Our take: Ellevest offers financial products to a largely underserved group of investors — women. However, everyone is welcome to invest with the robo-advisor. Ellevest is ideal for new investors interested in strategically building wealth over time with minimal risk. In addition to hands-off investing, Ellevest offers other financial products, including banking, retirement and insurance.
- Breadth of Products
- Digital Experience
- Customer Support
How did we calculate this?
- No account minimums
- Inclusive for all gender identities
- Managed investment portfolios that are among the most diversified of all robo-advisors
- Female-focused investing goals
- No account fees for checking and savings accounts
- Roundup feature moves spare change from every transaction to your savings or investment account
- Flat-rate membership fee replaces percentage-based commission
- Doesn’t support trading
- Tax-loss harvesting unavailable
- Email support only unless you’re paying for a higher membership tier
Investing has been traditionally known as a man’s world. According to Ellevest, 99% of investment management firms are owned by white males, with women comprising about 8% of investors. Ellevest hopes to change this by providing financial services “built by women, for women.” Ellevest’s investment algorithm takes into account gender-specific factors such as career and pay gaps, as well as longer than average lifespans.
Some of the most unique features of Ellevest include the following:
- Anyone can purchase one-on-one sessions with a career coach or certified financial planner.
- Three plans, which range in price from $1 to $9 per month, that automatically invest your contributions and manage them for you.
- FDIC-insured, low-fee banking consists of a spending and savings account plus a debit card.
How Does Ellevest Work?
Ellevest wants to make investing possible for everyone. You don’t need experience — Ellevest’s investment platform uses algorithms to automatically invest and manage your money.
There are no account minimums. All you need to do is choose a membership level and the type of investment you’re comfortable with. Here’s how to get started:
- Answer questions about your financial goals and current situation.
- Pick an investment plan. Your options are:
- Ellevest Essential, $1 per month: Features include a 20% discount on coaching, group workshops on budgeting/finance and Ellevest Save and Spend accounts with …….