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The Best Robo-Advisors for Women – 2023

Last Updated on April 16, 2021 by Barbara A. Friedberg, MBA, MS

Disclosure: Please note that this article may contain affiliate links which means that – at zero cost to you – I might earn a commission if you sign up or buy through the affiliate link. That said, I never recommend anything I don’t  believe is valuable

Best Robo-Advisors for Women

Women and investing is a touchy topic. Historically, women left investing to their husbands. Not anymore! Single women, married women and others need to be the stewards of their own financial futures. For a woman, investing is a superior way to take control of your financial future.

Yet, do we really need a financial advisor for women?, or better yet, a women’s robo-advisor? Ellevest thinks so, and their revamped new product and pricing is worth a look.

Searching for the best robo-advisors for women is essential if you are looking to make the most of your investments while still staying true to your investing style.

Although everyone begins investing with the same end goal in mind – increasing net worth – the ways men and women go about investing can differ greatly. As women tend to be more conservative and steadfast when choosing an investment strategy, the robo-advisor field is is waking up to their needs and tailoring algorithms specifically for women.


*Disclosure: Please note that this article may contain affiliate links which means that – at zero cost to you – I might earn a commission if you sign up or buy through the affiliate link.

Using a robo-advisor designed for women, may be the best strategy for women who are concerned about their ability to invest intelligently

The best robo-advisors take your needs into consideration in an unbiased manner. When it comes to choosing a robo-advisor vs. a financial advisor, women would do well to at least consider a robo-advisor specifically designed for them.

Why Do Women Need Robo Financial Advisors?

Not one to be sexist, but, there are differences between men and women investors. Research by Barber and Odean, from U.C. Berkley, “Boys Will Be Boys: Gender, Overconficence and Common Stock Investment”, showed that although women investors outperform men, women remain less confident than men when it comes to investing their money. Recently, I discussed this very issue on a radio program with small-business advocate Jim Blasingame.

Best robo-advisors for women.

Need more proof? Women want to learn about investing and are more likely to turn to professionals for investment advice, according to a Vanguard survey of 720,000 employees from 380 retirement plans. Ultimately, robo-advisors are an excellent alternative for women investors. With preplanned investment portfolios, in line with their risk profile, women can get their investing needs met with solutions tailored to their own style.

Who Are the Best Robo-Advisors for Women?

WorthFM, one of two robo-advisors for women recently closed. That leaves Ellevest as the sole robo-advisor dedicated towards women. Since Ellevest’s recent fee reduction and addition of financial and career advisors, this platform has ramped up it’s importance.

Ellevest, founded by powerhouse, Sallie Krawcheck is the former CEO of Merrill Lynch Wealth Management. Ellevest takes into consideration all the factors that set women apart from men in terms of investing, but also considers the fact that women tend to have longer life expectancies. Other gender gaps, including the wage gap and time off for childcare, are factored into your portfolio and goals.

Robo-Advisors with Human Financial Planner Access

Robo AdvisorManagement FeeInvestment Minimum
Betterment logoDigital: 0.25% of AUM for accounts worth more than $20,000 | $4.00 for accounts worth less than $20,000 | Premiun: 0.40% AUM Digital None - $10 to start investing | Premium: $100,000Sign up
zero for free tools - 0.89% - 0.49% AUMzero for free tools - $100,000 for asset managementSign up
None$1.00Sign up
0.25% of AUM ($10,000 managed for free)$2,000Sign up
schwab intelligent portfolios logoBasic-None Premium-$30/month ($300 set up fee)$5,000Sign up
ellevest logo$5-$9 per month NoneSign up

One of the things Ellevest makes clear is that although they are designed for women, they are not dumbing down investing in any way.

The best robo financial advisors for women don’t treat women like second-class citizens. They acknowledge the unique investing trends, your lifestyle needs and advise accordingly.

With WorthFM gone, Ellevest fills the robo-advisor for women void.

Why Women Should Consider Investing with Ellevest

Ellevest’s future financial projections are conservative and accurate. Ellevest accounts for realities such as taxes and fees, down markets, and other factors, and builds layers of conservatism into their projections.

Ellevest alerts you if you are not on track to meeting your goals, which is extremely helpful.

Ellevest offers low subscription pricing and discounted fees for financial advisors and career coaches. You pay only for the services that you use. We like that model because it keeps costs low while offering good value. In fact, as of March, 2021, Ellevest reached $1 billion in managed assets. Also, with over $90 million in funding, the company demonstrates support among both investors and the public.

Ellevest is committed to:

  • Getting you to your financial goals.
  • Helping you understand life’s financial tradeoffs.
  • Prioritizing your investment goals with you.
  • Planning the best life possible for “future you”.
  • Giving you tools to take control.

Ellevest’s New Lower Fees Are Competitive

The subscription pricing model for robo-advisors, shared by the Schwab robo-advisors as well, is a game-changer. Who doesn’t have $5 per month to pay for high level digital money management – with access to cash management and educational tools? If you want greater discounts on financial advice and more features, even the $9 per month Executive Plan management fee is quite competitive. M1 Plus charges $125 per month, while many other comparable sites charge 0.25% of assets under management, or more.

Lowest Fee Robo-Advisors

Robo AdvisorManagement FeeInvestment Minimum
m1 finance imageNone$100Sign up
wealthfront review logo0.25% of AUM (Special promotion!)$500Sign up
None$1.00Sign up
Betterment logo0.25% of AUMNoneSign up
0.25% of AUM ($10,000 managed for free)$2,000Sign up
schwab intelligent portfolios logoBasic-None Premium-$30/month ($300 set up fee)$5,000Sign up

Women and Investing – Robo Advisors vs Financial Advisors

To differentiate, a robo-advisor typically manages your investments with a computerized program. The platform asks you questions to understand your goals, risk preference and time horizon. Then your money is invested and managed online to yield the highest returns for your risk level.

Financial advisors typically meet in person to determine a financial plan, also in accord with your time line and risk preferences. These trained individuals manage your investments and answer your financial questions.

Presently, the lines are blurring between robo-advisors and financial advisors. Many human financial advisors manage your investments via computer program. Many robo-advisors offer varying degrees of access to financial advisors.

The hybrid robo-advisor model of combining a digital with human advisor is becoming more popular. The combination of the automated investment manager and discounted financial advisor access is unique and ideal for a woman’s financial needs. If she needs guidance, it’s available, at a fair price. Although there are other robo advisors with human advisors including Personal Capital and Vanguard Personal Advisor. And, SoFi Invest charges zero management fees and also offers financial advisor and career coaching access.

Ultimately, robo-advisors with the human touch offer the best of both world’s, low fees and human advisors.

Explore: Robo-Advisors With the Human Touch

There are individual financial advisors who cater to women investors. WIN, led by another financial industry veteran, Stacy Marcus calls their platform, “the only integrated learning, planning and execution dashboard for women.” Women Investing Now (WIN), encourages its clients to meet with one of their financial planners face-to-face, either electronically or in person.

Whether you’re comfortable going completely digital or prefer human financial access, there’s an advantage to seeking a women focused financial advisory service. In most cases, you’ll pay slightly higher fees for human advisor access.

Ultimately, whether you want access to a financial advisor, are comfortable with an all digital platform, or prefer a combination of both, the decision is yours.

Investing for Women – What About Unisex Robo Financial Advisors?

If you are a woman and are looking to get started with a robo-advisor, you can certainly use any robo-advisor. After all, you are the best judge of what works best for your unique financial situation. There’s no reason you can’t open a Wealthfront, Personal Capital or Betterment account.

If zero management fees are attractive, then you might consider robo-advisors like Sofi Invest or Schwab Intelligent Investors.

Robo-Advisors Are the New Financial Planners

Ultimately, we are living in a digital age, and robo-advisors are quickly demonstrating their ability to empower all investors. With so many different algorithms and specialties to choose from, women are bound to discover a robo-advisor that is ideal for them.

Realistically, men and women do have different needs. Since women need to take time off for childbirth and rearing more often than men do, gaps in employment or lower wages can take a toll on a woman’s ability to invest as often or as confidently as a male peer does.

Finally, with women poised to outlive their husbands and still lacking in equal pay, taking investing control with one of the best robo financial advisors for women is a smart place to grow your retirement wealth.

Although Ellevest is designed with women in mind, most robo-advisors will help you increase your financial securiy. Whichever investment manager you choose, the best way for a woman to improve her financial situation is to begin investing today, and a robo-advisor makes it easy to get started.

Disclosure: Please note that this article may contain affiliate links which means that – at zero cost to you – I might earn a commission if you sign up or buy through the affiliate link. That said, I never recommend anything I don’t believe is valuable.

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Barbara A. Friedberg, MBA, MS

Barbara Friedberg, MBA, MS brings decades of finance and investing experience to Robo-advisor Pros. She is a former investment portfolio manager and taught Finance and Investments at several universities. Barbara Friedberg's published work includes Personal Finance; An Encyclopedia of Modern Money Management (Greenwood Press), Invest and Beat the Pros-Create and Manage a Successful Investment Portfolio and How to Get Rich; Without Winning the Lottery. Follow her on twitter