Ellevest Review 2023: Pros and Cons

Ellevest is a robo-service offering financial services such as individual investment accounts and private wealth management.
Best for
  • Beginning Investors
  • Women
  • Low monthly fees
Overall Rating 4
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The Penny Hoarder Overall Rating
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This is a review of Ellevest, which has an overall rating of 4 stars.
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Women have fought for a place at the proverbial table, and now they’re showing up strong. During the pandemic, more businesses have been started by female founders, and more women than men have entered higher education.

Even so, fewer investors are female, and the gender pay gap persists. That’s where Ellevest comes in.

Ellevest is an investing service aimed at tackling women’s unique financial burdens, taking into account things like reduced wages growths, career breaks and longevity. We love this focus but also like that Ellevest is open to all users, regardless of gender or identity.

In fact, whether these gender burdens apply to you or not, Ellevest’s personalized advice for banking and investing makes Ellevest a good investing choice. Plus, with two membership plans, you can tailor the service to find your financial fit.

In our Ellevest review, we’ll start with a quick rundown on how investing with Ellevest works, then walk you through the membership options, and finally flesh out each of the important features Ellevest offers so that you can get all the information you need to decide how best to start growing your money your way.

How Does Investing With Ellevest Work?

Ellevest uses a robo-advisor to develop an investing portfolio that matches your targeted goals and timeline. You simply download the app, enter some basic information like your age, gender, income, etc, and then set a financial goal.

Do you want to buy a house in five years? Start a family? Create an emergency fund? Or build wealth in general? Ellevest will take specific goals into account and create a mix of ETFs (exchange traded funds) and mutual funds for you to invest in.

Before moving onto the portfolio specifics, however, you have to sign up for the specific Ellevest membership that you want. Starting at $5 a month, Ellevest offers two membership tiers with different costs and perks for each. Jump to the next section if you’re curious which one will work best for you.

Once you’ve signed up for your membership, you’re ready to invest. With Ellevest, you don’t get to choose individual stocks or bonds; instead, you simply pick between their two portfolio offerings:

While both are created with your particular risk tolerance and financial goals in mind, the Ellevest Impact Portfolios are focused on furthering positive social impacts and advancing women’s leadership positions.

Because Ellevest’s first priority is helping you meet your financial goal, not all of your funds will be placed in impact investments if you choose the Impact Portfolio, but Ellevest will find the best way to balance your financial needs with positive social change. Socially conscious and fiscally responsible, we love it!

This specialization and impact does come with slightly higher fund fees (between .13% to .19%), so if you’re strictly looking for financial gains, the Ellevest Core Portfolio is a good option. Like the Impact Portfolio, it’s diversified and personalized for you with slightly lower fund fees of .05% to .10%.

Once you’ve picked your portfolio, then you’re done–you’re officially an investor.

While the investing is done, Ellevest doesn’t stop trying to help you grow your wealth–and financial knowledge–with perks like automatic paycheck direct deposit that allows a set amount to be deposited into your investment each month or free financial workshops and articles. If there’s anything we love, it’s a no-stress way to grow wealth and stay well-informed. Well done, Ellevest.

Ellevest Membership Choices

In order to invest with Ellevest, you have to pick a membership. Most other investment options have a percentage-based fee that charges more the more money you put into your investment; Ellevest, on the other hand, has flat fee memberships. Basically, you can put in a dollar or a million and your fee doesn’t change.

Ellevest offers two different membership plans:

  • Ellevest Plus
  • Ellevest Executive

Both of these plans include discounted access to financial planners and career coaches, retirement services, and  free educational resources. The differences come down to the discount on one-on-one help and the number of accounts you can set up.

Ellevest Plus

Best for Retirement Savers

4 out of 5 Overall

Key Features
  • 30% off financial planners and career coaches
  • Access to retirement accounts
Ellevest Plus gets you investing and offers you access to a personal retirement plan and discounted financial planners and coaches. At $5 a month, we like the specialized help to start saving for retirement.
Ellevest Plus

Minimum opening deposit
Management or advisory fees
$5 a month
Accounts offered
Ind. taxable, traditional, Roth, and SEP IRAs

More Information about Ellevest Plus

Ellevest Plus members get all the learning perks Ellevest offers to help you expand your financial know-how, plus  you also get access to a retirement account to help you build a bigger nest egg. We love the personalized retirement planning and guidance on things like the IRA transfer process or how to invest a 401(k). 

At $5 a month, it’s perfectly reasonable, but it’s worth noting that you’ll need to invest a decent amount to keep it affordable. Basically, if you’re only investing $100, then $5 is a higher fee than most percentage-based fees that other robo advisor services offer on the market. If you’re looking to invest several thousand or more, however, then Ellevest’s affordability checks out.

Ellevest Executive

Best for Bigger Financial Goals

4 out of 5 Overall

Key Features
  • 50% off financial planners and career coaches
  • Same features as Ellevest Plus
  • Five customized investing accounts
Ellevest Executive is perfect for those with bigger financial goals. You get all the benefits of the previous membership — retirement accounts and learning resources— and now five customizable investing accounts.
Ellevest Executive

Minimum opening deposit
Management or advisory fees
$9 a month
Accounts offered
Ind. taxable, traditional, Roth, and SEP IRAs

More Information about Ellevest Executive

Ellevest Executive allows for more customization with the ability to save for multiple goals with different levels of risk at the same time. For $9 a month, you can now create high risk accounts and low risk accounts for different goals based on your timeline and risk tolerance. Plus, the added benefit of 50% off financial planners and career coaches lets you take advantage of more of these services, so you can build your wealth or reach your goals faster. 

We love Ellevest memberships options because of their straightforward and simple membership-based model. You know exactly what you’ll be paying and what you’ll be getting. Just pick and start investing.

Ellevest Account Offerings

Ellevest offers individual taxable accounts, and traditional, Roth, and SEP IRAs. At first, we were a little disappointed in the simplicity of portfolio offerings. Ellevest doesn’t offer specialized accounts like 529 educational accounts or joint or custodial funds. While this is a bummer, it’s this simplicity that makes investing with Ellevest easy.

Basically, if you’re looking for every financial vehicle on the market, look elsewhere, but if you’re looking for an easy start, Ellevest is a good investing choice.

Private Wealth Management

Ellevest offers Private Wealth Management for high and ultra-high net worth individuals, families, and institutions. Again, Ellevest approaches private wealth management with personalization in mind. They work as a fiduciary with straightforward fees and well-published services that start with your financial goals.

Ellevest also brings its belief that every dollar can have an impact to its private wealth management services by allowing you to share your values with your advisors and helping develop an intentional strategy for your wealth.

Other Important Features


Ellevest offers coaching in an a-la-carte fashion that allows you to get exactly what you need. There are special coaching sessions for all your financial needs: how to find a job, negotiate your salary, create a budget, prepare for retirement, etc.

Packages range from $20 for group workshops to several thousand for a full financial planning package. Remember, you get discounts on these packages depending on your Ellevest membership. You get anywhere from 30% off with Ellevest Plusto 50% off with Ellevest Executive.

Taxes Optimization

It’s aggravating to earn money through investments and then watch it all disappear to capital gains taxes. Ellevest does its best to develop the best strategy to leave your money in your own hands through Ellevest Tax Minimization Methodology (TMM). Through TMM, Ellevest strategically reduces your taxes, when possible, through a combination of taxable and tax-deferred investments.

Most robo-advisor services do automatic tax loss harvesting. Ellevest, however, believes that the benefit of tax loss harvesting depends on your specific tax situation, investments, and tax rate, so they don’t automatically apply tax loss harvesting. For some, this will be beneficial and for some this will be a loss. It just depends on your personal situation, so Ellevest does not apply it to your portfolio.

There are different perspectives on tax loss harvesting, but for Ellevest, it’s always about doing what’s right for each investor’s situation.

Pros and Cons of Ellevest

We know that’s a lot of information, so here’s the breakdown of how we think each feature and aspect of Ellevest stacks up.

  • Straight-forward fees
  • Goal-focused investing
  • Takes into account previously ignored gendered issues
  • Impact portfolio options
  • Discounted access to career/financial coaches
  • A la carte one-on-one sessions with career and financial coaches and CFPs
  • Private wealth management

  • No tax-loss harvesting automatically
  • Can’t trade yourself — no active management
  • No joint or custodial accounts
  • Membership fees can be high if not investing a lot of money

So Is Ellevest Worth It?

In all honesty, we love Ellevest. With goal-focused investing, Ellevest makes investing manageable and achievable. We do wish they’d have more options for account types, missing joint, custodial, and 529s, but we applaud the simplicity.

On the flipside, while Ellevest’s flat-fee structure is simple, it can also be more expensive than other robo-advisor fee structures. It all depends on how much you’re planning on investing.

Overall, however, we love that Ellevest tackles sometimes ignored gendered issues like longevity and career breaks and makes gaining wealth approachable, achievable, and – with the impact portfolio option – socially responsible.

Frequently Asked Questions (FAQs) About Ellevest

Still have questions? We’ve gathered up all of the most common questions to help you make your decision.

Is My Money Safe with Ellevest?

Your money is safe with Ellevest. Ellevest uses Goldman Sachs Custody Solutions, a SEC-registered broker-dealer and custodian, to safeguard the securities and cash in your account. Because of this, in the unlikely event that the brokerage fails, the Security Investment Protection Corporation (SIPC) will cover losses up to $500,000. 

Is There Risk with Ellevest?

There is always risk to your money when it comes to investing. Investing definitely follows the no risk, no reward way of life, but we think Ellevest does a good job navigating that risk.

Who Is Ellevest Owned By?

Sallie L Krawcheck is the CEO and co-founder of Ellevest. She formerly led Merrill Lynch Wealth Management and Smith Barney and was the CFO of Citigroup. Her co-founder is company president Charlie Kroll. Kross was the architect of the start-up Andera, an online banking software company.

What Broker Does Ellevest Use?

Ellevest uses Goldman Sachs Custody Solutions, an SEC-registered broker-dealer and custodian.

Who Are Ellevest’s Competitors?

Ellevest’s top competitors include Betterment, Wealthfront, and SoFi Automated Investing.

Contributor Whitney Hansen writes for The Penny Hoarder on personal finance topics including banking and investing.