While searching for a Robo-advisor, you might have heard of Ellevest due to its special portfolios designed to accommodate gender-based life goals and challenges, and you might be wondering if it’s available in your country, right?
Ellevest is a financial services company providing specialized automated portfolios through its robo-advisory services. The strategies are based on a unique investment algorithm for clients, particularly women, as it takes into consideration factors such as gender-based salary curves and women’s retirement needs.
Do you want to know if Ellevest is available internationally, its expansion plans, and the alternatives available to international investors? We’ve got you covered!
What is Ellevest?
Founded in 2014, Ellevest is a US-based fintech company that distinguishes itself by focusing its services on women investors. While any person can open an account at Ellevest, the company is aware that investing for any financial goal, like retirement or buying a house, has different aspects, priorities, and considerations that bring more value to women. Some of these considerations are salary gaps, longer life expectancy, and lower salary growth.
Ellevest’s platform offers money management services such as banking, investing, coaching, and learning. It has a robo-advisory service offering automatically managed personalized investment portfolios with financial guidance.
Ellevest has three different membership plans with different features:
Ellevest Essential ($1/mo | $12/yr): Provides banking services such as checking and saving accounts with a debit card, investing options, and access to financial advisors at reduced costs;
Ellevest Plus ($5/mo | $54/yr): You will receive all of the benefits of the Essential plan as well as access to IRA accounts and personalized retirement planning;
Ellevest Executive ($9/mo | $97/yr): You'll receive up to five personalized investment accounts, a 50% discount on financial planner sessions, and all the benefits of the Plus membership.
In order to build their portfolios, Ellevest uses a mix of exchange-traded funds (ETFs) and mutual funds that cover several asset classes. The allocation will depend on your risk tolerance, financial situation, and investment goals. It also has an Impact portfolio in case you prefer socially responsible investing.
Does Ellevest work outside the US?
The bad news is that Ellevest is not available outside the US (as stated on their website) and, at this time, the company is not planning to expand internationally.
“Ellevest is only available for people living in the contiguous US (as well as in Alaska and Hawaii), have a Social Security number, and (for Ellevest membership) a checking or savings account with a US bank.”
Don’t be upset that Ellevest isn't available for international investors. Many Robo-advisors offer various investment options personalized to meet all investors' needs. We’ve done some deep research and compiled the below alternatives to the robo-advisory services offered by Ellevest. We hope we make it easy for you while searching for a suitable Robo-advisor.
A Robo-advisor offering various portfolios and customization possibilities. The service is fully automated and allows you to invest in socially responsible investments and benefit from tax-loss harvesting. You can have access to a personal financial advisor for amounts greater than €100,000. You can read our inbestMe review.
It is the most downloaded Robo-advisor app in Europe. It allows you to select your target percentage weights for each suggested ETF. It is available in 32 European countries and is expected to expand more.
Sarwa is a Dubai-based Robo-advisor available for international clients except for US citizens or those having single passports from Iran, North Korea, Northern Cyprus, and Yemen. It offers a wide range of automatically managed portfolios, including a crypto portfolio.
Stockspot is an Australian Robo-advisor. It has many portfolio options, themes, and accounts for different investor preferences. It charges a monthly fee of $5.5 for accounts below $10,000, while for the remaining amounts, the management fee varies between 0.396% and 0.66%. Currently, Stockspot is only available for Australian citizens.
A Robo-advisor offering many features like tax-loss harvesting, automatic rebalancing, and access to financial advisors. Its portfolio offerings include a Socially Responsible investing option. Wealthsimple charges between 0.4% and 0.5% annually and is currently available for Canadian residents only.
Ellevest Alternatives by country
The bottom line
Ellevest is more than just a Robo-advisor. It is a financial company providing services such as due to its low fees and the features offered through the three membership plans currently available. Additionally, many women find it an attractive Robo-advisor as its investment recommendations are customized to address their objectives and needs. Unfortunately, you won’t be eligible to open an account if you don’t live in the US. As such, we did some research and presented a short list of Robo-advisors to make it easy for you while searching for an alternative. You can check the full list of Robo-advisors.
There’s no Robo-advisor that’s right for everyone, so the choice will depend on your particular goals and risk perception. In general, we recommend that you check their websites, read how their investment process is implemented, compare the fees charged, and make sure that the company is regulated.
Finally, we hope you’ve found our breakdown of Ellevest and its alternatives useful. And remember, if you have any questions, feel free to leave a comment below.
A reminder that the above should not be construed as investment advice and should be considered information only. Investors should do their own research and due diligence about the services and opportunities best suited for their risk, returns, and impact strategy.
Does Ellevest work internationally?🌐
No, Ellevest isn’t available anywhere outside the US, and has no plans to expand internationally.
Is Ellevest available in Canada? Can Canadians use Ellevest?🇨🇦