Jul 11, 2024

Financial products

Ellevest Review: Does It Work for Couples? Find Out Here

Emily Luk

CPA, CFA - CEO and Cofounder of Plenty

What is Ellevest and What Are They Known For?


Ellevest is an investment platform tailored specifically for women, offering financial planning and wealth management services. Their primary goal is to increase the number of female investors and improve their investment strategies by enhancing potential risk and return.


Ellevest provides three types of services:

  1. Automated Investing

  2. Financial Planning Services

  3. Wealth Management Services


Founded by Wall Street veteran Sallie Krawcheck, Ellevest aims to empower women to take control of their financial futures.



Who is Ellevest For?


Ellevest is ideal for women who manage their finances independently, as the platform does not support adding partners or joint investment accounts. Their target audience includes:

  • Single Women in Their 20s

  • Single Women in Their 30s and 40s (including those who are divorced)

  • High Net Worth Women in Their 40s and Beyond

Source: Ellevest website as of July 2024



Ellevest's All-In Pricing


Automated Investing: $12/month

  • For a $50,000 portfolio, this equates to a 0.29% management fee. Additional expense ratios for basic portfolios range from 0.05% to 0.10%, and impact portfolios range from 0.13% to 0.19%.

  • Total Annual Fees for a $50,000 Portfolio:

    • Basic Portfolios: 0.34% to 0.39%

    • Impact Portfolios: 0.42% to 0.48%


Financial Planning Services:

  • Three 60-minute calls + one 30-minute tax call: $4,589

  • Two 60-minute comprehensive planning calls: $3,198

  • Two 60-minute goal-setting calls: $2,200

Ellevest offers a 50% discount on financial planning packages if you pay the $12/month fee.


Wealth Management Services:

  • Charges 1% for accounts under $2M, with fees decreasing to 0.35% for clients with $100M+.



Ellevest's Investment Offerings

  • ETF-Based Portfolios: Yes

  • Impact Portfolios: Yes

  • Tax-Loss Harvesting: No

  • Account Types: Individual brokerage accounts and IRAs (Traditional, Roth, and SEP)



Does Ellevest Work for Couples?


Ellevest is not designed for couples, as it only supports individual accounts. Some couples share logins for visibility, but structurally, the platform only allows for individual accounts.



How to Keep Using Ellevest if You're Married


If you have an Ellevest account and want to share visibility with your partner, you can use a platform like Plenty to track your accounts. Plenty’s dashboard allows you to see both shared and individual finances, making it easier to manage joint financial goals like buying a house.


Plenty’s Features:

  • Connects all credit cards, bank accounts, student loans, etc.

  • Label accounts as shared or private.

  • Provides a comprehensive view of shared and individual finances.

  • Tracks spending and savings/investment progress.



What if We Want Investments to Be in Joint Accounts?


Plenty is built for couples and allows you to open joint investment accounts. You can also connect your existing Ellevest account to Plenty, choosing to share visibility with your partner or keep it private.


About Plenty

Plenty is an investment platform designed specifically for couples to build wealth, together. We go beyond budgeting, making it simple to invest, save and grow towards your future goals by unlocking access to the financial strategies of the wealthy. Ready to get started? Sign up for your 1 month free trial today. No credit card required.



Source: 

https://www.nerdwallet.com/reviews/investing/advisors/ellevest#:~:text=But%20Ellevest's%20core%20portfolios%20have,from%200.05%25%20to%200.10%25.

https://www.bankrate.com/investing/roboadvisor-reviews/ellevest/#pros

https://www.ellevest.com/current/wealth-management-methodology

https://support.ellevest.com/hc/en-us/articles/4421087513623-Can-I-have-a-joint-account-with-my-partner-spouse-family-member#:~:text=At%20this%20time%2C%20we%20don,beneficiary%20if%20you'd%20like.

https://www.ellevest.com/

AUTHOR

Emily Luk

CPA, CFA - CEO and Cofounder of Plenty

Emily is the ceo and cofounder of Plenty. Started by a husband and wife team, Plenty is a wealth platform built for modern couples to invest and plan towards their future, together. Previously, she was VP of Strategy and Operations at Even (acquired by Walmart/One) and a founding team member of Stripe's Growth and Finance & Strategy teams. She began her career as a VC, and was one of the youngest nationally to complete her CPA, CA and CFA designations.

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