When a former Wall Street CEO, often described as ‘one of the most creative person in business’, decides to enter the FinTech market and wants to bring women to finance, it gives Ellevest.
Ellevest is a woman-oriented robo-advisor founded by Sallie Krawcheck who left a brillant career in finance to try to get the most out of the new technologies to empower women financially and reduce the gender investing gap.
It is a fact that women simply don’t have the same expectations than men in terms of building wealth. According to the CEO, women are more ‘risk-aware’ than men. Such a platform also makes sense when you see more and more women accessing financial independance. The platform clearly wants to distinguish itslef from most of the actors on the market that are all targeting the mass market.
The relationship between women and finance, Sallie knows it perfectly. She worked for years in the most stereotyped environement in Citigroup or in Bank of America surrounded by wealthy and powerful men. She also founded Ellevate Network, an organization that hels women advance in the workplace.
Ellevest is still in beta mode and available by invitation only. As most of other robo-advisors on the market, it gives clients access to ETFs and will charge them with a small 0.5% per year for managing their portfolio. Ellevest recently raised 10 million dollars led by morningstar.