Ellevest currently supports the two most recent versions of the Chrome, Internet Explorer, Firefox, and Safari web browsers. All account functionality currently available via desktop is also available to mobile users.
Ellevest has an app available for iOS and Android smartphone users. The app currently supports iOS 11 and above, which means you must have an iPhone 6 or newer. The Ellevest app requires Android 8.0 and newer. While Ellevest does not currently have an app for the iPad, investors are still able to visit Ellevest.com from their iPad.
How to contact customer service from Ellevest’s website is not evident initially. Investors must scroll to the bottom of the page and click on the “Help Center” link under Support. At this point, there are several FAQ topics that investors can view. However, if you want information on a specific topic not listed, you must do one of three things:
All new account holders are also able to schedule a free 15-minute call with a financial planner to help them determine which type of financial planning session they may want to purchase.
Ellevest offers security features commensurate with industry standards in order to keep investors’ account information safe:
SIPC insurance is also offered to all clients, up to the $500,000 limit for all accounts combined.
Ellevest clients have access to the tips, videos, and articles available in-app or on the website. For a fee, members can sign up for digital workshops and self-paced courses, or even download budgeting and planning materials. Ellevest users can also book one-on-one sessions with financial planners or career coaches for an additional fee. However, the fees for these services are discounted up to 50% for all Ellevest clients.
Clients can also subscribe to the “What the Elle” newsletter for weekly financial news and advice from Ellevest planners, insights from industry leaders—such as a weekly column from Ellevest CEO Sallie Krawcheck—and updates on new workshops, additional resources, and events.
Ellevest has revamped its account structure recently, which has streamlined the membership matrix to only two levels:
While there are no advisory fees associated with an Ellevest account, there are certain fees from the companies that own the individual funds in your investment portfolio. With Ellevest Core Portfolios, the ETF fund fees can range from 0.05% to 0.10% per year, and for Ellevest Impact Portfolios, the ETF and mutual fund fees can range from 0.13% to 0.19% per year.
There are no fees associated with withdrawing your funds. However, if you're looking to transfer an account to another company, additional fees are involved. Ellevest works with Goldman Sachs Custody Solutions, which is an independent third party, to act as custodian; its fees are as follows:
| Category | Fee |
| Management fees for Ellevest Plan | $12/month |
| Management fees for Executive account | Varies based on account size |
| Termination fees | None |
| Expense ratios | 0.05% to 0.26% |
| Mutual funds | 0.05% to 0.26% |
The Bottom Line
The Ellevest platform provides a good entry-level investing tool for new investors, those with a low amount of initial capital, or those who just want a more hands-off investing approach. While individual stock trades are not supported by this platform, investors can rest assured that Ellevest, being a fiduciary, has their best interests at heart. While Ellevest makes entry-level investing quite easy, it does also offer private wealth management for more affluent clients.
Where this robo-advisor is really able to shine is that it is unique within the industry in providing a distinctive forum for women. Ellevest is certainly a leader in this niche market by taking into account the issues that women face in the areas of salary gaps, career breaks, and life expectancy.
How Does Ellevest Help You Save Money on Your Taxes?
Ellevest uses a method it calls the Ellevest Tax Minimization Methodology (TMM). This methodology is built into its automated rebalancing algorithms as well as something premium clients can get through advisor services. The platform favors the selection of low-impact securities such as tax-efficient municipal bonds for accounts that are taxable now. By contrast, corporate and U.S. Treasury bonds or stocks are favored for selection in tax-deferred retirement accounts. In this way, TMM is intended to reduce tax impact over time.
How Much Does Ellevest Cost?
Ellevest offers a straightforward investing platform, allowing clients to put their investing on auto-pilot at an affordable rate of $12 per month.
Is Ellevest FDIC Insured?
Yes, Ellevest is FDIC insured, for cash deposits. While FDIC insurance does not protect you against market risk, it does ensure that the cash that you deposit is guaranteed regardless of what happens to the banking institution itself.
How Secure Is Ellevest?
Ellevest utilizes several security features to ensure investors’ account information is kept safe: two-factor authentication, encryption, and network monitoring.
Who Owns Ellevest?
Sallie Krawcheck is co-founder and CEO of Ellevest.
Can Men Use Ellevest?
While Ellevest is a company built by women and is aimed towards the specific investing needs of women, anyone is able to open an account with Ellevest.
How We Review Robo-Advisors
Providing readers with unbiased, comprehensive reviews of digital wealth management companies, more commonly known as robo-advisors, is a top priority of Investopedia. We used our 2023 consumer survey to guide the research and weightings for our 2024 robo-advisor awards. To collect the data, we sent a digital survey with 64 questions to each of the 21 companies we included in our rubric. Additionally, our team of researchers verified the survey responses and collected any missing data points through online research and conversations with each company directly. The data collection process spanned from Jan. 8 to Feb. 9, 2024.
We then developed a quantitative model that scored each company to rate its performance across nine major categories and 59 criteria to find the best robo-advisors. The score for each company’s overall star rating is a weighted average of the criteria:
- Goal Planning - 21.00%
- Portfolio Contents - 17.00%
- Portfolio Management - 17.00%
- Fees - 15.00%
- Account Services - 10.00%
- Account Setup - 5.00%
- Customer Service - 5.00%
- Security & Education - 5.00%
- User Experience - 5.00%
Additionally, during our 2023 research, many of the companies we reviewed granted our team of expert writers and editors access to live accounts so they could perform hands-on testing.
Through this all-encompassing data collection and review process, Investopedia has provided you with an unbiased and thorough review of the top robo-advisors.
Read more about how we research and review robo-advisors.
Separately, our research team conducted a survey of 205 U.S. adults aged 18 to 72 who are current clients of one of 18robo-advisors. While the information collected did not influence the development of our ratings model, it was instrumental in gathering the valuable insights published inInvestopedia's 2023Robo-Advisor Consumer Survey.
Participants in our 2023Robo-Advisor Survey opted in to an online, self-administered questionnaire from a market research vendor. Data collection took place between Aug. 30 and Sept. 15, 2023, with 11 video interviews conducted with volunteer respondents from Sept. 7 to Sept. 17, 2023. Multiple quality checks, including screeners, attention gauges, comprehension evaluations, and logic metrics, among others, were used to ensure only the highest quality responses were included.
