing with an (ESG) portfolio. Fund fees range from 0.05% to 0.10% with Core portfolios.
- Ellevest Impact: With a socially responsible lens, this portfolio will invest over half of your funds in ETFs and mutual funds that uplift and advance women on boards and leadership teams. Up to 53% of your funds will be invested in ESG and impact funds, This is a great option for investors looking to make an impact while reaching their financial goals. Fund fees range from 0.13% to 0.19%.
Impact Portfolios allow you to invest in companies that advance women in leadership, support loans for affordable housing, or encourage sustainable and ethical business practices. At this time, Ellevest does not offer a fund that invests 100% of your assets in impact investments.
All Ellevest portfolios mitigate risk with global diversification investments. You can invest in up to six investment portfolios with Ellevest, including one retirement portfolio. Available portfolio goals include:
- Build wealth
- Kids
- Home
- Splurge
- Business
- Retirement
Ellevest has an auto-deposit feature to set aside a portion of your paycheck into your Ellevest account. Other features include tax minimizing.
Retirement Accounts
If you’re thinking about growing your retirement plan’s savings the automated way, Ellevest provides a range of options. Invest in a traditional, Roth, or SEP IRA. It also supports IRA transfers and rollovers from an old 401(k) or 403(b).
Ellevest offers not just IRAs but comprehensive retirement plan guidance and advice based on the realities women experience, like longer lifespans, lower wages, and career breaks. Ellevest will even guide you on whether or not you should open a traditional or Roth IRA.
Private Wealth Management and Financial Planning
Ellevest applies a holistic approach to private wealth management focused on goal-based investing, tax optimization, and top-down asset allocation based on objective and risk tolerance. The minimum to access Private Wealth Management is $1 million.
Closing the gender gap in investing with Ellevest includes financial planning features, such as consulting with certified divorce financial analysts (CDFA), tax professionals, and CFPs. Ellevest financial planners offer one-on-one advice and live events.
Available Ellevest multi-session financial planning packages include:
- Financial foundation package + unlimited support: Get two 60-minute phone calls, one 30-minute phone call, and one year of unlimited email conversations with a CFP for personalized day-to-day money management guidance. CFP can help with spending, saving, paying down debt, and retirement planning. This package costs $1,100 for Ellevest clients and $2,200 for non-clients.
- Comprehensive planning package: CFP helps you manage multiple financial goals, including homeownership, career changes, and more. You’ll get two 60-minute calls and multiple “what-if” scenarios to strengthen your financial plan. This plan costs $1,599 for Ellevest clients and $3,198 for non-clients.
- Comprehensive planning + unlimited support: Best for folks looking to manage multiple overlapping financial goals, this package gets you access to three 60-minute video calls, unlimited emails, access to financial planning tools, and a financial planning portal. This package costs $2,080 for Ellevest clients and $4,160 for non-clients.
- Financial plan refresh package + unlimited support: Update your financial plan after a job change, moving, or another big life event. Get two 60-minute video calls, unlimited emails with a CFP, access to the financial planning portal, and an updated financial plan. This package costs $1,790 for Ellevest clients and $3,580 for non-clients.
Ellevest Fees
Ellevest doesn’t require a minimum to open an account, nor does it charge an advisory fee. However, there is a $12 monthly subscription fee. Funds expense ratios range from 0.05% to 0.10% for Core portfolios and from 0.13% to 0.19% for Impact portfolios.
Although there’s no account minimum to open an Ellevest account, some portfolio options require a minimum of $1 to $240. Private wealth management requires a $1 million minimum. Financial planning packages range from $1,100 to $2,080 for Ellevest clients and $2,200 to $4,160 for non-clients.
Ellevest — Frequently Asked Questions (FAQs)
Ellevest is a comprehensive investment and financial management platform for women. It offers personalized investment portfolios, retirement planning, and private wealth management services tailored to women’s financial needs and goals. Ellevest is unique as it considers women’s longer lifespans and salary curves to create long-term investment strategies and resources to empower women investors. Moreover, the platform emphasizes ESG funds through its Impact portfolios.
Ellevest creates personalized investment portfolios based on age, income, financial goals, and risk tolerance while also considering women’s longer lifespans and pay gaps. Ellevest portfolios are also goal-based, tax-optimized, and diversified across multiple ETFs and mutual funds to mitigate risk.
Ellevest offers individual taxable brokerage accounts and retirement accounts, including traditional, Roth, and SEP IRAs. Brokerage accounts are fully automated and only invest in ETFs and mutual funds. Ellevest clients can also opt-in for private wealth management services (requires $1 million account balance) and financial planning packages.
Ellevest requires no account minimums or annual advisory fees. To access Ellevest brokerage accounts and financial planning services, you must pay a $12 monthly subscription fee. Expense ratios for funds range from 0.05% to 0.19% for portfolios. Financial planning packages range from $1,100 to $2,080 for Ellevest clients and $2,200 to $4,160 for non-clients.
Ellevest is designed specifically for women’s financial needs and goals but can be used by clients of any gender. Ellevest is an inclusive platform, welcoming all clients, including non-binary and gender non-conforming individuals.
How Ellevest Compares
Ellevest vs. Betterment
Ellevest and Betterment Investing are robo-advisors offering personalized portfolios, socially responsible investment options, and human advisor access.
It doesn’t cost anything to open an account with Betterment, but you’ll need to pay $10 to start investing (unless you use a $100,000 minimum premium account with Betterment). If you’re interested in investing in cryptocurrencies, Betterment is a better option. Betterment is also one of our picks for the best IRA accounts.
You can only use unlimited CFP guidance at Betterment if enrolled in the premium plan (which has a $100,000 minimum). Ellevest also doesn’t charge an account minimum, but you’ll still have to pay a fee, as Ellevest clients only get 50% off financial planning services.
Ellevest vs. Wealthfront
Compared to Ellevest, Wealthfront Investing is the better option for those searching for tax-bill-lowering strategies like tax-loss harvesting. The platform offers a wider range of investments — including index funds and crypto trusts — and portfolio customization options. But it does require a $500 minimum for automated investing.
Ellevest is a stronger choice for those who want access to financial planning. Wealthfront doesn’t offer ongoing, one-on-one advisor guidance, but it offers a team of specialists to help answer any questions.
Why You Should Trust Us: How We Reviewed Ellevest
We examined the Ellevest investing app using Personal Finance Insider’s rating methodology for investing platforms to compare and examine account types, pricing, investment options, and overall customer experience when reviewing investing platforms. Platforms are given a rating between 0 and 5.
Investing platforms typically offer multiple assets, trading tools, and fees. Some investing platforms are better for more advanced or active investors, while others may better suit beginner and passive investors. Ellevest was evaluated with a focus on how it performed in each category.
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