This New Site Will Make You Want To Invest

Wall Street isn't interested in women investors, Sallie Krawcheck argues. And she should know: The former president of wealth management at Bank of America spent years as one of the few females at the top of the financial industry. Just think about all the sports jargon Wall Street folks use, Krawcheck points out — and the aggressive money managers who yell at viewers on TV, and the fact that their mascot is a bull! But Krawcheck is looking to change all that, and she's starting today with the launch of Ellevest, a robo-advising platform designed specifically for women.

I had a chance to test-drive the site this past Monday, and it was as if all my dreams for a female-focused investment site had come true. Finally, here is a product that's well-designed, practical, and speaks to women's unique financial needs, whether they're planning for retirement, a bucket-list vacation, or starting a family. And it couldn't come at a better time.
Photo courtesy of Ellevest.
Millennial women face some unique money problems: We're staying single longer, putting off marriage and parenting, buying homes on our own, and paying off big student loan debt. And then there's that little problem of the gender-wage and gender-investing gaps. Basically, we have a lot of plans, but we're not always financially equipped to tackle them.

When I met Krawcheck last winter, I felt like I'd met a kindred spirit. She understood a lot of the frustrations I felt when it came to being a woman trying to get a financial education. Krawcheck shared my distaste for all the pink websites with patronizing advice for young women trying to manage their money, lecturing us on the need to quit our latte habit or stop buying shoes. But she's got years of experience and knowledge, and she's actually changing the game. The Ellevest team spent over 100 hours interviewing women, and the final product shows this careful planning.

Of course, like all financial programs, it's not for everyone. The platform takes a lot of your information into account (income, age, and zip code, among other things), but it doesn't ask about debt. The fees are slightly higher than those of other robo-advisors, such as Wealthfront or Betterment (though Ellevest is still cheaper than traditional managers). And, at the end of the day, this is not a real human managing your money (which has its own set of pros and cons). But for women looking to take the steps to get their financial lives organized, this is a great place to start. And if we're going to close that investment gap, we've got to get going.

More from Work & Money

The morning at my insurance firm was hectic. My first appointment after lunch was a balding man in his mid-50s. I smiled at him warmly and attempted ...
9:30 p.m. — HANGRY. Get home and eat canned soup and watch Netflix before bed
Any recent grads freaking out about their job prospects need not fear: Apparently the demand for exorcists has never been higher. The Telegraph reports ...
Refinery29 joined the Clinton Foundation for a tour of Port-au-Prince, Haiti, to get a firsthand look at the experiences of the women and girls who live ...
9:45 a.m. — Starbucks reward, bitches! OBV I get the most expensive thing that I can concoct. A Venti 5 shot soy latte. Yum
Four years ago, my life was exactly where I wanted it: I was working as a senior editor at a major glossy magazine. My first young adult novel had just ...
After months of waiting and countless discussions about what the future holds for our favorite television characters, Shondaland shows are finally back. ...
You know what's easy? Spending money. It's the best way to get what you want right now. Except...this is not sustainable. Those little luxuries add up ...
Just after my son’s first birthday, I was on the phone with my mom, grappling over a gut-wrenching decision. I was scheduled to go on a business trip but...
I get so nervous before job interviews — sweaty palms, dry mouth, butterflies in my stomach. It’s really not fun. But once I’m sitting down with the ...
Fifty percent off your purchase here. 1,000 free miles there. When it comes to credit cards, the benefits are easy to see — while the downsides are often ...
As the host of RIOT's Woke Bae, we already know comedian Phoebe Robinson is funny AF while getting serious about major issues like feminism and ...
If the new phrase for the office BFF is the "work wife," then is a good boss or mentor your "work mom" or "work dad"? Part authority figure, part dispenser...
12:45 p.m. — I have a dryer, rare in Shanghai, so my friend runs home to get his laundry and then does a load at my place