Ellevest, Sallie Krawcheck’s automated advice platform geared toward women is now offering a more traditional, high-touch service for wealthier investors.
The company’s Ellevest Private Wealth Management, made available on Tuesday, is the third service available to clients of the platform. It already offers Ellevest Digital, a robo-advice platform that charges 25 basis points per year and has no account minimum, and Ellevest Premium, which charges 50 bps for digital advice as well as one-on-one consultation with a CFP. Ellevest Premium, which has a $50,000 account minimum, also allows access to a career coaching service through a partnership with Forshay.
Clients with at least $1 million in investable assets will have the opportunity to use Ellevest Private Wealth Management, a “bespoke offering, designed to meet the complex needs of women” who meet the minimum account threshold.
For 90 bps (at least $9,000 per year, given the account minimum), private wealth clients will have a dedicated wealth manager and personalized investment options that align with their values.
Choosing to offer a more traditional wealth management relationship was a reflection of client demand and the need for ongoing engagement with women at different points in their financial lives, Ellevest said.
In a statement about the new offering, Ellevest co-founder and CEO Sallie Krawcheck said the public outpour of sexual harassment claims against men in positions of power underscore the obstacles women face to achieve financial success. Many of the woman who have come forward, including actress Salma Hayek, tolerated continued abuse to advance, or in fear of jeopardizing, their professional careers.
Krawcheck, a former Citigroup Inc. and Bank of America Corp. executive, also recently shared one of her own stories of being harassed on the Ellevest blog.
“It’s core to the Ellevest mission to be an advocate for women’s contributions to the economy, to call foul on what impedes their success, and to help women succeed regardless,” Krawcheck said. “Money is power, confidence, control—and can be the freedom to take this job and shove it, if needed. We’re thankful that we can play a part in helping women achieve these things, and will continue to build a company that works hard on their behalf.”
In September, Ellevest announced it had raised of $34.6 million in funding, while venture capital funding to startup financial technology companies slowed in the latter half of 2017. The valuation of he company was not disclosed.