Introduction
Investing can be a daunting task, especially for beginners. With so many investment platforms available, it can be challenging to decide which one to choose. Two of the most popular investment platforms are Ellevest and Fidelity. In this article, we will compare these two platforms and help you decide which one is right for you.
What is Ellevest?
Ellevest is an investment platform designed specifically for women. It was founded in 2014 by Sallie Krawcheck, a former Wall Street executive. Ellevest uses a unique algorithm to create investment portfolios that are tailored to women’s financial goals and needs. The platform also offers financial planning services and educational resources.
What is Fidelity?
Fidelity is a well-known investment platform that has been around for over 70 years. It offers a wide range of investment options, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs). Fidelity also offers retirement planning services and educational resources to help investors make informed decisions.
Investment Options
Both Ellevest and Fidelity offer a variety of investment options. Ellevest’s investment portfolios are designed to meet women’s financial goals, such as closing the gender wealth gap, investing in companies that support women, and planning for longer lifespans. Fidelity, on the other hand, offers a wider range of investment options, including stocks, bonds, mutual funds, and ETFs.
Ellevest Investment Portfolios
Ellevest offers a variety of investment portfolios that are tailored to women’s financial goals. The portfolios are designed to be low-cost and diversified, with investments in stocks, bonds, and other assets. Ellevest also offers impact investing portfolios that focus on companies that support women and promote gender equality.
Fidelity Investment Options
Fidelity offers a wide range of investment options, including stocks, bonds, mutual funds, and ETFs. The platform also offers professionally managed accounts and retirement planning services. Fidelity’s investment options are designed to meet the needs of investors with different risk tolerances and financial goals.
Fees
When it comes to fees, Ellevest and Fidelity differ in their approach.
Ellevest Fees
Ellevest charges an annual advisory fee of 0.25% on assets under management. The platform also charges a $1 monthly fee for the Ellevest Essential plan, which includes access to financial planning services and educational resources. Ellevest also offers a Premium plan for those who want a more personalized experience, which charges an annual fee of 0.50% on assets under management.
Fidelity Fees
Fidelity’s fees vary depending on the type of investment. For example, the platform charges $4.95 per trade for stocks and ETFs, and some mutual funds have expense ratios that range from 0.01% to 1.00%. Fidelity also offers managed accounts that charge an annual fee of 0.35% to 1.50%.
User Experience
The user experience is an important factor to consider when choosing an investment platform.
Ellevest User Experience
Ellevest’s user interface is designed to be user-friendly and easy to navigate. The platform offers a mobile app that allows users to access their investment portfolios and track their progress on-the-go. Ellevest’s website also offers educational resources and financial planning tools to help users make informed decisions.
Fidelity User Experience
Fidelity’s user interface is also designed to be user-friendly and easy to navigate. The platform offers a mobile app that allows users to access their investment portfolios and track their progress on-the-go. Fidelity’s website also offers educational resources and financial planning tools to help users make informed decisions.
Customer Support
Customer support is an important factor to consider when choosing an investment platform.
Ellevest Customer Support
Ellevest offers customer support via email and phone. The platform also offers a chatbot that can answer basic questions and help users navigate the platform. Ellevest’s website also offers an FAQ section and educational resources to help users find answers to their questions.
Fidelity Customer Support
Fidelity offers customer support via email, phone, and live chat. The platform also offers a virtual assistant that can answer basic questions and help users navigate the platform. Fidelity’s website also offers an FAQ section and educational resources to help users find answers to their questions.
Security
Security is an important factor to consider when choosing an investment platform.
Ellevest Security
Ellevest uses bank-level security measures to protect users’ personal and financial information. The platform also offers two-factor authentication and encryption to ensure that users’ information is secure.
Fidelity Security
Fidelity also uses bank-level security measures to protect users’ personal and financial information. The platform also offers two-factor authentication and encryption to ensure that users’ information is secure.
Conclusion
In conclusion, both Ellevest and Fidelity offer unique features and benefits for investors. Ellevest is designed specifically for women and offers investment portfolios that are tailored to their financial goals and needs. Fidelity, on the other hand, offers a wider range of investment options and services. When choosing between these two platforms, it’s important to consider your financial goals, investment preferences, and budget. With the right investment platform, you can achieve your financial goals and secure your financial future.
