Ellevest Review 2023 – How Much Can You Make?

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How Does Ellevest Work?

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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?

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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?

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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?

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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?

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Ellevest offers 3 pricing plans including Executive, Plus and Essential.

Executive$9/mo	Plus$5/mo	Essential$1/mo
$97/yr10% discount	$54/yr10% discount	| $12/yr
Investing	Investing	Investing
Learning	Learning	Learning
Banking	Banking	Banking
Coaching access – 50% discount	Coaching access — 30% discount	Coaching access — 20% discount
Retirement planning	Retirement planning
Multi-goal investing

Ellevest Features: What Does Ellevest Offer?

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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

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• 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?

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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?

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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?

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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?

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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?

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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?

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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?

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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

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Ellevest vs. Acorns

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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

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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

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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

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Ellevest FAQ

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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.