Magazine

How to Get the Most Out of Ellevest Executive

By Ellevest Team

We launched membership at Ellevest for one big reason: to give everyone the chance to earn more, save more, level up your career, and grow your money — and learn as you go. But everybody’s at a different stage of their financial journey, and we knew that a one-size-fits-all approach wasn’t going to work. Instead, we created three different membership plans so that you can choose the one that’s right for you.

This guide is about the highest-level plan — the ready-for-anything, always-shows-up, $9-a-month (or $97-a-year) Ellevest Executive membership. If you’ve got big dreams and big plans to get there, this one’s for you. It’s packed with all — yes, all — the benefits and features we offer that can help you hit your career and money goals.

Here’s how you might use it.

An illustration of a woman standing in front of a black Ellevest Executive debit card, with things like a plane, some charts, a notebook, and a laptop in the background.

What’s in Ellevest Executive?

  • Investing. Access to all six of the different investing goals available at Ellevest — including retirement planning — so you can start investing strategically for the things that are most important to you

  • Coaching. A full 50% off the list price (!) on every session with a financial planner or career coach to level up your money and career

  • Banking. Included: Two Ellevest banking accounts, a specially created black Ellevest Mastercard World Debit Card, cash back rewards, and the Ellevest roundup option that lets you save while you spend

  • Learning. Also included: Lots of ways to get your money and career questions answered at your own pace, accessible via a Learn dashboard

(BTW: If you haven’t gotten started yet, you can do that here.)

What can you do with Ellevest Executive?

Start investing toward your biggest goals

Historically, investing has been a pretty powerful way to work toward big, long-term money goals. But no two goals are created equal — for example, you’d probably want to buy a house much sooner than you’d aim to retire, and the amount of money you’ll need for those two goals will probably be preeetty different.

That’s why Ellevest uses a goal-based investing platform. That means investing toward all your goals separately, which has a few key advantages. First, it can be easier to track your progress when you can see each goal’s balance separately (not to mention that naming your goals and making a plan for each one can help motivate you to hit them). Second, and more important (to us, at least), it lets us recommend a level of risk in your investment portfolio that’s designed to go with the amount of time you have left to invest for your goal.

Generally, you can “afford” to take more risk (usually by having investments in the stock market) at the beginning of your timeline, when you have years to potentially ride out any market downturns. And you’d typically want to take less risk (usually by having more investments in the bond market) toward the end of your timeline, when you won’t want to risk losing too much right before you plan to use the money.

On Ellevest’s platform, you can pick and choose between six different goals to match whichever goals you want to work toward right now. Each one will come with a specially designed investment portfolio meant to help you hit your target amount by the end of your goal’s timeline. Those six options are:

  • Build Wealth: Invest with the intention of increasing your net worth, plain and simple

  • Retirement on My Terms: Invest toward your dream retirement (more on this in a sec)

  • A Place to Call Home: Invest toward a down payment on a new home

  • Kids Are Awesome: Invest to help cover the expenses of raising kids

  • Start a Business: Invest to help replace your income while you build a new business

  • Big Splurge: Invest toward something big for Future You, like an ultimate dream vacation or purchase

You can add goals to your account as you need them. We’ll help you decide how much you might want to aim for, except with Build Wealth and Big Splurge; those are 100% up to you. We’ll also recommend a possible timeline (which you can totally change if you want) and then suggest how much to invest every month so you’ll have the best chance of hitting that goal.

BTW: Ellevest Executive is the only membership plan that gives you access to all six goals. Ellevest Plus members have access to the Build Wealth and Retirement goals, and Ellevest Essential gives you access to Build Wealth only.

Plan and invest for retirement all in one place

Retirement is the biggest financial goal that most people will work toward in their whole lives. The planning process can be complex, and there are sometimes a lot of moving pieces to keep track of. You might have a 401(k) at work, plus an old 401(k) or two from previous employers, and maybe a traditional or Roth IRA (or both). With Ellevest Executive, you can use the Retirement goal to get the 10,000-foot view.

Here’s how it works:

  1. Add a Retirement on My Terms goal to your account.

  2. List out what you have saved in your “outside accounts” — including retirement accounts you have in other places, like a 401(k), plus banking accounts.

  3. We’ll use that info, together with the details you told us about yourself when you joined Ellevest (like your age, salary, and gender), to tell you a target amount to have when you retire — the full amount we think you should aim for, not just the amount for an IRA with Ellevest. We’ll also recommend what type of accounts you might use to get there.

Our recommendations are designed to get you to 90% of your pre-retirement income at retirement (after taxes). We’re guessing that you’ll spend a little less than you do before you retire, but not too much less. (You’re still you, and you’ll still want to do things.)

We also check in with you every few months (quarterly, to be exact) to remind you to update your outside retirement accounts and anything else that’s changed in your life, so this full picture stays the full picture. And if you have more personal questions about your target, you can always book a retirement check-up session with a coach.

Your Retirement goal will also tell you whether you’re on track to get to your target amount. Your 401(k) at work could be enough to get you there. If that’s the case, we’ll let you know, and then you’re good to go. But you could be off track — after all, women retire with two-thirds as much money as men do, even though we live six to eight years longer.

You also might decide that an IRA is a good move for you. If so, you can choose to open an IRA using your Ellevest Executive account. Here’s how that works:

  1. You can open a traditional, Roth, or SEP IRA using Ellevest Executive, and/or a taxable investment account inside your Retirement goal, if you need to (we’ll recommend it if we think that’s the case).

  2. We’ll suggest how much to invest each month. (You can use the Goal Advice tool to tweak our suggestions whenever you want.)

  3. Then, if you want, you can set up an automatic paycheck deposit or bank transfer for your contributions so that you’re automagically paying Future You. (An excellent choice, if we do say so.)

  4. Then we’ll invest your deposits into a diversified investment portfolio designed with your target amount and timeline in mind, using our gender-aware algorithm.

Also, if you have an old 401(k) from a previous job that you want to roll over, or an IRA you’d like to transfer to Ellevest, you can! The Ellevest Concierge Team is here to help you do that whenever you’re ready.

Work one-on-one with career and money coaches

Possibly the biggest perk of Ellevest Executive is the unlimited 50% discount on coaching sessions. (That’s huge. Ellevest Plus gets a 30% discount, and Ellevest Essential gets 20%.)

Big goals like yours don’t just happen. To get to the next level — with your money, and definitely in your career — you have to have a plan and put in the work. But the thing is, you don’t have to do it alone. Now you have a team who’s there to help you strategize, learn, push outside your comfort zone, grow, and hit those big goals. That’s why your 50% discount can get you a ton of value on unlimited access to a financial planner or bundled packages of career coaching (or, if you’re director level or above, executive coaching) sessions as you need them.

Your Ellevest coaches have a ton of professional experience (check out the creds on their bios). And they’re rooting for you — hard. Their guidance is focused on helping you with your real-life goals, not aiming for impossible ideals. They’re focused on helping you solve problems and make decisions based on what’s most important to you.

With your career coach, that could mean breaking through obstacles that hold you back and getting clearer on what you really want out of your career. With your financial planner, that means not just the money itself, but also (and more importantly) what you want to do with it. They’ll work with you to come up with strategies to help get you there.

Some coaching sessions are one-and-done: directed sessions to solve a specific problem and build a specific action plan — like asking a career coach to help you a question or two. Some are more intensive, like helping you take a closer look at your retirement plan. Bonus: With the retail price of sessions starting at $199, at the Ellevest Executive plan your $97-a-year membership pays for itself in just one coaching session discount.

Build a spending and saving system that works for you

One of the best ways to make progress toward your financial goals is to find a money system that fits into your real life. That includes an intentional approach to budgeting, but it also includes the everyday stuff — spending and saving money in a way that helps you stay on track.

As an Ellevest member, you have access to two dedicated banking accounts — Ellevest Spend and Ellevest Save — designed to help you spend smart and save flexibly.1 You can totally use them as your main banking accounts. But if you don’t want to switch banks completely, that’s OK too. You can use any part of your membership however you want, however it works best for you. (The goal is to make your money life easier, after all.)

Here are a couple of ways you might do that:

  1. Use your Ellevest Spend account for a specific part of your budget. That could mean transferring in the money you’ve earmarked for things like restaurants or shopping so that you don’t overspend. Or you could put money earmarked for bills in it and then set those bills on autopay.

  2. Use your Ellevest Save account to get started on a savings goal with a shorter timeline, like your emergency fund or next year’s vacation (fingers crossed for resumed travel). You can also turn on Ellevest’s roundup option to save your spare change every time you make a purchase or pay a bill.2

Check out other recommendations for smart spending and saving here.

But no matter how you choose to use your banking accounts, we’ve got you. Ellevest banking accounts are FDIC-insured up to a combined total of $250,000, and they come with no hidden fees.3 Your (black) Ellevest Executive debit card comes with contactless tap to spend, extended warranty, and lots of other World Debit Mastercard perks. You can also get unlimited ATM fee refunds if you set up direct deposit.4

Banking comes with one more pretty big perk: You’ll earn cash back rewards from places you already shop — locally and nationwide — when you use your Ellevest debit card. The cash you earn automatically moves from your Ellevest Spend account to your Ellevest Save account each month to help you save.5

Learn how to level up your money and career

You don’t need to know a lot about money or investing to get started. We’ll help you learn as you go … and we’ll make it actually interesting, too. Every learning opportunity is created with you in mind by real (and very awesome) people who have no interest in wasting your time.

Navigate to your Learn dashboard to see all the ways you can learn about money and career topics at your own pace — it’s all included in your Executive membership. Here’s what you can expect:

  • A constantly updating schedule of members-only virtual workshops led by our incredible team of money and career coaches

  • Email courses you can sign up for that dive into a money or career topic — you’ll get in-depth, directed ways to explore and develop your skills

  • If you have the iOS app, you’ll also get The Edit three times a week — bite-sized knowledge drops that make you smarter about your money and career in just a few minutes

Here’s how it could all work together

Say you’re feeling stuck at work and considering a career pivot. Hypothetically, you might use your Ellevest Executive membership to:

  • Set up your Ellevest banking accounts and start setting aside money for books or courses to help you learn a new skill.

  • Register for a webinar about imposter syndrome to explore what might be holding you back.

  • Use your 50% discount to buy the Navigating a Career Transition coaching experience to prep for both the job search and any money considerations that come up.

  • Use your Retirement goal to see whether you’re on track for retirement right now, to help put your decision into perspective.

  • Sign up for a free email course to start networking more consistently and strategically.

  • Book a session with your career coach to negotiate your new salary. Your 50% discount would apply to every session you book.

That’s just one way you might put your Ellevest Executive membership to good use. We designed it to work hard for your money and career goals — just like you.


Disclosures

Banking products and services are provided by Coastal Community Bank (“Coastal”), member FDIC, pursuant to license by Mastercard International. Your Ellevest Save and Ellevest Spend account deposits will be insured to the regulatory limits by the FDIC.

If you activate the Ellevest Roundup feature for debit card purchases, each settled (i.e. fully completed) purchase transaction made with your Ellevest Debit Card will be rounded up to the nearest whole U.S. dollar. The amount rounded up will be transferred from your Ellevest Spend account to your Ellevest Save account (a "Transfer"). Foreign purchases are rounded up to the nearest whole dollar after the purchase is converted to U.S. dollars. ATM withdrawals and transactions in whole US dollars, e.g. $20.00 are excluded from the Ellevest Roundup program. If, at the time of settlement of a purchase, your Ellevest Spend Account has insufficient available funds to cover the full amount of the Transfer, the Transfer will not be made. If a purchase is canceled or reversed for any reason (including disputes), the corresponding Transfer will not be reversed. You can opt out of the Ellevest Roundup feature at any time.

Together, the Ellevest Save and Spend accounts are FDIC-insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC.

Domestic ATM Transaction Fees will be reimbursed if a payroll direct deposit has been received within the prior 30 days of the ATM transaction settlement. International ATM withdrawal fee of $5 will apply.

The Ellevest Rewards program is powered by Dosh®, an unaffiliated third-party provider, which offers Ellevest banking members cash back on Ellevest debit card purchases from select merchants. Each Ellevest Rewards, Powered by Dosh program offer is available for a limited time only for qualifying purchases at participating merchants (subject to the particular offer and full program terms). Cash back amounts will vary and offers may become unavailable without notice. Additional terms, conditions and exclusions apply and can be found in the Ellevest Membership Terms and Conditions Agreement.

© 2020 Ellevest, Inc. All Rights Reserved.

1 Banking products and services are provided by Coastal Community Bank (“Coastal”), member FDIC, pursuant to license by Mastercard International. Your Ellevest Save and Ellevest Spend account deposits will be insured to the regulatory limits by the FDIC. The Ellevest debit card is issued by Coastal Community Bank, pursuant to license by Mastercard International.

2 If you activate the Ellevest Roundup feature for debit card purchases, each settled (i.e. fully completed) purchase transaction made with your Ellevest Debit Card will be rounded up to the nearest whole U.S. dollar. The amount rounded up will be transferred from your Ellevest Spend account to your Ellevest Save account (a "Transfer"). Foreign purchases are rounded up to the nearest whole dollar after the purchase is converted to U.S. dollars. ATM withdrawals and transactions in whole US dollars, e.g. $20.00 are excluded from the Ellevest Roundup program. If, at the time of settlement of a purchase, your Ellevest Spend Account has insufficient available funds to cover the full amount of the Transfer, the Transfer will not be made. If a purchase is canceled or reversed for any reason (including disputes), the corresponding Transfer will not be reversed. You can opt out of the Ellevest Roundup feature at any time.

3 Together, the Ellevest Save and Ellevest Spend accounts are FDIC-insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC.

4 Domestic ATM Transaction Fees will be reimbursed if a payroll direct deposit has been received within the prior 30 days of the ATM transaction settlement. International ATM withdrawal fee of $5 will apply.

4 The Ellevest Rewards program is powered by Dosh®, an unaffiliated third-party provider, which offers Ellevest banking members cash back on Ellevest debit card purchases from select merchants. Each Ellevest Rewards, Powered by Dosh program offer is available for a limited time only for qualifying purchases at participating merchants (subject to the particular offer and full program terms). Cash back amounts will vary and offers may become unavailable without notice. Additional terms, conditions and exclusions apply and can be found in the Ellevest Membership Terms and Conditions Agreement.

Funds held in your Ellevest investment accounts are not FDIC insured, not guaranteed by Coastal, and may lose value. Ellevest does not guarantee investment performance. Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time.

The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person.

The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities, and should not be considered specific legal, investment, or tax advice.

The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person.

Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time.

Ellevest Membership fees are as follows: Ellevest Essential is $1 per month, Ellevest Plus is $5 per month, and Ellevest Executive is $9. Other fees as described in Ellevest’s Wrap Fee Program Brochure and the Ellevest Membership Terms and Conditions Agreement will continue to apply.

Go ahead, invest in yourself

Kick your money and career goals into high gear with the Ellevest membership. Start investing, save for the short term, and help set Future You up for success with just $1/month.

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Ellevest Team

The Ellevest team is working to help women reach their financial and professional goals.