Ellevest Investing Platform for Women and Beyond

Ellevest is a financial platform specifically designed for women, offering a comprehensive investment solution that addresses their unique financial needs.

Ellevest's investment approach is based on the idea that women's financial goals and priorities often differ from those of men, taking into account factors such as career breaks, caregiving responsibilities, and shorter life expectancy.

Ellevest offers a range of investment portfolios tailored to meet the diverse needs of its users, including options for women who are just starting to invest, those who are nearing retirement, and everything in between.

The platform's investment strategies are designed to help users achieve their long-term financial goals, such as buying a home, paying for their children's education, and securing their retirement.

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Getting started with Ellevest is a breeze. You can sign up in under 10 minutes and it's completely free. This means you can start investing with minimal hassle.

You'll need to create an account and draft your financial plan, setting your goals such as emergency savings, retirement, or buying a house. Ellevest will also determine your risk tolerance by asking a number of questions.

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You can start investing with as little as $1 and link your bank account, brokerage account, or transfer your IRA to Ellevest. You can choose from four plans: Ellevest Essential, Ellevest Plus, Ellevest Executive, or Ellevest Private Wealth Management.

Setting up an account at Ellevest is quick and easy, and can be done entirely online. You can create an account in less than 10 minutes, and it's completely free.

You'll need to choose an investing goal, and Ellevest will make a portfolio recommendation based on your personal details. After the first deposit, your money will be invested, and you can set up recurring deposits to put your investing on auto-pilot.

There are two types of accounts offered by Ellevest: Online investing, which has a $0 minimum to open an account, and Private wealth management, which has a $1 million minimum to open an account.

Here are the details of the Ellevest Plan, which is the only account option for investors with less than $1 million:

The Ellevest Plan has a low fee of $12 per month.

Getting Started with Ellevest is a breeze, and it all begins with creating a free account that takes less than 10 minutes to set up. You can start investing with as little as $1, and Ellevest will guide you through the process.

To get started, you'll need to draft your financial plan and set your goals. These can include emergency savings, retirement, buying a house or a car, or even savings for a baby. Ellevest will also determine your risk tolerance by asking a number of questions.

Ellevest will then suggest personalized investment portfolios tailored to your goals. You can link your bank account, brokerage account, or transfer your IRA to Ellevest. There are four plans to choose from: Ellevest Essential, Ellevest Plus, Ellevest Executive, or Ellevest Private Wealth Management.

Here are the four plans in more detail:

You can change and adjust your goals, income, and transfer funds anytime you log in to your Ellevest account. You'll also get advice from their team and can withdraw your money at any time with no penalties.

Ellevest has no account minimum, making it easy to get started with investing.

The fees are straightforward, with a $12 monthly subscription fee for the Ellevest Digital Plan, and fees varying for the Private Wealth service.

You can set financial goals such as wealth building, home buying, family planning, business, big splurge, and retirement.

Ellevest offers investment options in ETFs and mutual funds.

There is no interest paid on cash balances, so you won't earn any interest on your idle cash.

You can view your portfolio before funding, but there's no ability to add ESG investment ETFs or change your risk tolerance.

Ellevest offers a range of customer service options, including email, phone, chatbot, and social media support.

A financial advisor is available to help with your investments.

Ellevest offers a FDIC cash holding account for cash management.

Tax-loss harvesting is not available, which means you won't be able to offset gains with losses.

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You can sync and consolidate external accounts, but this feature is not available.

Ellevest has mobile apps for Android and iOS devices.

Here's a summary of the account features:

Ellevest offers a range of investment options, including stocks, bonds, ETFs, ESG funds, and alternative investments.

You can start investing with no minimum deposit and no minimum account balance for the Ellevest Membership advisory service. However, there are portfolio-specific minimums ranging from $1 to approximately $240.

Ellevest's fees may vary depending on the investment vehicle selected, with costs ranging from $1 to $9 per month, and fund fees ranging from 0.05% to 0.19%.

The platform offers two main investment portfolio options: Ellevest Core and Ellevest Impact. Ellevest Core allows you to select from 22 ETFs, while Ellevest Impact offers 3 ESG funds.

Here are the asset classes available in Ellevest's ETFs and ESG funds:

Ellevest's algorithm takes into account your gender, salary, and estimated lifespan to provide personalized investment recommendations.

The platform offers tax minimization strategies, but does not offer tax-loss harvesting at the basic level.

You can choose to invest in companies led by women, sustainable companies, and community development companies with Ellevest's Impact Investing option.

Ellevest's portfolio rebalancing is done periodically, as necessary, to ensure your portfolio remains aligned with your original investing objectives.

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Ellevest offers a range of security features to protect your account information, including two-factor authentication, industry-standard encryption, and regular testing for vulnerabilities.

These security measures are in place to prevent unauthorized access to your account and ensure your financial information remains safe.

Ellevest also offers SIPC insurance, which covers your investments up to $500,000 in case of any losses or theft.

Their security features include ID verification, 2-step linking for deposits and withdrawals, session timeouts, and password standards.

Here's a breakdown of Ellevest's fees:

Ellevest's fees are competitive with other robo-advisors, but be aware that there may be additional fees for certain account actions, such as withdrawals.

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Unfortunately, Ellevest does not offer tax-loss harvesting at this time.

This feature can be particularly helpful when investing larger sums of money, as it can help balance out year-end capital gains with the strategic sale of under-performing securities.

Tax-loss harvesting is a perfectly legal practice that allows you to keep more of your year-end investing profits in your own pocket come tax time.

It's worth considering whether Ellevest is the right choice for you if you're planning to invest a more significant amount of money with an online digital robo-advisor.

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Ellevest's fees are structured into two main levels: the Ellevest Plan and Private Wealth Management. The Ellevest Plan costs $12 per month for up to $1 million in assets.

There are no advisory fees associated with an Ellevest account, but you'll need to pay fees from the companies that own the individual funds in your investment portfolio. ETF fund fees can range from 0.05% to 0.10% per year for Ellevest Core Portfolios, and from 0.13% to 0.19% per year for Ellevest Impact Portfolios.

You won't be charged any fees for withdrawing your funds, but transferring an account to another institution can cost you. Ellevest works with Goldman Sachs Custody Solutions, which charges a $100 fee per account for transferring an investment account or IRA.

Here are some key fees to keep in mind:

If you're transferring only part of an account, fees are $5 per security, with a $25 minimum and $75 maximum.

Ellevest takes security seriously, with features like two-factor authentication to protect your account information.

Two-factor authentication is a must-have for any online investment platform, and Ellevest offers it to open an investment account or make a withdrawal.

Industry-standard encryption is used to safeguard all accounts, ensuring that your data is safe from unauthorized access.

Regular testing of products and security systems for vulnerabilities helps prevent cyber threats.

SIPC insurance is also offered to all clients, providing an additional layer of protection up to the $500,000 limit for all accounts combined.

Ellevest's security measures include closely monitored networks and secure software development procedures.

Here are some of the security features Ellevest has in place:

Ellevest is FDIC insured, which means your cash deposits are guaranteed regardless of what happens to the banking institution itself.

FDIC insurance does not protect you against market risk, so it's essential to understand the difference between cash deposits and investments.

Ellevest's FDIC insurance ensures that your deposits are protected up to $250,000, so you can feel confident about keeping your savings with them.

This insurance is a must-have for anyone looking to keep their cash deposits safe and secure.

Ellevest's customer service is accessible but not immediately apparent. To contact customer service, you'll need to scroll to the bottom of the page and click on the "Help Center" link under Support.

Investors can view several FAQ topics, but if you're looking for information on a specific topic not listed, you have a few options. You can submit a question, email customer service, or use the chatbot.

To submit a question, click the "Submit a Request" link at the top right of the screen. You can even attach documents to get an email response. Alternatively, you can email customer service by scrolling down the page to find the "Contact Us" link and following the prompts.

If you'd rather chat with a representative, click on the green chat icon at the bottom right corner of the screen. This will allow you to ask questions and get suggested articles that may help you find an answer.

New account holders can also schedule a free 15-minute call with a financial planner to help determine which type of financial planning session they may want to purchase.

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Ellevest's Private Wealth Service requires a minimum $1 million starting portfolio to advance to tier three of their services.

This service is designed for high-net-worth individuals who want personalized portfolio management.

A hands-on, handpicked team of financial professionals will work with you to create a tailored investment strategy.

The Private Wealth Service is a significant step up from Ellevest's other services, offering a more customized and hands-on approach to wealth management.

To access this level of service, you'll need to meet the $1 million minimum portfolio requirement.

Reviews of Ellevest's digital robo-advisor, which is a key component of their services, are a crucial factor in determining the overall effectiveness of their Private Wealth Service.

However, reviews of the digital robo-advisor are not mentioned in this section, so we'll have to look elsewhere for more information.

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Ellevest offers a range of features and benefits that make it an attractive option for investors. You can access a team of financial planners and career coaches through 1:1 coaching sessions, which can be discounted based on your membership plan.

One budgeting and debt planning session with a Plus membership can cost over $200, but this is still cheaper than getting a coaching session from other robo-advisor platforms. For example, a 'getting started' call with a CFP at Betterment can cost nearly $300.

Ellevest provides a range of investment options, including personalized investment portfolios and optional investment in Ellevest Impact Portfolios. These portfolios are further customized based on your risk tolerance and personal investing goals.

You can also access free educational resources like online workshops, email courses, and video resources to help you with career, money, and investing decisions. Additionally, you can opt for one of two investment portfolio options: Ellevest Impact or Ellevest Core.

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Here are some of the key features and benefits of Ellevest:

The Ellevest app is available for iOS users, allowing you to start investing by setting up financial goals.

You can review your account and available funds, see the balances, and track your progress towards the goals directly from the app.

The app is compatible with iOS 10 and newer, which should work on iPhone 5 and later models.

Ellevest Impact Portfolios, complete deposits, and withdrawals can be managed through the app.

However, you can't complete retirement goals, rollover of 401(k), or IRA transfers within the app, and must do so on the website.

The app can be found and downloaded from the App Store.

You can access the Ellevest website from your mobile phone or tablet to use these unavailable features.

Unfortunately, the app doesn't work on iPads, but you can use the website on any internet browser.

Ellevest allows clients to see their proposed investment portfolio before funding their account, making it easy to visualize your investments.

You can make changes to your portfolio, but only if they align with changes to your risk tolerance level or the type of investment portfolio.

Ellevest offers two main investment portfolio options: Ellevest Impact and Ellevest Core.

The Ellevest Impact option allocates more than half of your portfolio to ESG investing and funds that support women.

Ellevest optimizes its portfolios for women and aims to reduce fees and minimize taxes.

Here are the two main investment portfolio options offered by Ellevest:

Both options are further customized based on your risk tolerance and personal investing goals.

Ellevest allows you to link one external bank account and set up automatic deposits for investing.

You can also earn unlimited ATM fee reimbursements with the FDIC-insured Ellevest Save account.

With Ellevest, you won't be charged minimum balance or overdraft fees.

A recent change to the Ellevest platform has eliminated banking services such as cash savings accounts and debit cards.

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Currently, 0% interest is paid on cash balances in the account that are not invested in an ETF or mutual fund.

If you do need to withdraw money, you won't be penalized for doing so.

Here are some key details about Ellevest's cash management features:

The Concierge Team is a valuable resource for Ellevest clients, especially those on the "Plus" plan and up. They offer unlimited support via phone, text, or email.

These dedicated experts are there to answer all your questions and help with various issues. They can assist with IRAs and 401(k)s, making it easier to manage your retirement savings.

You can also count on them for account and goals customizing, ensuring your investment strategy aligns with your financial objectives. Whether you need general guidance or more in-depth financial professional guidance, they're there to support you.

Their expertise can be a game-changer for those who want personalized advice and support.

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The Essential plan is a great starting point for beginners. It's perfect for those who want to dip their toes into investing without breaking the bank.

With the Essential plan, you can start investing with as little as $1. That's right, just one dollar! You don't need to worry about a minimum investment requirement.

One of the best things about the Essential plan is its low fees. It's the lowest-fee plan offered by Ellevest, making it an attractive option for those on a budget.

If you're new to investing, the Essential plan is a great choice. It's a basic plan that gets you started with the essentials.

The Plus plan with Ellevest is a game-changer for those who want personalized guidance and support. With this plan, you'll get unlimited support from the Concierge team, which is a team of financial professionals available to answer your questions over phone, text, or email.

One of the standout features of the Plus plan is the 30% discount on one-on-one sessions with a Certified Financial Planner (CFP) and Executive Coaches. This means you can get personalized guidance and strategy from a CFP, and training on career events and salary negotiations from an Executive Coach, all at a discounted rate.

Here are the key benefits of the Plus plan:

Ellevest offers three primary plans with different costs and features. You can choose one that fits your budget, goals, and needs the best.

The plans come with no minimum deposit to get started, though fund minimums may apply.

There's a $12 monthly subscription fee for the Ellevest Digital Plan, and fees vary for Ellevest Private Wealth.

You can choose from various goals, including wealth building, home buying, family planning, business, big splurge, and retirement.

Ellevest offers a range of plans to suit different needs and budgets.

The Ellevest Plan, which costs $12 per month, offers a low-fee option with features like up to five goal-specific accounts, retirement planning, tax minimization strategies, automatic rebalancing, and exclusive discounts for one-on-one financial guidance.

There is no minimum deposit required to get started with any of Ellevest's plans, although fund minimums may apply.

Ellevest offers three primary plans to choose from, each with different costs and features.

Here's a brief overview of the plans:

The Ellevest Executive plan offers additional features beyond the Ellevest Plan, including multi-goal investing and access to a Certified Financial Planner (CFP) and Executive Coaches.

The Executive plan is a great option for those who want more personalized guidance and support. At $9 per month, it offers everything the Plus Plan has, plus some extra features.

One of the standout benefits of the Executive plan is the one-to-one access to a Certified Financial Planner (CFP) for personalized guidance and strategy. You'll also get a 50% discount on this service.

If you're planning to buy a house, remodel it, or grow your family, the CFPs can help you create a financial plan tailored to your needs. They can also assist with retirement options, career changes, and leveraging employee bonuses and benefits.

The Executive plan also includes one-to-one access to Executive Coaches for training on career events and salary negotiations, also with a 50% discount. This can be a huge help if you're looking to ask for a raise, get a good start at your new job, or prepare for a job interview.

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Here's a summary of the Executive plan's benefits:

Ellevest's ratings are a great place to start when considering their robo-advisor. Here's a breakdown of their performance in various areas.

Ellevest scores 6.5/10 for commissions and fees, which is a decent score but not the highest. Their investment selection is a bit weaker, scoring 6/10.

Ellevest's account options and features score 7/10, which is a respectable score. Usability is also a strong point, with a rating of 7.5/10.

One area where Ellevest truly shines is in their educational resources, with a rating of 8.5/10. This is a great asset for investors looking to learn more about their investments.

Customer service is also a strength for Ellevest, with a rating of 8/10. Overall, Ellevest scores 7/10, which is a solid rating.

Ellevest's robo-advisor algorithm is designed to provide gender-specific investing guidance to help women close the investing gap.

Women on average earn only about 80 percent of what men earn for doing the exact same job, a wage gap that Ellevest's algorithm factors in to advise women to save more earlier on.

This means Ellevest's algorithm will take a look at that missing 20 percent of the average woman's annual salary and generate savings and investing guidance to compensate for it.

The algorithm also directly addresses the "investing gap" that exists between men and women investors, and is tailored to the target market of women who may not be well-represented by traditional financial planners.

Ellevest is not just for women, despite its focus on empowering women in the finance and investing industry. Sallie Krawcheck, the founder, acknowledges that men still control the majority of the finance and investing industry.

Cutting men out of the equation wouldn't be financially smart, as it hasn't worked to stabilize and secure the industry. The gender-salary gap is well-documented and changing too slowly for half the national workforce's benefit.

Ellevest aims to address this gap by providing investment and financial tools specifically designed for women.

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Ellevest's algorithm takes into account the notorious wage gap, where women on average earn only about 80 percent of what men earn for doing the same job.

This means that the algorithm will advise women to save more earlier on to compensate for this inequity. The algorithm will factor in the missing 20 percent of the average woman's annual salary to generate savings and investing guidance.

Ellevest's algorithm also addresses the so-called "investing gap" that exists between men and women investors, which is a significant issue considering that 86 percent of financial and investment planners are male.

The algorithm's ability to provide gender-specific investing guidance is a key feature that sets Ellevest apart from other digital robo-advisor platforms.

Ellevest periodically announces special promotions for new users, which can take up to 90 days to process. These promotions can be a great way to boost your savings.

The promotions apply to the highest priority goal and can be seen as a deposit in your goal. You won't be able to apply the credit to an IRA, and if it's your highest priority goal, you'll get an Amazon gift card worth the same amount as the promotion.

Here's a breakdown of the current promotions:

Ellevest offers a range of account types, including individual brokerage accounts, online debit accounts, traditional and Roth IRAs, and custodial accounts.

Ellevest offers a range of account options, including individual brokerage accounts, online debit accounts, traditional and Roth IRAs, and custodial accounts.

These accounts cater to different investor types, such as goal-based investors and value-conscious investors.

Ellevest also provides investor education and socially responsible investing options.

However, if you need extensive human support, you'll have to upgrade to Ellevest Premium, which offers unlimited access to a certified financial planner (CFP).

Here are some key features to consider:

Ellevest periodically announces special promotions for its users, which can take up to 90 days to process the credit after your first deposit.

These promotions are a great way to boost your savings, and the credit is applied to the highest priority goal, which you'll be able to see as a deposit in your goal.

You can't use the credit towards an IRA, but if it's your highest priority goal, you'll get an Amazon gift card worth the same amount as the promotion.

Ellevest offers different cash bonuses depending on the deposit amount, ranging from $25 to $750.

Here's a breakdown of the cash bonuses: