How it works
How Ellevest works: To set up your membership, you'll answer a few simple questions about yourself. Once you're a member, you can set up investing, or come back to them later.
Like most robo-advisors, Ellevest starts the investing process by asking a series of questions about you as an investor. These questions include your age (for retirement planning) and investment goals. It uses your information to craft an investment portfolio made up of low-cost ETFs. Each portfolio is designed to produce maximum returns while staying within your acceptable risk level. You make deposits -- Ellevest does the rest. You'll also get monthly progress reports by email to keep you in the loop.
Services offered
Like most robo-advisors, Ellevest creates custom-made investment portfolios based on your personal situation. Unlike other robo-advisors, Ellevest offers a particular focus on gender-related factors.
An Ellevest monthly subscription includes:
- Custom investment portfolios
- Automatic rebalancing of your portfolio to stay on track with goals and risk factors
- 50% discount for appointments booked with financial experts and career coaches
- Educational resources including on-demand email courses, live workshops, video content and a personal finance blog called Magazine
For those looking to invest $1 million or more, Ellevest offers Private Wealth Management with a dedicated financial advisor. The Private Wealth Management service is available for an additional fee above the monthly subscription cost.
Pricing and fees
Ellevest charges a flat $12 monthly fee for membership that includes up to six portfolios, retirement planning, automatic rebalancing, and 50% discounts on CFP® appointments.
Ellevest's membership pricing structure can make investing far cheaper than it is with many brokerages. The flat rate is especially appealing if you have an account with several hundred thousand dollars invested, because you'll pay the same as someone with $10,000 invested.
Customer service
Robo-advisor clients need two types of support: investment advice from a human being and help with technical issues. Let's take a look at how Ellevest stacks up.
All Ellevest members have access to platform support and general questions from the Ellevest Client Support Team, as well as discounts on one-on-one sessions for more specific money or career advice. The rollover team will also help you roll over your 401(k), even including calling your provider together.
For accessibility issues, Ellevest asks you to contact [email protected] or call 844-355-7100. However, Ellevest doesn't offer numbers you can reach out to for technical support. This is a much more feeble offering than competitors, who typically offer phone and chat support.