To set up your membership, you’ll answer a few simple questions about yourself and pick your membership tier. Once you’re a member, you can set up investing and banking, 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.
Like most robo-advisors, Ellevest creates custom-made investment portfolios based on your personal situation. Unlike other robo-advisors, Ellevest holds a particular focus on gender-related factors. The platform also offers:
- Automatic rebalancing of your portfolio to stay on track with goals and risk factors
- Banking services including a spend and save account and debit card
- Educational resources including on-demand email courses, live workshops, video content and a personal finance blog called Magazine
In addition, 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.
Ellevest also offers Private Wealth Management for those looking to invest $1 million or more. With this service you’ll get a dedicated financial advisor who will work to help you reach your money goals. This bespoke service comes with an investment management fee and isn’t included with an Ellevest monthly membership.
Ellevest doesn’t offer investment research tools, because it doesn’t let members pick individual securities to invest in. Instead, it matches you with a portfolio of ETFs and mutual funds based on your goals and circumstances.
Customer service and support
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 Concierge Team as well as discounts on one-on-one sessions for more specific money or career advice. For Ellevest Plus and Executive members, the concierge team will also help you roll over your 401(k), even including calling your provider together.
Ellevest Executive members also get a free investment planning session with the Ellevest Concierge Team.
Ellevest offers technical support and account help by phone, text, and Facebook from 9 a.m. to 6 p.m. EST, as well as email support.
View more information: https://www.fool.com/the-ascent/buying-stocks/best-robo-advisors/ellevest-review/