Ellevest Review 2020: 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.

Alana BensonSeptember 24, 2020

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Our Take


NerdWallet rating 

The bottom line: Ellevest offers three tiers of service, starting at $1 a month. Members get discounted access to professional help, free educational resources and the only investing algorithm that factors in women’s pay gaps, career breaks and longer lifespans.


on Ellevest's website

on Ellevest's website


$1 - $9

per month

Account Minimum



2 months free

with promo code "nerdwallet"

Pros & Cons


  • Low account minimum and fees.

  • Goal-focused investing approach.

  • Portfolio mix that factors women’s needs.

  • A la carte sessions with coaches and CFPs.


  • Essential members can't open an IRA.

  • No tax-loss harvesting.

Compare to Other Advisors


$1 - $9

per month



management fee



management fee

Account Minimum


Account Minimum


Account Minimum



2 months free

with promo code "nerdwallet"


Up to 1 year

of free management with a qualifying deposit



amount of assets managed for free

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Full Review

Ellevest is a robo-advisor that 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.)

In June 2020, Ellevest restructured its offerings: The company no longer charges a percentage of assets under management for new clients. Instead, Ellevest charges flat monthly fees through a tiered structure that has no minimum investment and costs as little as $1 a month. Existing Ellevest customers will be able to move to the new plans, called Money Memberships, or stay with their existing pricing plan for now.

Ellevest Money Memberships offer three tiers of service: Ellevest Essential ($1 a month), Ellevest Plus ($5 a month) and Ellevest Executive ($9 a month). Every membership tier includes one or more personalized investment portfolios managed by Ellevest’s algorithm, as well as the option to invest in Impact Portfolios, which are designed for positive social impact and advancing women on boards and senior leadership teams. Coaching and certified financial planner access are available at a discounted price that depends on the membership level you choose.

Worth noting: Anyone can purchase CFP or coaching sessions through Ellevest’s website; you don't need to be a member or have money invested with the company.

Ellevest is best for:

  • Goal-based investing.

  • Hands-off investors.

  • Beginning investors.

  • Values-based investing.

  • Career coaching.

  • Financial planning sessions.

Ellevest at a glance

Account minimum

None, though there are some portfolio-specific minimums.

Account management fee

Essential: $1/month

Plus: $5/month

Executive: $9/month

Investment expense ratios

Core portfolio: 0.05% - 0.10%. Impact Portfolios: 0.13% - 0.19%.

Account fees

$100 for full account transfer out; $5 per security for partial transfer out ($25 minimum/$75 maximum).

Portfolio mix

21 asset classes covered. Core Portfolios draw from 20 ETFs; Impact Portfolios draw from 27 ETFs and mutual funds. Some customization allowed.

Accounts supported

  • Essential: Individual taxable account only (not joint)

  • Plus and Executive: Individual taxable account, traditional, Roth and SEP IRAs. Ellevest also provides asset allocation advice on 401(k) accounts for Plus and Executive members, but does not directly manage them.

Tax strategy

Tax-optimized asset location, rebalancing and withdrawal sequencing.

Automatic rebalancing

Free on an as-needed basis.

Human advisor option

No human advisor access included in membership, but members can purchase a la carte access to coaches and CFPs for a discounted rate. Nonmembers access a CFP through Ellevest for retail price.


All members have access to free digital workshops and in-app learning including videos, articles, guides and email courses. Mobile app offers same functionality as web. Plus and Executive members have access to a tool that shows the trade-offs between reaching certain financial goals.

Bank account/cash management account option

Spend & Save accounts available. The savings account has a 0% interest rate, but gives users the ability to round up spare change and transfer it to their investing account.

Customer support options (includes website transparency)

Phone, email, Instagram direct message and Facebook Messenger support Monday-Friday 9 a.m.-6 p.m. Eastern. Email support for urgent matters on weekends.


2 months free with promo code "nerdwallet"

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

Where Ellevest shines

Addressing women's needs: As the list of automated investment advisors continues to grow, Ellevest's full-on female-focused approach is certainly an eye-catching differentiator. But is it just a marketing hook?

While a lot of it has to do with approach and tone (which aren't necessarily gender-specific), one practice is worth highlighting. The advisor says that while the gender pay gap is well-known, less appreciated is the fact that women’s incomes top out and decline sooner than men’s. Combine the earnings gap with a longer lifespan, and women have to surmount a tougher set of obstacles than men to reach their financial goals.

Ellevest addresses this in two ways:

  • While other robo-advisors might treat men and women equally when considering their future earnings, Ellevest might recommend a higher savings rate for a female client than it would for a similar male client because of that lower future earnings potential.

  • Ellevest’s latest update is bringing their female users broader access to help with everything from retirement planning to how to negotiate for a raise and career coaching — issues that can affect women differently than men.

Tiered flat fee structure: Ellevest’s tiered structure lets users pick the level of service they need.

Ellevest Essential


  • 20% discount on one-on-one sessions with a financial planner or career coach.

  • Individual taxable account only (no IRA).

Ellevest Plus


  • Personalized retirement planning with access to retirement specialists, guidance on how to invest a 401(k) and support for IRA transfers or 401(k)/403(b) rollovers.

  • 30% discount on sessions with a financial planner or career coach.

Ellevest Executive


  • Includes the personalized retirement planning services above.

  • Multi-goal investing with up to six customized investment accounts for each of your money goals.

  • Free 1:1 review of your investment plan with the Ellevest concierge team 50% discount on sessions with a financial planner or career coach.

All members have access to a customized investment plan that, according to simulations, gives them a 70% likelihood of reaching a goal's 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 money that doesn't even make a pit stop in your checking account.

The specific goals you have access to depend on your membership level.

  • Ellevest Essential includes the Build Wealth goal, which offers only an individual taxable investment account.

  • Ellevest Plus adds 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.

  • Ellevest Executive adds access to the rest of the goals, such as buying a house or starting a business. The Executive level, like Plus,  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.

The downside of this structure is that Essential members aren't able to open retirement accounts (like IRAs) unless they upgrade to Plus or Executive status.

Access to educational resources: All members have access to free, digital workshops with Ellevest’s team of coaches. Members also have access to in-app learning, including useful videos, articles, guides and email courses, and receive personalized progress reports with tips to keep their money goals on track.

Portfolio customization: Like its peer robos, 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). Whenever the portfolio veers too much from the target allocation, Ellevest rebalances the investments.

Ellevest portfolios are composed of a mix of exchange-traded funds that cover more than 20 asset classes, which is more than what most of the leading players offer. For its standard portfolios, Ellevest chooses from 20 ETFs; Impact Portfolios draw from 27 ETFs and mutual funds. Impact Portfolios invest up to 53% of a portfolio into funds that promote social good, including funds made up of companies that promote the advancement of women.

Many of the funds Ellevest uses are from Vanguard, a leader in low-cost ETFs. That's important because in addition to the Ellevest membership fee, investors pay for the management fees (aka expense ratios) on the ETFs in their portfolio.

Access to coaches and CFPs: Ellevest is giving all members access to a range of professional financial help — for an extra fee. Users can purchase a variety of sessions (everything from a one-time session on budgeting to unlimited access to a CFP) at a 20%, 30% or 50% discount based on their membership plan. Even if you’re not an Ellevest member, you can purchase sessions at their retail price (for example, unlimited access to a CFP costs $675 a year for nonmembers). Below, examples of the cost to work with a CFP through Ellevest:

Retirement checkup with a CFP (two 30-minute sessions)

Unlimited CFP access (for one year)




Ellevest Essential



Ellevest Plus



Ellevest Executive



The CFP sessions Ellevest offers are similar to Betterment's a la carte financial planning packages, which also are available with no minimum account balance.

However, for ongoing, unlimited access to a financial planner, the services diverge: Betterment Premium, which offers unlimited access to a team of CFPs, requires a $100,000 balance and charges an annual management fee of 0.40%. Ellevest allows members at any level to purchase unlimited access to a dedicated CFP (though other planners may assist you with urgent questions if your advisor isn’t available) for a flat annual fee of $337.50 to $540, depending on your membership level (and not including the monthly membership fee).

On the $100,000 account balance required for Betterment Premium, the service's 0.40% annual fee is $400 a year. That dollar amount goes up as your account balance grows. With Ellevest, if you don’t need professional help, you don’t have to pay for it.

Ellevest also has a Private Wealth Management option for clients with over $1 million in assets. This gives clients a fully custom-made portfolio (rather than the robo-advisor service). Ellevest’s impact investing for private wealth clients offers niche investment opportunities, such as the ability to invest in small women-owned businesses or sustainable housing with units for women and families impacted by substance abuse.

Spend & Save bank accounts: Ellevest offers so-called Spend & Save accounts to all members. These come with a debit card and the ability to round up spare change into either a Save account or transfer it to an investing account. Spend & Save accounts have no overdraft or minimum balance fees, and those with a Spend account get unlimited ATM fee refunds when they set up direct deposit.*

Where Ellevest falls short

Low interest rate on short-term savings: While it’s nice to have a savings account option alongside your investment account, Ellevest’s Save accounts currently earn 0% interest. Other robo-advisors offer savings accounts or cash management accounts paying 0.30% or more. Online high-yield savings accounts can sometimes pay 1% or more.

Accounts supported: Currently, Ellevest offers only individual taxable accounts and IRAs (Roth, traditional and SEP), though IRA access requires a Plus or Executive membership. Ellevest doesn’t offer joint taxable accounts. 401(k) and 403(b) rollovers are only available for Plus and Executive members, as is allocation guidance for external 401(k) plans.

No tax-loss harvesting: 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. But the company says that there are too many “ifs” in each investor’s situation to automate the process across its client base. And doing so could do its customers more harm than good, a risk the company isn't willing to take in its role as a fiduciary.

That said, you can't completely ignore the role of taxes in retirement planning, and Ellevest doesn't. Like most robos, Ellevest takes pains 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.

Is Ellevest right for you?

Getting help from a financial professional when you’re feeling lost, or from a career counselor before a big interview, can be invaluable. With the company’s a la carte CFP and coaching sessions, Ellevest is helping everyone access the insights that matter most, whether they’re an Ellevest member or not. Members receive that access at a discount.

The other feature that sets Ellevest apart is that it isn't gender-neutral: Its investing algorithm takes into account the salary curve and lifespan of whatever gender profile the client chooses. It also offers investment options that allow its mostly female clientele to invest their dollars in companies that have policies and practices that advance women. Offering a multitude of free educational materials on everything from retirement to interview coaching and budgeting, and providing more access to professional help — albeit for an added fee —  is how this robo-advisor aims to better its target customer's financial well-being.

* 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