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

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.

Interested in trying Plenty out? Start your 1 month free trial today or book an onboarding call to learn more.

Sources

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/

About Plenty

Plenty is a wealth management platform designed specifically for couples. We go beyond budgeting, making it simple to invest, save, and grow toward your future goals by unlocking access to the financial strategies of the wealthy. Ready to get started? Sign up for free today.

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The information provided herein is for general informational purposes only and should not be considered individualized recommendations or personalized investment advice. The type of strategies mentioned may not be suitable for everyone. Each investor should evaluate an investment strategy based on their unique circumstances before making any investment decisions.

Investing involves risk, including risk of loss. Past performance may not be indicative of future results. Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

Tax-loss harvesting involves certain risks, including, among others, the risk that the new investment could have higher costs than the original investment and could introduce portfolio tracking error into your accounts. There may also be unintended tax implications. We recommend that you consult a tax professional before taking action.

Plenty does not provide legal or tax advice. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information.

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