About Ellevest

“A financial company created by women for women”

Ellevest is a digital investing platform with a robotic advisor, that has been around since 2008. The company’s goal is to put more money in the hands of women and those who are underrepresented in the financial world because of their gender identification.

Sally Kravchek, co-founder and CEO of Ellevest, founded the company after working in the financial services industry for several years. The concept developed from the understanding that the trading and investing business was predominantly male-dominated and orientated. The firm was founded to empower women financially and assist them in taking charge of their financial progress. It has an executive team and a board of directors. In 2021, the business will have $ 1 billion in assets under management (AUM) and annual revenues of more than $ 15 million. The firm is based in New York and solely serves inhabitants of the United States.

Trading platform and products

The digital investing platform provides individualized financial advice for women based on real-life examples in the data model, such as gender-specific salaries, average retirement recommendations, and earnings for a person’s educational career.

Ellevest Membership

The Ellevest membership service is accessible via a user-friendly mobile app that can be downloaded for free from the relevant app stores for iOS and Android smartphones. The following are some of the features:

• Webinars
• Weekly newsletters
• Reports on progress
• Retirement planning tools
• Customization opportunities abound.
• Quizzes and exams that are interactive
• Transaction history for debit cards.
• Individualized investing strategies
• Tools for Analyzing Investment Algorithms

Private wealth management

This service gives you access to a financial counselor and investment managers with years of expertise. It’s for wealthy individuals with more than $1 million in personal funds. The team can provide individualized financial planning services, as well as investment counseling and recommendations. Ellevest does not have a mobile app for private clients at this time. On desktop computers, these accounts may be accessed through the website, which also has a mobile alternative.

Portfolio

Ellevest delivers a tailored experience for you, no matter why you wish to invest money. Personal information, such as your savings objectives, educational experience, net worth, current salary, and age, is required in the first phase. Quotes and realistic periods for target evaluation may be created based on this, and your investment objective can be established.

Portfolio Design

Asset class allocation and asset diversification are two instruments used in the development of an investment portfolio. Ellevest’s major asset classes include equities, bonds, and alternative investments. 21 asset types are utilized to create custom portfolios, allowing you the freedom to build one that is suitable for you.

Although not all assets are utilized in every portfolio, careful selection can help to reduce market downturns and boost the average likelihood of returns. The managed asset classes are diversified, which means that investments are distributed among classes that function in various ways. This should allow the investment to withstand market volatility and avoid significant losses.

Investment selection

The proportion of stocks and bonds will be determined by the platform (asset allocation). Before particular funds are chosen, this will be based on an approach to your individual financial goals and deadlines. Mutual funds and exchange-traded funds make up Ellevest’s investment portfolios (ETFs). They are “baskets” of several investments placed together to provide diversification. Portfolios evolve. The Ellevest staff is always willing to make changes and make certain that your duties are done.

Fees

All membership choices have a monthly subscription charge that starts at $1. You may pick between an annual or monthly plan when creating your account. When you choose an annual invoice, you will receive a 10% discount.

FINRA fees are another charge to consider when opening an Ellevest account. Although assets maintained in emergency funds are not taxed, this cost is now $ 0.000022 per dollar of securities sold. There may be an additional brokerage, clearing, and servicing costs.

You should be aware that you may be subject to taxation. Ellevest makes this procedure easier by supplying tax returns, tax reduction strategies, and IRS reporting account information.

Regulation and licensing

The Securities and Exchange Commission of the United States has registered Ellevest Inc. as an investment adviser (SEC). This rule necessitates the acquisition of a license, and investors may rest confident that they will be protected from fraud and abuse. Coastal Community Bank offers banking goods and services. In the case of a business failure, savings account balances will be protected up to the regulation maximum of $ 250,000.

Only Continental US citizens having a Social Security number and a current or savings account with a US bank are eligible to invest on this site. With an investing license, advice can only be given to customers who are located in the United States. To apply for an account, users must be at least 18 years old. Although this investing platform is geared toward women, it is also open to males and non-binary individuals. There is no discrimination based on gender.

Deposits

There is no obligation for a minimum deposit while registering. Bank transfer is the quickest way to finance your Ellevest account. To transfer cash as a one-time deposit or to set up a recurring direct deposit, just link your bank account. Before being credited, funds might be held for up to two business days. The deposits will subsequently be put into the portfolio to assist you to reach your objectives. A deposit limit of $ 3,000 is imposed from a connected bank account. IRA transfers, 401k or 403b rollovers, and third-party applications like Venmo are additional options for investors.

Withdraw funds

Select “Transfer Money” from your dashboard to make a withdrawal from your Ellevest account. If the funds are retained in the investment account for at least five days, investors can withdraw any or all of the money at any time. Withdrawals from folios might take up to seven days to complete. There are daily withdrawal limitations, including a maximum of $ 510 per day by ATM. There are no fees for withdrawals or deposits.

Deals and promotions

Ellevest provides promotions and incentives from time to time as an added incentive for people to sign up. There are $ 50 registration incentives and 2021 discount coupons for three months of free membership available.