Ellevest.com is the online home of Ellevest, an investment company that says they were designed specifically to help women meet and exceed their financial goals, no matter what stage of life they are in.
How Does It Work?
According to their website, the current system simply wasn’t built for the realities that most women face and experience. The CEO of Ellevest, Sallie Krawcheck, realized that the current setup of the investing industry really was “by men, for men” and didn’t meet the needs of most women.
To fix this, she designed Ellevest with the women she saw as her clients, which helped her understand what women really needed and not just what the finance industry assumed they wanted.
To get started, Ellevest says to “tell us about yourself,” including any applicable family members, as well as the financial goals you have. Their site will walk you through this process in just five steps. Once you have completed the profile, Ellevest will suggest tailored contributions, timelines, and diversified investment portfolios for each of your goals.
In addition, the website says that they are a fiduciary, which means that by law they are required to always act in their clients’ best interests, and not in the interests that simply make their company the highest profits.
Their website promises that they do not hold their customers to a minimum balance; their investors are welcome to start as small as they would like. Then they promise low fees and a free emergency fund, quoting a 0.5% fee on AUM and 0% on all emergency funds. Their website also states that they understand that your financial situation can change, and they promise they will always alert you when your investment plan has fallen off track and will provide you with guidelines of how to get it back on courase.
Since this company is providing their customers with an investment opportunity, they do not provide their customers with access to a Refund Policy. They do say that they offer their customers “no penalty withdrawals,” which means that their customers are welcome to withdraw their money at any time, with no strings attached.
Customer Service Contact Info
Customers who would like to contact their Customer Service team with any questions, concerns, or complaints can do so by phone at 844-ELL-7100 or by email at [email protected]
Reading reviews of this company is interesting, as it reveals as much about the reviewer as it actually does about this company. First and foremost, it does look as though most financial websites agree that this is a good service that customers can consider using for their investment needs.
But when it comes to what these websites consider “problems” or “issues” with this service, there doesn’t seem to be a lot of agreement. Some people think that being a service that specifically targets women is a problem for this company, while others think it is an advantage.
Some people say that targeting investment solutions at women isn’t inherently a bad thing, but that they don’t understand how a robo-investment service is able to do it successfully – they instead recommend that all women meet with a personal financial advisor in real life. While this may be good advice for everyone, it discounts the hole in financial services that robo-investors fill, which is to try and help people scaffold from doing no investing at all with their money to getting to a place where they are working with a financial investor.
The one criticism that all the financial websites did seem to agree with is that though this is company is charging lower fees when compared to a lot of big name investor companies, their fees are actually higher than many of their robo-investor competitors, and that may be something that prospective customers want to consider.
Competitors and Alternatives?
There are many other “robo-investment” services, as some people call them, including Wealthfront and Betterment, as well as a host of traditional investment services, like Vanguard, but at this time there does not seems to be another service that is specifically targeting women investors the way Ellevest is. Still, customers may want to compare and contrast their services with other providers to see what truly best meets their needs.
If you have any experience with this company or their products, please leave your Ellevest reviews below.
2 ‘Ellevest’ Reviews
So I set up a call to close my account (the third one) which was supposedly at 9.30pm Indochina time today. Yet again, I did not receive a call. This service is shocking. And worse, my money is being held hostage. For months now. It is quite simply appalling.
First of all, they only ever lost me money. Not once did I make any money with them. Secondly, when I asked my account to be closed, not only did they NOT close it (even after their initial response that they would), but they allowed the auto-deposit to continue and withdraw again AFTER I had placed the request for my account to be closed. They refused to refund the money, saying I had to wait 5 business days to withdraw the money and then RE-REQUEST my account closure. Ridiculous! Never investing with them again!