Everyone wants the best in life. The best job, house, car, food, and of course, the best investment advice and portfolio management. Most of us tend to forget that what's best for someone else or best by all relevant measures might not be best for us. What we are, who we are, plays an important role in deciding what's best for us. This is true for almost everything in life, including our banking and investment choices, and it's at the heart of the Ellevest vs. Unifimoney debate.
Both Ellevest and Unifimoney are sometimes described as robo-advisors, but that’s not the apt description for either. Ellevest started out as an investment platform designed specifically for women (but they cater to clients of all genders). It has now more recently branched out to banking as well.
Unifimoney is a premium digital bank with a full suite of banking services, a generous APY for all the cash in your checking account, and a powerful robo-advisor as well as self managed trading and other financial products and services including home and auto loans, student loan refi and more.
Let's get into the specifics of Ellevest vs. Unifimoney and see which investment and banking platform is best for you.
Ellevest is a one-of-a-kind investment platform created specifically for women (by women), which accounts for gender-based wage-gap, gender-specific salary curve (which tends to be different for men and women), and investment goals. According to Ellevest, women focus more on reaching their goals by steering clear of volatility instead of maximizing their returns by taking on more risk (like men tend to do).
It also offers banking services and a debit card that lets you earn cashback, and the change from your spending account is automatically transferred to the Ellevest saving account. One major point in Ellevest’s favor is its focus on learning and coaching.
Unifimoneyis a money management super-app that combines all the banking and investing needs of a high-earner in one cutting-edge application. Using a top-of-the-line robo-advisor (powered by Tenjin AI), Unifimoney ensures that you can maximize your returns without straining your risk tolerance. The Unifimoney app was created to make banking, saving, and investing easier to manage. It offers a wider range of banking services, financial products, and investment assets.
Whereas Ellevest focuses more on investing and learning Unifimoney’s focus is on offering a full suite of financial services and making saving and investing so easy its automatic and effortless.
Despite the fact that Ellevest is an investment platform, and Unifimoney is a digital bank with an investment platform and robo-advisory services, Unifimoney shines significantly brighter in several investment areas.
The key difference between the two investment platforms is their capabilities regarding growth and risk management. Ellevest offers 21 different asset classes, including US high-yield bonds, US large Cap growth, and FDIC cash. The assets are vetted based on their relative safety, protection against inflation, and growth potential. And Ellevest protects its investors with over-diversified portfolios. This tends to stifle growth and, even with low-cost assets, costs more in fees than it’s necessary.
Unifimoney’s AI-driven robo-advisor rivals that of professional trading companies. The portfolios it generates for investors are not only in-line with their risk appetite but are also designed for maximum returns while predicting the market. Unifimoney doesn’t leverage high-risk for better-returns, but it simply manages risk significantly better and without compromising growth.
The period for which these returns were observed includes one of the market crashes we’ve seen in a decade.
Even though Unifimoney's robo-advisory service doesn't account for issues like the gender-based wage gap and different income curves for men and women, significantly higher returns can render these differences moot.
Ellevest has a fixed monthly-fee structure. It has three tiers:
The coaching fee starts at $125 per session. The fee structure changes for high net-worth individuals (with portfolios of more than $1,000,000). Their fee is based on a percentage of Assets Under Management (AUM) that starts from 0.9% and ends at 0.5% (for people with portfolios worth $10 million or more). There is no banking fee or minimum investment amount.
Unifimoney also offers no-fee banking, provided that you maintain minimum activity, i.e., $6,000 deposited every month (After an initial grace period of three months when you open the account) or a minimum account balance of $35,000. You will be charged $10/month if the account doesn’t reach minimum activity thresholds.
The robo-investment fees are charged as follows:
If you have a portfolio worth a million dollars or more, Unifimoney fees might be significantly lower than Ellevest fees (unless you choose the Pro tier).
Ellevest offers robo-investing, limited banking services, coaching (with a fee), retirement planning, and multi-goal investing, which is essentially a sub-product of the investing service.
Unifimoney offers full-scale banking services, including a credit card. It also offers commission-free trading with a wide asset-class range, financial products like student loan refinancing, vehicle loans, and home loans.
Unlike Ellevest, which might be ideal for beginner investors and useful for banking (albeit in a relatively limited capacity), Unifimoney is a more comprehensive money management app. With Unifimoney, you can fulfill all your banking and investing needs with one platform.
It’s hard to pick a clear winner between the two because both Ellevest and Unifimoney can be the right fit for different users. Thanks to its low-fees, simplicity, and safe investment approach, Ellevest might be the right fit for low-to-mid income professionals that simply want to build a nest egg for their retirement. It’s geared more towards women, especially with its impact investing, which allows you to invest in companies with women leadership and policies that advance women. This is done without compromising the returns.
Unifimoney, on the other hand, offers a more comprehensive collection of banking and investing services targeted specifically for high-earners, regardless of their gender. Its robo-advisor is heads-and-shoulders above the competition, which allows you to maximize your returns. Its high-yielding checking account is a much better choice than most conventional banks.
The choice between Ellevest vs. Unifimoney depends upon your personal circumstances and investment goals.
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The above does NOT constitute an offer, solicitation of an offer, nor advice to buy or sell specific securities. The opinions listed above are not the opinions of Unifimoney Inc. or Unifimoney RIA, Inc. but represent the opinions of independent contributors. These contributors may or may not hold positions in the stocks discussed. Investors should always independently research any stocks listed and form their own opinions, while recognizing that any investments made may lose value, are not bank guaranteed and are not FDIC insured.