If you're looking for an affordable way to improve your financial well-being, check out Ellevest. Ellevest provides affordable robo-advising services (with no minimum balance), making investing incredibly accessible. Additionally, Ellevest offers discounts on career coaching and financial planning. In this Ellevest Review, we'll dive into what makes this investing app so popular.
Ellevest could be a good fit for you if:
- You want a broker with no minimum balance.
- You're interested in a broker whose fee remains flat when your balance goes up.
- You'd appreciate discounts on 1:1 career and financial appointments.
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Ratings Methodology
Our Rating:
Rating image, 4.0 out of 5 stars.
4.0/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Bottom Line
With a competitive management fee and no account minimum, this is a great broker for a variety of people. The platform’s focus on women’s unique financial concerns sets it apart.
Fees:
$12 monthly
Account Minimum:
$0
Open Account for Ellevest
OnSecure Website.
Alternatives to consider
We believe in comparing options before committing. Here are two robo-advisors we recommend highly for you to compare side by side with Ellevest when deciding which robo-advisor is right for you:
| Offer | Stash | M1 Finance |
|---|---|---|
| Rating | Rating Rating image, 4.0 out of 5 stars. 4.0/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
| Commissions | Commissions | Commissions |
| Account Minimum | Account Minimum | Account Minimum |
| Next Steps | Open Account for Stash Read Full Review | Open Account for M1 Finance Read Full Review |
Full Ellevest review
Ellevest's well-rounded offer suite includes traditional investing services, plus career coaching, personal finance workshops, and banking. While the brand focuses on women, its services take gender-specific data into account to serve people of all genders. In this Ellevest review, we'll take an in-depth look at how the robo-advisor platform works, what it costs, and the features it offers.
Our ratings methodology
At The Motley Fool Ascent, brokerages are rated on a scale of one to five stars. We primarily focus on fees, available assets, and account types; however, we also take into account features like research, education, tax-loss harvesting, and highly rated mobile apps. Our highest-rated brokerages generally include low fees, a diverse range of assets and account types, and useful platform features.
See our full methodology here: Ratings Methodology
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Top perks
Flat monthly fee
Ellevest charges a flat $12 monthly fee, while competitors typically charge a percentage of assets under management (AUM).
No minimum balance
Unlike many robo-advisors, Ellevest's service has no minimum deposit requirement to get started. You can open an account with $1.
Female-founded, owned, managed, and focused
Ellevest refers to itself as a company "designed by women, for women." Its data and recommendations take into account factors like gender pay gaps, career breaks, and the difference in average lifespan among genders. The company was founded to address the gender wealth gap women and other underrepresented people experience due to their gender. The company welcomes clients of all gender identities and expressions -- it just places more emphasis on gender-related financial gaps than most platforms.
Financial planning
All Ellevest members can purchase discounted one-on-one coaching sessions with financial planners. Non-members can also purchase sessions at their retail value. All financial planners with Ellevest are Certified Financial Planner™ professionals. In addition to one-off sessions, you can purchase annual access to a CFP®. Unlike many competitors, Ellevest works to give you a dedicated CFP® with that package, so you'll talk to the same planner every time. Depending on your membership tier, the discounts on this service can make it much cheaper than finding a financial planner on your own.
Career coaching
Ellevest members can purchase discounted one-on-one career coaching on topics that include:
- Career clarity
- Resume review
- Interview prep
- Negotiation
- Leadership
Non-members can also purchase coaching and courses at their retail price.
Automatic rebalancing
Most robo-advisors automatically rebalance client portfolios, but this is still worth mentioning. If asset allocation in your portfolio gets out of alignment with your goals, Ellevest will automatically make adjustments. Even better, Ellevest does it as needed. Some competitors only rebalance at certain intervals (such as twice a year).
Impact Portfolio
In addition to its core portfolio options, Ellevest offers options for socially responsible investing, with portfolios that put your money in companies with good track records for:
- Women in leadership
- Sustainability and ethics
- Supporting women-owned businesses and community services
Low-cost ETFs
Ellevest invests client assets in low-cost exchange-traded funds (ETFs). These have expense ratios ranging from 0.05% to 0.10% for Ellevest's core portfolios. For its Impact Portfolio options, the annual expenses are in a slightly higher (but still competitive) 0.13% to 0.19% range.
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What could be improved
Tax-loss harvesting
Ellevest offers tax minimization strategies, including using investments like tax-free municipal bond funds in taxable accounts. However, unlike some of its competitors, it doesn't offer tax-loss harvesting strategies. If you have a large amount to invest or are in a high federal income tax bracket, tax-loss harvesting could be a valuable benefit.
Account types
Ellevest offers individual brokerage accounts as well as traditional, Roth, and SEP IRAs. It does not offer joint brokerage or banking accounts, so you can't open an account to share with a partner. It also doesn't offer:
- Trusts
- College savings accounts
- Solo 401(k)
- A few other less commonly used account types.
Ellevest does provide 401(k) guidance to its clients and will help you rollover your 401(k) into an Ellevest IRA if you leave your employer.
Commissions
Ellevest doesn't charge commissions on its funds. Instead, you'll pay a $12 flat monthly fee for an Ellevest membership.
Investors with $1 million more under management with Ellevest can sign up for Private Wealth Management for an additional annual management fee between 0.55% to 1.00%, depending on AUM.
Buying mutual funds and ETFs
You may have to cover fees charged by the brokerage firms Ellevest works with to manage funds. That could include service fees, IRA fees, mutual fund fees, and other operating expenses. The prospectus for a fund will include all the fees you'll pay when you invest in a particular fund.
For mutual funds, you'll pay expense ratios charged by the ETFs Ellevest includes in your portfolio. These are charged as an annual percentage of assets in the ETF and range from 0.05% to 0.10% for core portfolios and 0.13% to 0.19% for impact investing portfolios.
How it works
How Ellevest works: To set up your membership, you'll answer a few simple questions about yourself. Once you're a member, you can set up investing, or come back to them later.
Like most robo-advisors, Ellevest starts the investing process by asking a series of questions about you as an investor. These questions include your age (for retirement planning) and investment goals. It uses your information to craft an investment portfolio made up of low-cost ETFs. Each portfolio is designed to produce maximum returns while staying within your acceptable risk level. You make deposits -- Ellevest does the rest. You'll also get monthly progress reports by email to keep you in the loop.
Services offered
Like most robo-advisors, Ellevest creates custom-made investment portfolios based on your personal situation. Unlike other robo-advisors, Ellevest offers a particular focus on gender-related factors.
An Ellevest monthly subscription includes:
- Custom investment portfolios
- Automatic rebalancing of your portfolio to stay on track with goals and risk factors
- 50% discount for appointments booked with financial experts and career coaches
- Educational resources including on-demand email courses, live workshops, video content and a personal finance blog called Magazine
For those looking to invest $1 million or more, Ellevest offers Private Wealth Management with a dedicated financial advisor. The Private Wealth Management service is available for an additional fee above the monthly subscription cost.
Pricing and fees
Ellevest charges a flat $12 monthly fee for membership that includes up to six portfolios, retirement planning, automatic rebalancing, and 50% discounts on CFP® appointments.
Ellevest's membership pricing structure can make investing far cheaper than it is with many brokerages. The flat rate is especially appealing if you have an account with several hundred thousand dollars invested, because you'll pay the same as someone with $10,000 invested.
Customer service
Robo-advisor clients need two types of support: investment advice from a human being and help with technical issues. Let's take a look at how Ellevest stacks up.
All Ellevest members have access to platform support and general questions from the Ellevest Client Support Team, as well as discounts on one-on-one sessions for more specific money or career advice. The rollover team will also help you roll over your 401(k), even including calling your provider together.
For accessibility issues, Ellevest asks you to contact [emailprotected] or call 844-355-7100. However, Ellevest doesn't offer numbers you can reach out to for technical support. This is a much more feeble offering than competitors, who typically offer phone and chat support.
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M1 is not a robo-advisor and only offers self-directed brokerage services.
Stash disclosure
Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. Investing involves risk and investments may lose value. Paid client testimonial. Not representative of all clients and not a guarantee. View important disclosures.
Stash has full authority to manage a Smart Portfolio, a discretionary managed account. Diversification and asset allocation do not guarantee a profit, nor do they eliminate the risk of loss of principal. Stash does not guarantee any level of performance or that any client will avoid losses in their account
Ancillary fees charged by Stash and/or its custodian are not included in the subscription fee.
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*** All rewards earned through use of the Stash Stock-Back® Debit Mastercard® will be fulfilled by Stash Investments LLC and are subject to Terms and Conditions. You will bear the standard fees and expenses reflected in the pricing of the investments that you earn, plus fees for various ancillary services charged by Stash. In order to earn stock in the program, the Stash Stock-Back® Debit Mastercard must be used to make a qualifying purchase. Stock rewards that are paid to participating customers via the Stash Stock Back program, are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value. What doesn’t count: Cash withdrawals, money orders, prepaid cards, and P2P payment. If you make a qualifying purchase at a merchant that is not publicly traded or otherwise available on Stash, you will receive a stock reward in an ETF or other investment of your choice from a list of companies available on Stash. See Terms and Conditions for more details.
**** 1% Stock-Back® rewards available only on Stash+ ($9/mo) and only for client’s first $1,000 of Qualifying Purchases in each calendar month program.
***** Limitations apply; 3% Stock-Back rewards available only for qualified bonus merchants on Stash+.
Ancillary fees charged by Stash and/or its custodian are not included in the subscription fee.
Stash offers access to investment and banking accounts under each subscription plan. Each type of account is subject to different regulations and limitations. Stash Monthly Subscription Wrap Fee starts at $3/month. You’ll also bear the standard fees and expenses reflected in the pricing of ETFs, plus fees for various ancillary services charged by Stash and/or the Custodian. Please see the Advisory Agreement for details. Other fees apply to the bank account. Please see the Deposit Account Agreement.
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