Personalized Investment Service Aims To Close The Financial Gap For Women
Created by former Wall Street CEO, Ellevest wants to offer women tailored investment plans
With challenges like the pay gap and gender disparity within the workplace, dealing with issues related to money can prove challenging for many women. One platform wants to shift the focus and find a way to tailor investment plans toward female users to tip the scales. Ellevest allows users can create a plan by following a few simple steps. These include setting up a profile, creating and editing a personalized plan, setting up contributions and letting the team take care of the rest.
According to the company’s website, CEO Sallie Krawcheck is a former Wall Street CEO that realized the world of investing was very much “by men, for men.” She created the platform to “empower women financially” by focusing on their specific needs and to close the ever-agape financial gap.
The female-centric approach is important because it changes the process of creating an investment plan. The website focuses on the idea of creating personalized plans; the team focuses on “women’s risk preferences” as well as “longer lifespans.” In addition, the team explains that “women take more career breaks and deal with the gender pay gap,” which also affects the way they approach money.
Users can set up their own goals—for example, “I want $200,000 to start my own business in 5 years”—and create a detailed plan for reaching this goal. From there, the team creates a portfolio tailored to the user’s needs.
As of now, Ellevest is invite-only. Interested users can request an invitation on the website.