Ellevest Review 2024: Pros, Cons and How It Compares

Ellevest aims its service toward women, but with a la carte access to financial professionals and low fees, the company will appeal to all investors.

Paid non-client promotion. NerdWallet doesn’t invest its money with this provider, but they are our referral partner – so we get paid only if you click through and take a qualifying action (such as open an account with or provide your contact information to the provider). Most importantly, our reviews and ratings are objective and are never impacted by our partnerships. Our opinions are our own. Here is a list of our partners and here's how we make money.


The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

Profile photo of Alana Benson
Written by Alana Benson
Lead Writer
Profile photo of Chris Davis
Reviewed by Chris Davis
Assigning Editor
Profile photo of Arielle O'Shea
Edited by Arielle O'Shea
Lead Assigning Editor
Fact Checked
Profile photo of Bella Avila
Co-written by Bella Avila
Content Management Specialist

Our Take

4.9

NerdWallet rating 

Reviewed in: Oct. 2024

Period considered: Aug. - Oct. 2024

The bottom line:

Ellevest offers a single flat-fee plan which costs $12 per month. Clients get investment management that factors in women’s pay gaps, career breaks and longer lifespans, plus discounted access to financial planning. Ellevest also offers a wealth management service for investors with $500,000 or more.

Ellevest
Fees
$12
per month
Account minimum
$0
Promotion
2 months free
with promo code "nerdwallet"
Learn more

on Ellevest's website

AD

Paid non-client promotion

Pros & Cons

Pros

  • Goal-focused investing approach.

  • Portfolio mix that factors women’s needs.

  • Members get discounted sessions with certified financial planners.

  • No account minimum.

  • Wealth management offering available for higher-net-worth investors.

Cons

  • No tax-loss harvesting.

  • Some portfolios have minimum investment requirements.

Compare to Similar Brokers

Advertisement

Fees 

$12

per month

Fees 

0.25%

management fee

Fees 

0.25%

management fee

Fees 

0.25%

with a balance over $20K or qualifying recurring deposit. Otherwise, $4/month.

Account minimum 

$0

Account minimum 

$50

Account minimum 

$500

Account minimum 

$0

$10 to start

Promotion 

2 months free

with promo code "nerdwallet"

Promotion 

1% match on rollovers and contributions

Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.

Promotion 

Get a $50 customer bonus

when you fund your first taxable investment account

Promotion 

Get 1% match

of your net Roth and traditional IRA contributions until December 30, 2024. Terms apply.

Learn more

on Ellevest's website

Learn more

on SoFi Invest's website

Learn more

on Wealthfront's website

Learn more

on Betterment's website

AD

Paid non-client promotion

AD

Paid non-client promotion

AD

Paid non-client promotion

AD

Paid non-client promotion

NerdWallet doesn’t invest its money with this provider, but they are our referral partner – so we get paid only if you click through and take a qualifying action (such as open an account with or provide your contact information to the provider). Most importantly, our reviews and ratings are objective and are never impacted by our partnerships. Our opinions are our own. Here is a list of our partners and here’s how we make money.

Get more smart money moves — straight to your inbox

Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love.

Full Review

Over 60 investment account providers reviewed and rated by our expert Nerds.

More than 50 years of combined experience writing about finance and investing.

Hands-on testing of provider websites and investment platforms.

Dozens of objective ratings rubrics and strict guidelines to maintain editorial integrity.

How do we review robo-advisors?

NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. robo-advisors. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. Our highest priority is maintaining editorial integrity.

We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across 16 factors. The final output produces star ratings from poor (one star) to excellent (five stars).

For more details about the categories considered when rating robo-advisors and our process, read our full methodology.

In this review of Ellevest:

    Where Ellevest shines


    Ellevest specifically focuses on the needs of women: Gender-based investing at Ellevest means factoring women's generally lower incomes, different lifetime earnings curve and longer lifespans into portfolio construction. (Yes, men can be clients, too: They get recommendations that account for their salary curves and longevity data.)

    Ellevest’s financial planning: Ellevest’s a la carte offerings help clients learn about retirement and building wealth — issues that can affect women differently than men.

    Where Ellevest falls short


    No tax-loss harvesting: Ellevest does not offer tax-loss harvesting, unlike several of its competitors.

    Alternatives to consider:

    What type of investor should choose Ellevest?


    • Goal-based investing.

    • Hands-off investors.

    • Beginning investors.

    • Values-based investing.

    • Financial planning sessions.

    What the Nerds think 🤓


    Bella Avila, Content Management Specialist

    "Ellevest's team of all-female financial advisors and planners really stands out to me. It gives Ellevest a unique edge on the competition and makes it a good fit for female investors who want to talk to someone with in-depth knowledge of gender-based investing.

    "Ellevest scores high marks in a number of areas, but keep in mind that it might not be a great fit for investors who prefer to have a tax-loss harvesting service available."

    Ellevest at a glance

    Reviewed: Oct. 2024.

    Period considered: Aug. - Oct. 2024.

    Account minimum

    $0, but some portfolios have minimums between $1 and $240.

    Account management fee

    $12 per month or $129 a year (which saves $15).

    Investment expense ratios

    Core Portfolios: 0.05% to 0.10%.

    Impact Portfolios: 0.11% to 0.17%.

    Account fees

    Goldman Sachs Custody Solutions, a third-party custodian, charges $100 for full account transfers out of an Ellevest account and $25 for partial transfers.

    Portfolio mix

    17 asset classes covered. Core Portfolios draw from 17 ETFs; Impact Portfolios draw from 23 ETFs and mutual funds. No customization allowed.

    Socially responsible portfolio options

    Clients can choose to invest in an Impact Portfolio for no additional monthly or annual fee. Impact Portfolios invest up to around 55% of a portfolio in ETFs and mutual funds that include socially responsible businesses or business practices.

    Accounts supported

    Individual taxable account, traditional, Roth and SEP IRAs. Ellevest also provides asset allocation advice on 401(k) accounts but does not directly manage them. Clients can roll over or transfer a 401(k), 403(b) or similar retirement account, IRA, or brokerage account.

    Tax strategy

    Tax-optimized asset location and rebalancing.

    Automatic rebalancing

    Free on an as-needed basis.

    Human advisor option

    Ellevest offers complimentary 15-minute consultations with a CFP. Clients can purchase a la carte financial planning sessions or packages at a 50% discount. Nonclients can purchase at full price. The cost of financial planning packages can be split into three equal, consecutive monthly payments, with no interest or fees. This option is available for package purchases only (not single sessions). Ellevest CFPs work standard hours 8 a.m. to 5 p.m. Monday through Friday with additional flexibility on the weekends and after hours on a client-by-client basis.

    Bank account/cash management account option

    None.

    Customer support options (includes how easy it is to find key details on the website)

    Phone, email, Instagram direct message and Facebook Messenger support Monday through Friday 9 a.m. to 6 p.m. Eastern. Email support for urgent matters on weekends. Phone calls are scheduled in advance, as Ellevest doesn't publicize their phone support number.

    How to sign up for an Ellevest account


    You can sign up for Ellevest through the company's website or app. You have to provide your email address before you're able to view a proposed investment strategy.

    You'll then answer some questions about your personal information, savings goals, and how often and how much you'll contribute before you open your investment account. During the sign-up process, you'll also be prompted to link your bank account to pay your account fee and fund your account.

    How much does Ellevest cost?


    Account minimum

    While there is no minimum to start investing with Ellevest, some portfolios do have minimums. Those minimums range from $1 to approximately $240.

    Account management fee

    Ellevest’s robo-advisor service costs $12 a month or $129 a year (which saves you $15).

    All clients have access to a customized investment plan that, according to simulations, gives them a 70% likelihood of reaching a goal target. Another feature that increases the likelihood that you'll achieve your goals is auto-deposit, the ability to have a portion of your paycheck deposited directly into your Ellevest account. After all, it's harder to spend it if the money doesn't even make a pit stop in your checking account.

    Clients also have access to all of Ellevest’s specific investing goals, including the Build Wealth goal, which offers an individual taxable investment account, the Retirement goal, which allows you to open an IRA and lets you see how your progress toward retirement impacts your ability to build wealth as your primary goal, and the buying a house or starting a business goals.

    The plan also provides a dose of reality in terms of trade-offs that may be necessary to achieve multiple goals — for example, how buying a house this year might delay starting a business.

    Investment expense ratios

    An expense ratio is an annual fee charged by mutual funds, index funds and ETFs as a percentage of your investment in the fund. If you invest in a mutual fund with a 1% expense ratio, you’ll pay the fund $10 per year for every $1,000 invested. If these fees are high, they can significantly drag down your portfolio returns. But Ellevest’s core portfolios have reasonably low expense ratios in comparison with other robo-advisors, ranging from 0.05% to 0.10%. Expense ratios are paid in addition to your Ellevest membership fee.

    Account fees

    Some robo-advisors offer zero additional fees, but Ellevest is not one of them. Goldman Sachs Custody Solutions, a third-party custodian, charges $100 for full account transfers out of an Ellevest account and $25 for partial transfers.

    Ellevest's portfolio selection


    Like its peer robo-advisors, each Ellevest portfolio has specific target allocations: more aggressive funds for long-term goals and more conservative ones for the short term. Customers are, however, given some measure of control over how aggressively their money is invested and can toggle their exposure to stocks up or down within reason (between 5% or 10%, depending on the goal).

    Ellevest portfolios are composed of a mix of ETFs that cover more than 17 asset classes. For its core portfolios, Ellevest chooses from 17 ETFs. Many of the funds Ellevest uses are from Vanguard, a leader in low-cost ETFs.

    Ellevest clients can invest in up to six investment portfolios, including one for retirement.

    Ellevest’s Impact Portfolios invest up to around 55% of a portfolio into ESG and impact funds that promote positive social change and the advancement of women on boards and senior leadership teams. Impact Portfolios draw from 23 ETFs and mutual funds.

    Other key Ellevest features


    Accounts supported

    Ellevest offers only individual taxable accounts and IRAs (Roth, traditional and SEP). Ellevest doesn’t offer joint taxable accounts, but it does offer 401(k) and 403(b) rollovers and allocation guidance for external 401(k) plans.

    Automatic rebalancing

    Automatic rebalancing is regular rebalancing of your portfolio in response to market fluctuations or other factors that shift your portfolio out of its intended investment allocation. The market moves and over time, your allocation will move, too. So if your target was having 60% in stocks and 40% in bonds and stocks are doing well, you could end up having 70% in stocks, which may be more risk than you are comfortable with. With automatic rebalancing, the computer monitors your allocation and will automatically adjust your investments if they get out of line. Ellevest offers this service for no additional fee.

    Human advisor option

    Ellevest gives all clients and non-clients access to a free 15-minute call with a CFP. Clients can also purchase a variety of sessions (everything from a one-time session on budgeting to unlimited access to a CFP) at a 50% discount. Even if you’re not an Ellevest client, you can purchase sessions at their retail price.

    With unlimited access, phone calls are scheduled quarterly, but you get unlimited email access. If you need to, you can request more calls (though other planners may assist you with urgent questions if your advisor isn’t available, and it may incur an extra fee).

    Clients also have access to free, digital workshops with Ellevest’s team of financial planners, in-app learning which includes useful videos, articles, guides and email courses, and personalized progress reports with tips to keep their money goals on track.

    Customer support options

    Ellevest has the standard phone and email support during business days, as well as Instagram direct message and Facebook Messenger support. There is also email support for urgent matters on weekends.

    Good to know about Ellevest


    Tax strategy

    Tax-loss harvesting is an investment strategy that can significantly reduce capital gains taxes. In taxable accounts, the practice involves selling losing investments to offset the gains from winners. In contrast to its larger rivals, Ellevest doesn't offer automated tax-loss harvesting. That could be a turnoff for the wealthiest investors with high balances in taxable accounts. Like most robos, Ellevest aims to put any securities that might generate taxes into tax-deferred retirement accounts and puts investments that tend to have low tax burdens into taxable accounts. And the company’s Tax Impact Alerts warn about potential taxes triggered by portfolio changes.

    » Want to check out other providers? Here are our top picks for best robo-advisors.

    Savings account/cash management options

    Ellevest does not offer any type of banking services. Many robo-advisors offer comprehensive banking services in addition to automated investing.

    Is Ellevest safe?


    While investing always comes with a degree of risk, assets at Ellevest are covered under the Securities Investor Protection Corporation (SIPC). This coverage means that in the event that Ellevest were to fail, up to $500,000 in securities and $250,000 in cash would be protected.

    Ellevest Wealth Management

    Ellevest also has a wealth management option for clients with over $500,000 in assets. The wealth management service offers personalized planning, access to a dedicated team that will coordinate with accountants and estate attorneys and impact investing and offers investment opportunities that help address gender inequality, racial injustice and climate change.

    » Want to compare options? Check out our roundup of the best wealth advisors.

    Reviewed in: Oct. 2024

    Period considered: Aug. - Oct. 2024.

    Account minimum

    $500,000.

    Account management, planning or subscription fee

    The fee drops the more assets you have under management:

    • 1.25% for clients with under $1 million.

    • 1% for clients with $1-2 million.

    • 0.55% to 0.95% for clients with more than $2 million in assets under management.

    Advisor access and credentials

    All financial advisors are women, fiduciaries and Investment Advisor Representatives; the majority are either CFPs or CFAs.

    Reviews are scheduled at least annually or more depending on the client’s circumstances and needs. Advisors are available in person, by video, chat, text, phone, or via email during flexible hours.

    Financial planning services

    Retirement planning, financial windfall planning, estate and family planning, cash flow analysis, budget analysis, and tax strategies.

    Tax and estate planning are coordinated with the client’s CPAs and estate planning attorneys.

    Investment expense ratios

    On average:

    Equities: 0.15%. Fixed income: 0.15%. Alternative investments: 1.5% to 2%.

    Portfolio construction

    Portfolios are custom and unique to a specific client's needs and goals. Ellevest can manage stocks, bonds, mutual funds and ETFs for all clients and alternative investments for clients who are eligible (such as accredited investors). At certain account balances, impact strategies can be further customized.

    Brokerage options

    Clients’ assets are only managed and held at Ellevest's custodian Charles Schwab & Co Inc.

    Accounts supported

    • Individual and joint taxable accounts.

    • Traditional, Roth, SEP, SIMPLE and inherited IRAs.

    • Individual 401(k)s.

    • Retirement plans such as cash balance plans and profit sharing plans.

    • Joint tenancy/community property, revocable trusts, irrevocable trusts, uniform trust to minors accounts (UTMAs) and donor advised funds.

    Tax strategy

    Tax-loss harvesting on taxable accounts. Intentional Impact Portfolios offering enables stock-level tax-loss harvesting.

    Is Ellevest 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 also provides access to financial planners for an added fee. Ellevest is also a good fit for values-based investors and people who want to invest their dollars in companies that have policies and practices that advance women.

    The service is best for hands-off investors who want to outsource portfolio management; if you would rather take a DIY approach to picking and choosing your investments, a robo-advisor may not be the right fit. (Consider an online broker instead.)

    Learn more

    on Ellevest's website