Ellevest Review

Money Management

There are 2 Ellevest membership Money Management plans available to investors, depending on which investment advice goals they wish to have access to. The plans automatically invest and manage money for their investors. Ellevest used to offer a more affordable entry-level plan called Ellevest Essential. Essential provided banking accounts, including savings accounts and spend accounts.

These services are now unavailable. There is no account minimum investment or a minimum account balance to begin investing with Ellevest, however there are portfolio-specific minimums ranging from $1 to $240. Ellevest invests money into a portfolio with a combination of stock ETFs and bond ETFs.

Ellevest Plus

The Ellevest Plus plan provides access to a personalized investment portfolio, including individual retirement accounts (IRA), and a 30% discount on one-on-one sessions with financial planners and career coaches.

Ellevest Executive

The Ellevest Executive plan covers everything from Plus, in addition to multi-goal investing, allowing investors to have up to 5 customized investment accounts for their specific money goals. Executive members receive a 50% discount on one-on-one financial sessions with financial planners and career coaches.

Ellevest also accepts 401(k) and 403(b) rollovers and Individual Retirement Account transfers.

Ellevest Private Wealth Management

Ellevest’s offers private wealth management services that provide customizable impact investment options to help investors reach their financial goals. The full-service wealth advisory team takes time to learn about the lives of their clients, to put together a personalized investment plan that aligns with their financial goals and values. Private Wealth Management is designed for high-value private wealth investors with personal funding of at least $1 million.

What Does Ellevest Invest In?

Ellevest creates an investment portfolio using a thoughtful mix of stock, bond, and alternative funds. Ellevest uses 21 different asset classes across their goal-based portfolios.

They believe including assets such as REITs offer inflation protection, which is increasingly important in portfolios as investors reach retirement age. Ellevest’s core portfolios are composed of low-cost ETFs.

Each management account is charged a fee which can be paid monthly or as an annual fee. The Ellevest Plus plan costs $5 per month, or $54 per year.

The Ellevest Executive plan costs $9 per month, or $97 per year. There are no added fees to use retirement accounts or retirement planning. These fees are included in in Ellevest’s monthly membership plans. Expense ratios for Ellevest Core Portfolios range from 0.06% to 0.23%. For Impact Portfolios, expense ratios range are 0.12% to 0.26%.

Ellevest Account Protection

Ellevest works with SIPC insured brokerage firms. The Securities Investor Protection Corporation (SIPC) gives account protection to investors with accounts of registered brokerage firms.

Ellevest accounts are through either Folio Investments or Schwab. The SIPC will cover losses up to $500,000. Ellevest is registered with the Securities and Exchange Commission (SEC). The SEC approved the registration of Ellevest in 2015.

Ellevest Customer Service

Ellevest customer service can be reached Monday to Friday 9am to 6pm ET, via phone, text, or in person. Ellevest has also compiled a substantial list of FAQs on their website. To help clients get familiar with the Ellevest platform, a concierge team is available for questions about their accounts or to change their goals.

Which bank is Ellevest affiliated with?

Ellevest banking products are provided by Coastal Community Bank, which is a member of the FDIC. So, your Spend and Save deposits will be insured with the FDIC, up to the amount allowed by law.

Is Ellevest a good investment?

Ellevest is a legitimate company and is registered with the U.S. Securities and Exchange Commission (SEC). The company does have a monthly membership fee. However, it doesn’t charge management fees like some other platforms, which could make it a low-cost investment option.

Ellevest uses ETFs rather than individual stocks to invest users’ money, a common choice for robo-advisors because ETFs offer portfolio diversification. However, Ellevest has limited account options. If users want to have a joint investment account or save for their child’s education, another platform could potentially be a better choice.

How safe is Ellevest?

Ellevest’s algorithms may help users build a diversified portfolio, which could potentially offer a measure of protection against market fluctuations. However, all investments carry some level of risk, and there are no guaranteed returns. To decide if Ellevest is right for users, they should consider reviewing its investment advisory brochure. It contains Ellevest’s fees, investment strategy, code of ethics, and brokerage practices.

Is Ellevest good for beginners?

Ellevest is a good choice for beginning investors looking for help reaching their financial goals. It offers free educational materials on topics ranging from retirement to interview coaching and budgeting, and it also provides access to professional coaches for an additional fee.

Does Ellevest cost money?

Ellevest offers two different membership plans, starting at $5 a month, so you can choose the one that makes the most sense for you. We designed our plans’ pricing to be straightforward and easy to understand (and to make it possible for them to pay for themselves, no matter which one you choose).

Does Ellevest charge overdraft fees?

There are no overdraft fees, no account fees, and ATM fees are reimbursed when using the Ellevest card in the US. If users make a purchase with your debit card outside the US, any international transaction fees will be charged to their account.

Can you lose money on Ellevest?

Because investment accounts cannot be FDIC-insured, money held in Ellevest investment accounts is not guaranteed. This means that users can lose money if the investments lose value. That being said, investment accounts are SIPC-insured up to $500,000.

Can I buy individual stocks on Ellevest?

At Ellevest, we don’t even try to pick individual stocks. That’s right — you won’t see them in any Ellevest member’s investment portfolios. Instead, we invest in the stock market using stock exchange-traded funds (ETFs), which are baskets of lots of different stocks all pooled together.

Who are Ellevest’s competitors?

Ellevest’s top competitors include Wealthfront, Vitamin, and Betterment. Wealthfront is a robo-advisor offering the combination of financial planning, investment management and banking-related services through software.

Is Ellevest coaching worth it?

Ellevest is a good choice for beginning investors looking for help reaching their financial goals. It offers free educational materials on topics ranging from retirement to interview coaching and budgeting, and it provides access to professional coaches for an added fee.

Is Ellevest an IRA?

The basic service tier offers a taxable brokerage account. Ellevest Plus ($5/month). The intermediate tier offers an individual retirement account (IRA), plus a taxable account.

Is Ellevest a fiduciary?

Ellevest has been a fiduciary since the beginning. They’re not interested in building the best investment portfolio for Ellevest; they’re building the best investment portfolio for users. And they’re constantly examining how we can do things better.

Is Betterment or Ellevest better?

Betterment and Ellevest both offer multiple IRAs, but Betterment is best for those in search of strategies like tax-loss harvesting. Ellevest, however, best suits women who want to build wealth while taking advantage of financial planner access.

Who can use Ellevest?

More specifically, in order to use Ellevest services, you must be 18 or over and be a U.S. person, which includes a U.S. resident alien, have a valid U.S. residential mailing address and have a valid U.S. taxpayer identification number (or social security number).