Ellevest is designed to take into account that women’s financial lives unfold differently than men’s. This digital investing platform looks at women’s longer life spans, different salary arcs and the impact of extended time off from work to have and care for children. Put it all together and that means that a woman’s investing goals and objectives are going to be different than a man’s.
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The New York City-based company, co-founded by former Citigroup CFO Sallie Krawcheck, takes all these factors into account and provides women (and men, too; they can use the platform as well) with an investing road map based on the life events they deem most important, whether that’s saving for retirement, starting a business, having a family or buying a home.
Ellevest uses ETFs for its clients, and there is no minimum deposit to get started. Ellevest Digital charges a 0.25% fee for assets under management and 0% for emergency funds set up by clients. Ellevest Premium has a $50,000 account minimum but offers one-on-one personalized guidance for each client’s money goals with a certified financial planner. It also includes career coaching for its Premium clients. And last year Ellevest launched Private Wealth Management for those with $1 million or more to invest. It already has more than $100 million in assets under management, and the company says private wealth management is its fastest-growing segment.
In March the company raised $33 million from investors, including Rethink Impact, PSP Growth, Melinda Gates’ Pivotal Ventures and former Obama White House advisor Valerie Jarrett. The new round brings Ellevest’s total funding to nearly $78 million and values the company at around $140 million.