Ellevest could be a good option for beginner investors looking for personal finance advice and who want an app that will tailor their investment to their goals. Offering membership $1 plan, $5 plan, and $9 plan, and with no minimum deposit, you can quickly start and invest. Therefore, you can take advantage of its banking accounts without worrying about minimum balance fees. Although it doesn’t offer joint account options, it’s still worth it.
Pros
Offers all inclusive membershipEducational programs and coachingNo minimum deposit neededOffers complementary debit card
Cons
No joint accounts availableNo tax loss harvesting
Jump to: Full Review
Compare to Other Investment Apps
Fundrise
Invest in real estate properties with a $10 minimum initial investment
Historical annual return varies from 8.8% to 12.4% (2019 – 9.47%)
Low annual fees: advisory – 0.15%; management fee – 0.85%
Public App
Manage your portfolio of stocks, ETFs, and crypto investments – all in one place
Over 5000 stocks and ETFs to choose from (dividend stocks available)
Follow other investors, see their portfolios, and exchange ideas
Acorns
Invest your spare change in a diversified portfolio built by experts
Expect up to 7.5% annually returns with plans starting from $3 a month
Earn bonus investments from 350+ Acorns Earn partners
How Does Ellevest Work?
Founded in 2014, Ellevest is a financial company built by women, for women, and meant to provide solutions to help them build wealth. The company’s well-rounded offer suite includes traditional investing services, plus career coaching, personal finance workshops, and banking.
Ellevest allows you to;
Create an account to get more tailored financial advice
Choose an investing goal related to what you want to save for and answer questions about your current financial situation
Customize your goal’s start date, end date, and total savings amount.
Get matched with an investment portfolio that’ll best help you meet your goal and decide how much you want to invest
Ellevest also offers Private Wealth management for those whose balances are above $1 million. It’s unclear how they charge for this, but it’s likely that you’ll pay a percentage of assets under management instead of a flat fee.
How Much You Can Earn With Ellevest?
Ellevest allows you to earn interest on your cash balances by putting them into an FDIC-insured Ellevest Save account. These savings accounts are insured for up to $250,000. Currently, the interest rate paid in these accounts is 0.01%.
Ellevest Reviews: Is Ellevest Legit?
Ellevest is a legitimate company that offers tailored investment portfolio options based on your goals. Having a rating of 4.3 on Google Play and comments on Facebook, the platform has a mix of reviews. Most users were happy with the support agents’ speedy responses.
Others also commented that its FAQ section is comprehensive, answering most user questions that are likely to arise. More so, the entire platform is made for ease of access. Ellevest fees you’ll have to pay are very reasonable.
As for negative reviews, Customers mostly complained about the Ellevest referral program. According to them, they were promised a bonus if they referred a friend, and some of them complained that they either didn’t receive the bonus, or their accounts were blocked.
Who Is Ellevest Best for?
Ellevest is best for;
Passive investors who want personalized plans for individual investment accounts or retirement accounts
Investors who wants to get started with investing, saving for retirement, or saving for specific goals
Socially conscious investors who want to close the gender gap between men and women in the workforce
Ellevest Fees: How Much Does It Cost to Invest With Ellevest?
Ellevest offers 3 pricing plans including Executive, Plus and Essential.
Executive$9/moPlus$5/moEssential$1/mo$97/yr10% discount$54/yr10% discount| $12/yrInvestingInvestingInvestingLearningLearningLearningBankingBankingBankingCoaching access – 50% discountCoaching access — 30% discountCoaching access — 20% discountRetirement planningRetirement planning Multi-goal investing
Ellevest Features: What Does Ellevest Offer?
Tax Minimization Methodology
Ellevest has a tax minimization methodology meant to help you reduce your taxes.
Ellevest Banking
With Ellevest banking, you get a Spend account, a Save account, and a Mastercard. You can also enable a roundup setting on your account and transfer the transaction to your Save account.
Ellevest Learning
With Ellevest learning, you can access workshops, courses, video resources, and on-demand learning to help you grow and make sound financial decisions.
Ellevest Coaching
Ellevest coaching allows you to access one-on-one career coaching and financial planning Sessions.
Automatic Rebalancing
Ellevest will automatically make adjustments if your asset allocation gets out of alignment with your goals.
Low-cost ETFs
Ellevest will help you invest in low-cost exchange-traded funds (ETFs) with expense ratios ranging from 0.05% to 0.10% for Ellevest’s core portfolios. For its Impact Portfolio options, the annual expenses are 0.13% to 0.19%
Ellevest Requirements
US citizen
At least 18 years old and 19 in Alabama
Address
Social Security number
Checking or savings account with a US bank
Social Security number and citizenship status
Employment information
Bank information
Ellevest Payout Terms and Options?
Once your investment matures, Ellevest will send money directly to your account where you can withdraw. To initiate a withdrawal, click on Transfer Money and then choose One-time transfer.From the mobile app, you can choose Transfer and select One-time transfer.
Ellevest Risks: Is Ellevest Safe to Invest With?
Ellevest is registered with the US Securities and Exchange Commission (SEC), which means it’s accountable to the regulator. It is also a member of the self-regulating Financial Industry Regulatory Authority. It’s, therefore, safe to invest with.
Ellevest allows you to open a taxable brokerage account as well as a Traditional, Roth, or SEP IRA. The only costs you need to pay are the monthly fees you pay.
How Does Ellevest Protects Your Money?
Ellevest insures your Spend and Save accounts funds to the legal limit of $250,000 by the Federal Deposit Insurance Corporation through its business relationship with Coastal Community Bank, a member FDIC. This means if your card is stolen or lost you can easily lock it, order a replacement, and reset your PIN in the app.
What Are the Ellevest Pros & Cons?
Ellevest Pros
Offers all inclusive membership
Educational programs and coaching
No minimum deposit needed
Offers complimentary debit card
Ellevest Cons
No joint accounts available
No tax loss harvesting
How Good Is Ellevest Support and Knowledge Base?
Ellevest has an extensive resource center on its website, including a detailed FAQs page that answers everything you need to know about Ellevest, from investing to using the mobile app.
The platform also has learning and coaching services where you can learn more about investing, money, and career choices, besides getting an investment service. In case of any issue, you can get in touch with them via email at [email protected] or phone at +1 (844) 355-7100
Ellevest Review Verdict: Is Ellevest Worth It?
Ellevest could be a good option for beginner investors looking for personal finance advice and who want an app that will tailor their investment to their goals.
Offering membership $1 plan, $5 plan, and $9 plan, and with no minimum deposit, you can quickly start and invest. Therefore, you can take advantage of its banking accounts without worrying about minimum balance fees. Although it doesn’t offer joint account options, it’s still worth it.
How to Sign Up With Ellevest?
To get started with Ellevest;
Visit the website and click get started
Provide your email address and password
Accept the terms and conditions
Confirm your email to verify your account
Complete your profile
Provide your personal information and link your account to an external bank
Sites Like Ellevest
Ellevest vs. Acorns
Acorns Summary
Low account fees from just $3 per monthGet $5 in your account for referralsLow minimum starting investment amountHigh average return on investments of 7.5%
Acorns is a US-based financial technology and services company that offers micro-investment services. Like Ellevest, Acorns allows you to invest your assets and earn.
Acorns also charge a service fee of $1-$5 per month compared to Ellevest, which offers different plans, including a one-month and one-year plan.
As for minimum investment, both platforms allow you to start from zero. While Acorns is good for round-up investing, Ellevest works well for investing ideas. Otherwise, these sites are some of the best investment sites.
Ellevest vs. Fundrise
Fundrise Summary
Low minimum starting investment of $10High historical returns of 8.8% to 12.4%1% of management feesDiverse portfolios of up to 16 investments
Fundrise is a crowdfunded real estate investment platform that gives average, non-accredited investors the opportunity to invest in the lucrative real estate market. While Ellevest focuses on asset investing, Fundrise’s main focus is investing in real estate.
Fundrise also charges a service fee of 1% compared to Ellevest, which offers different plans. In terms of minimum investment, Fundrise requires at least $10 compared to Ellevest, which doesn’t require any amount. That said, both platforms allow you to invest your earnings.
Ellevest vs. Public App
Public App Summary
Invest in stocks, ETFs, and crypto$0 commission fees for any stock tradesOver 100 articles to learn about investingLow 1-2% commission for crypto trades
Public App is an investing platform that provides you with information and advice to help you become a better investor. While both sites are investment platforms, Public App offers fractional investment compared to Ellevest, which allows you to invest based on your assets.
Like Ellevest, Public App does not charge any fees. Public App also requires a minimum investment of $1 compared to Ellevest, whose minimum investment is $0. Pluck App can therefore be suitable for beginner investors.
Other Sites Like Ellevest
Ellevest FAQ
What Is Ellevest?
It also offers private wealth management for high-net-worth clients who want a personalized financial strategy that may include impact investing.
Considered the best mission-oriented investing service by Bankrate, Ellevest has built an online community of more than 3 million women working towards improving their financial status.
Ellevest’s investment algorithm takes into account specific factors such as career and pay gaps, as well as longer lifespans.
Is Ellevest a robo-advisor?
Yes. Ellevest strictly provides automated portfolios for regular investment accounts and IRAs.
Who is Ellevest owned by?
Ellevest is owned by Sallie Krawcheck.
Where is Ellevest available?
Ellevest is available in all 50 states.
What bank does Ellevest use?
Ellevest reviews its banking services through its partner bank, Coastal Community Bank.
How much money does Ellevest manage?
Ellevest manages over $1 billion in assets.