Ellevest Review 2024: Pros, Cons and How It Compares
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Our Take
4.7
Reviewed in: Oct. 2023
Period considered: Aug. - Oct. 2023
The bottom line:
on Ellevest's website
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Pros & Cons
Pros
Goal-focused investing approach.
Portfolio mix that factors women’s needs.
Members get discounted sessions with coaches and certified financial planners.
No account minimum.
Cons
No tax-loss harvesting.
Some portfolios have minimum investment requirements.
Compare to Similar Brokers
Fees $12 per month | Fees Varies by Advisor (free initial consultation) | Fees 0% management fee | Fees 0.25% management fee |
Account minimum $0 | Account minimum $150,000 | Account minimum $0 | Account minimum $500 |
Promotion 2 months free with promo code "nerdwallet" | Promotion 3-Month Satisfaction Guarantee | Promotion 1% match on IRA contributions Only offers made via ACH are eligible for the match. ACATs, wires, and rollovers are not included. | Promotion Get a $50 customer bonus when you fund your first taxable investment account |
Learn more on Ellevest's website | Learn more on Zoe Financial's website | Learn more on SoFi Invest's website | Learn more on Wealthfront'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.
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Full Review
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.
Ellevest is best for:
Goal-based investing.
Hands-off investors.
Beginning investors.
Values-based investing.
Financial planning sessions.
Ellevest at a glance
Reviewed: Oct. 2023
Period considered: Aug. - Oct. 2023
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% - 0.10%. Impact Portfolios: 0.11% - 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 fee. Impact portfolios put up to 53% of the portfolio in ESG and impact funds. |
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 | Clients and non-clients have access to a free 15-minute call with a CFP. Clients can purchase a la carte access to Ellevest financial planners at a 50% discount. Anyone who isn’t an Ellevest client can still access a financial planner through Ellevest at the regular pricing. Ellevest offers live, virtual workshops free for all clients. Topics cover budgeting, debt, personal finance, how investing works, and market insights. |
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-Friday 9 a.m. to 9 p.m. Eastern. Email support for urgent matters on weekends. |
More details about Ellevest's ratings
Account minimum: 5 out of 5 stars
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: 4 out of 5 stars
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: 5 out of 5 stars
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 to other robo-advisors, ranging from 0.05% to 0.10%. Expense ratios are paid in addition to your Ellevest membership fee.
Account fees: 3 out of 5 stars
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.
Portfolio mix: 4.5 out of 5 stars
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.
Socially responsible portfolio options: 4 out of 5 stars
Ellevest’s Impact Portfolios invest up to 53% 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.
Accounts supported: 4.5 out of 5 stars
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.
Tax strategy: 2 out of 5 stars
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.
Automatic rebalancing: 5 out of 5 stars
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 investment if they get out of line. Ellevest offers this service for no additional fee.
Human advisor option: 2.5 out of 5 stars
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 (for example, unlimited access to a CFP costs $2,598 a year for non-clients and $1,299 for clients).
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 coaches, 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.
Savings account/cash management options: 1 out of 5 stars
Ellevest does not offer any type of banking services. Many robo-advisors offer comprehensive banking services in addition to automated investing.
Customer support options: 4 out of 5 stars
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.
Ellevest Private Wealth Management
Ellevest also has a Private Wealth Management option for clients with over $1 million in assets. The private 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: Oct. 2023
Period considered: Aug. - Oct. 2023
Account minimum | $1 million. |
Account management, planning or subscription fee | 0.90% for clients with under $2 million in assets. That fee drops the more assets you have under management. There is a $2,000 per quarter fee minimum. |
Setup or onboarding fee | None. |
Advisor access and credentials | Financial advisors are all Investment Advisor Representatives and 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, education, estate and business 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. |
Accounts supported |
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Tax strategy | Tax-loss harvesting on taxable accounts. Intentional Impact Portfolios offering enables stock-level tax-loss harvesting. |
Is Ellevest right for you?
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 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.)
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. We adhere to strict guidelines for 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.
* Banking products and services are provided by Coastal Community Bank, Member FDIC, pursuant to license by Mastercard International. If you opt in to the Roundup Program for debit card purchases, each settled (i.e. fully completed) purchase transaction made with your Ellevest Debit Card will be rounded up to the nearest whole U.S. dollar. The Roundup amount will be transferred from your Spend account to your Save account. Foreign purchases are rounded up to the nearest whole dollar after the purchase is converted to U.S. dollars. ATM withdrawals and transactions in whole US dollars, e.g. $20.00 are excluded from the Roundup program. If, at the time of settlement of a purchase, your Ellevest Spend Account has insufficient available funds to cover the full amount of the Roundup transfer, the Roundup Transfer will not be made. If a purchase is canceled or reversed for any reason (including disputes), the corresponding Roundup Transfer will not be reversed. You can opt out of the Roundup Program at any time. Domestic ATM transaction fees will be reimbursed if a payroll direct deposit has been received within the prior 30 days of the ATM transaction settlement. International ATM withdrawal fee of $5 will apply.
on Ellevest's website
