Ellevest, which launched in 2016, is geared specifically towards the needs of women investors. It employs “gender-specific algorithm that accounts for some of the factors that limit a woman’s ability to invest.”
It offers “individual taxable brokerage accounts, Roth IRAs, traditional IRAs, SEP IRAs and rollover IRAs,” and there are no minimums to open an account, but there are minimums of up to $240 for certain portfolios. It also offers 1:1 coaching with financial planners and coaches. It has a 4.8/5 score in the Apple App Store, although some of the complaints say the app can be “buggy.”
The bottom line, according to the CNBC review, is that “Ellevest could be a good option for individuals who are new to the world of investing and personal finance and want an app that will tailor their investment strategy to them while accounting for gender differences.” However, it notes, the membership fees and investment expense ratios as potential downsides.