Ellevest is an automated investing platform offering a range of ETF investments. See how it works.
Ellevest; Alyssa Powell/Insider
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Bottom line: Ellevest could be a good fit if you want automated investing and retirement accounts (with Plus and Executive plans). It’s best for those who prefer hands-off investing over active trading, and there’s no account minimum to worry about**. While Ellevest is open to all users, it’s specifically geared toward women and closing the gender money gap.
Overall rating
FeatureInsider rating (out of 5)Fees4.00Investment selection4.25Access4.75Ethics4.50Customer service4.75Overall score4.45
Is Ellevest right for you?
Ellevest is best for hands-off investors who want personalized plans for individual investment accounts or retirement accounts. The automated investment app provides a range of services, including rollovers for certain employer-sponsored retirement plans and one-on-one sessions with financial planners and career coaches for purchase.
The app was created to help close gender money gaps for women, but it says it welcomes all clients. Ellevest also provides customized recommendations and forecasts for women’s goals by using gender-specific salary curves and longevity data.
Headquartered in New York, Ellevest was founded in 2016 by CEO and CFO Sallie Krawcheck.
Ellevest is available on iOS and Android devices.
Ellevest vs. Betterment
Ellevest
Betterment
Min. Investment
$0
Min. Investment
$0 or $100,000, depending on plan
Fees
$1 to $9 per month
Fees
0.25% (0.40% for premium plan)
Investment choices
Stock ETFs and bond ETFs
Investment choices
Stock ETFs and bond ETFs
EllevestBetterment
Ellevest and Betterment both offer automated ETF portfolios, cash management/banking account options, and much more.
While Ellevest and Betterment share the $0 minimum requirement (unless you use a $100,000 minimum premium account with Betterment), the two platforms offer different fee structures. And Ellevest arguably offers more career coaching and advisor support than both Betterment.
Ellevest vs. Wealthfront
Ellevest
Wealthfront
Min. Investment
$0
Min. Investment
$500
Fees
$1 to $9 per month
Fees
0.25%
Investment choices
Stock ETFs and bond ETFs
Investment choices
ETFs, Grayscale Bitcoin Trust, Grayscale Ethereum Trust
EllevestWealthfront Investing
Compared to Ellevest, Wealthfront is the better option for those in search of tax-bill-lowering strategies like tax-loss harvesting. Plus, the platform offers a wider range of investments — including index funds and crypto trusts — in addition to portfolio customization options.
Ellevest is a stronger choice for those who want access to financial planning and career coaching. Wealthfront offers neither.
Ways to invest with Ellevest
Automated investing accounts
Ellevest’s three plans automatically invest and manage your money for you. While other automated advisors like Betterment and Wealthfront charge annual asset-based fees on your investment account balance, Ellevest charges monthly management fees instead.
The Essential plan, which costs $1 per month, gives you access to a personalized investment portfolio, unlimited online workshops and email courses, an Ellevest debit card, and a 20% discount for one-on-one sessions with financial planners and career coaches. Sessions usually start at $38 without the member discount.
If you decided to upgrade to the Plus plan for $5 month, you’d get all the perks of the Essential plan along with IRA retirement account management and a 30% discount on financial planner sessions.
The most premium plan, Ellevest Executive, has a $9 monthly fee but offers something the other two plans don’t: multi-goal investing. This lets you take advantage of up to six customized investment accounts for different savings goals. Executive members also get a 50% discount on financial planner and career coaching sessions.
Ellevest primarily invests your money in a combination of stock ETFs and bond ETFs. This is quite similar to Betterment, another automated app that primarily utilizes stock ETFs and bond ETFs. However, investment advisors like Wealthfront rely more heavily on index funds.
If you’re interested in real estate investment trusts (REITS), mutual funds, or any other investment type, you may need to consider other options.
Retirement accounts
If you’re thinking about growing your retirement plan’s savings the automated way, Ellevest provides a range of options. Currently, the app accepts 401(k) and 403(b) rollovers and IRA transfers. It also offers personalized management for traditional IRAs, Roth IRAs, and SEP IRAs.
IRA transfers primarily apply to traditional, Roth, and SEP IRAs. So in other words, the only accounts you can roll over or transfer are 401(k)s, 403(b)s, traditional IRAs, Roth IRAs, and SEP IRAs.
As for fees, you don’t have to worry about paying anything extra to use a retirement account. The fees are included in the Plus and Executive monthly membership plans.
Ellevest banking
Ellevest gives you access to a wide range of banking products. These include Ellevest Spend, Ellevest Save, and a debit card. The app’s banking services also have no minimum balance requirements, no transfer fees, and no overdraft fees*.
The debit card allows you to earn an average 5% cash back on certain local and nationwide brands, according to Ellevest’s website. When it comes to security, Ellevest offers $250,000 FDIC insurance, 256-bit account encryption, and users can also easily lock a lost card or reset its PIN in the app.
Ellevest: Is it trustworthy?
Ellevest has received a B in trustworthiness from the Better Business Bureau. The BBB rates companies with a grade scale range of A+ to F, so this indicates Ellevest interacts fairly well with its customers and exhibits trustworthy business practices.
BBB ratings can vary per investment app, though. For instance, both Robinhood and Webull have F ratings due to a lack of transparency with business practices, copious customer complaints, and failure to respond to customer complaints.
Ellevest has been in business since 2016, and it has received more than 30 complaints over the last three years and close to 20 complaints over the last 12 months. The app’s record is currently clear of any major lawsuits or scandals.
Ellevest — Frequently asked questions (FAQ)
Is Ellevest considered a robo-advisor?
Yes. Ellevest strictly provides automated portfolios for regular investment accounts and IRAs. Since robo-advisors create personalized portfolios for you, you won’t have to worry about picking the investments in your account.
Can you lose money on Ellevest?
Yes. You can lose money on all types of investment platforms — not just robo-advisors — since stock market prices commonly fluctuate over time.
Who is Ellevest owned by?
Ellevest is primarily owned by Sallie Krawcheck, but Envestnet also holds a portion of ownership in the company.
Related terms
ETFs: These funds contain a blend of stocks, bonds, commodities, and other securities. ETFs are similar to stocks since you can easily buy and sell both during the stock exchange’s trading hours. But these investments are also less risky than stocks because they essentially contain a basket of different securities.Stocks: Stocks are available on most exchanges and represent shares, or portions, of ownership within public companies. You can purchase these investments through online brokerages, robo-advisors, and other investment platforms.IRAs: Anyone with taxable income can open an IRA. While there are several types for individuals, small businesses, and self-employed individuals, traditional and Roth IRAs are the key types that apply to retail investors. Both allow you to contribute up to $6,000 per year (or $7,000 for those 50 and older). Plus, these retirement accounts are are also best for those in search of tax-advantaged vehicles.Tax-loss harvesting: This strategy aims to reduce the amount you owe in investment taxes by selling securities that have incurred losses and replacing them with similar investments.
*Banking products and services are offered by Ellevest in partnership with Coastal Community Bank, Member FDIC, pursuant to license by Mastercard International. Your Spend and Save account deposits will be insured to the regulatory limits by the FDIC.
**Ellevest Digital doesn’t require you to maintain a minimum account balance. However, there are portfolio-specific minimums (ranging from $1 to approximately $240). You may not receive the entire recommended portfolio until your account balance meets the respective portfolio minimum.