Ellevest financial advisors: what are the pros and cons?
Discover what sets the Ellevest financial advisor platform apart from the competition and why their services are worth exploring.
Summary
Ellevest is a female-focused firm that provides tailored portfolios, holistic services, and access to experienced advisors.
With over $1 billion in assets, Ellevest's secure platform, gender-smart algorithms, and mobile app prioritizes user experience.
Unbiased can help you find the right financial advisor to meet your needs.
Ellevest financial advisors: who are they?
Ellevest is a digital-first financial company dedicated to helping women achieve financial wellness through gender-aware investing, planning tools, career coaching, and educational resources.
Their financial advisors are experienced, Certified Financial Planners passionate about empowering women. They offer personalized guidance and a holistic approach to financial planning.
Ellevest's financial advisors go beyond investments, helping women with career planning, budgeting, debt management, and retirement, ensuring their overall financial well-being.
What does Ellevest do?
Ellevest empowers women to succeed financially by offering services tailored to their unique needs.
They provide gender-smart investing portfolios that consider factors like the pay gap, longer lifespans, and comprehensive financial planning tools.
Ellevest financial planning services also include career coaching for professional advancement and financial education to boost financial literacy.
Additionally, certified financial planners are available for those seeking personalized guidance.
What are the pros and cons of Ellevest?
While Ellevest offers unique advantages tailored to women's finances, it's important to weigh its pros and cons to ensure it's the right fit for you.
Pros of Ellevest:
Gender-aware investing: Investment strategies are tailored to women's unique financial needs.
Holistic approach: Offers comprehensive services beyond investing to support overall financial wellness.
Certified Financial Planners: Provides access to experienced advisors specializing in women's financial needs.
Community and support: Fosters a supportive community of women through online resources and events.
Cons of Ellevest:
Ellevest fees: Membership fees might be a consideration for budget-conscious individuals.
Digital-first approach: The primary interaction is through the online platform, potentially limiting in-person consultations.
Limited investment options: Investment options might be less diverse than some traditional brokerage firms.
What financial services do Ellevest offer?
The core of Ellevest's services centers on female financial wellness.
Their primary focus is on offering gender-smart investing solutions that consider gender-based factors like the pay gap and the fact that women tend to live longer than men.
Beyond investments, Ellevest provides comprehensive financial planning support, including goal-setting, budgeting, and retirement planning. They also offer career coaching to empower women to advance professionally and boost their earning potential.
It’s important to remember that potential clients must meet certain requirements, such as being US citizens before they can utilize Ellevest’s financial planning services.
What fees do Ellevest offer?
Ellevest primarily charges a flat monthly subscription fee of $12 or an annual fee of $129. This covers access to their investing platform, financial planning tools, career coaching resources, and educational content.
Beyond the Ellevest advisor fee, additional costs might include:
Financial advisor sessions: While Ellevest members receive a 50% discount, one-on-one sessions with a certified financial planner typically cost $80 to $375, depending on the session type and membership tier.
Fund expenses: The ETFs within Ellevest portfolios carry their own expense ratios, ranging from 0.05% to 0.19% annually.
Remember, there are no account minimums, making Ellevest accessible even for smaller investments. However, a separate fee structure exists for those with over $1 million in investable assets who opt for the private wealth management service.
What technology do Ellevest use?
Ellevest primarily relies on a digital platform for its services, offering clients a centralized hub to access their investment portfolios, financial planning tools, and educational resources.
Its proprietary gender-smart algorithms inform personalized investment strategies and customizable recommendations based on clients’ profiles and portfolios.
Additionally, the Ellevest financial advisor platform facilitates goal-based investing with tailored insights. This platform makes it easy for clients to track their progress and see how close they are to attaining their financial goals.
The female-first firm’s mobile app ensures convenient access while robust security measures safeguard client data.
Ellevest security: is it secure?
Ellevest prioritizes security with encryption, multi-factor authentication, and partnerships with secure financial institutions.
Regular audits, monitoring, and a strong data protection policy further enhance safety.
While no system is foolproof, Ellevest's proactive measures ensure a secure environment for your finances.
Do Ellevest have good customer service?
Ellevest customer service has generally received a positive response online, mainly through email support and a comprehensive online help center.
While some experience delays during busy periods, they're known for their responsiveness and helpfulness.
Get expert financial advice
Ellevest's financial planning services focus on empowering women through gender-smart investing, holistic financial services, and educational resources.
If you’re looking for the best financial advisor for your needs, let Unbiased match you with an SEC-regulated advisor who can offer you excellent, expert advice.
Writers
Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.