Vanguard Digital Advisor offers a lower minimum investment, lower advisory fees, and tax-loss harvesting, making it a potentially better option for cost-conscious investors. However, Ellevest Premium provides access to financial advisors and personalized planning sessions, which may be valuable for investors seeking more guidance. The sale of Ellevest's robo-advisor business to Betterment and the upcoming account transition should also be a significant consideration.
| Attribute | Ellevest Premium | Vanguard Digital Advisor |
|---|---|---|
| Minimum Investment | Previously $50,000, but Ellevest Digital had no minimum | $100 for retail brokerage accounts; $5 for eligible 401(k) plan participant accounts. |
| Annual Advisory Fee | 0.50% of assets under management (Ellevest Premium), 0.25% (Ellevest Digital). Investment expense ratio: 0.05%-0.10% (core portfolios), 0.13%-0.19% (impact portfolios) | Approximately 0.15% of assets managed for an all-index portfolio. For ESG or active/index options, the fee ranges from 0.11% to 0.20%. A gross advisory fee of 0.20% is charged, but clients receive a credit for the portion of expense ratios that go to Vanguard or its affiliates. The net advisory fee is waived for the first 90 days for new clients. |
| Investment Strategy | Goal-based investing with personalized portfolios of low-cost ETFs, ESG (Impact Portfolios) available. No tax-loss harvesting. | Offers three investment portfolio options: All-Index, Active/Index, and ESG. Portfolios are constructed using Vanguard ETFs and may include tax-exempt municipal bond funds. The All-Index portfolio option has an average expense ratio of 0.05%. Starts with a personalized risk assessment to determine the best asset allocation and glide path. |
| Account Types Supported | Individual investment accounts, Roth, Traditional, and SEP IRAs. No joint accounts. | Individual and joint taxable brokerage accounts, traditional, Roth, rollover, SEP, and inherited IRAs, and 401(k)s for eligible defined-contribution plans on Vanguard's record-keeping platform. |
| Financial Planning Services | One-on-one guidance from CFPs, financial planning sessions for divorce, budgeting, home buying | Financial planning, debt payoff, and portfolio creation tools are available. Clients can link non-Vanguard financial accounts to view all their finances in one place. Tools include a goal optimizer, debt payoff calculator, and rainy day emergency fund tool. |
| Access to Financial Advisors | Certified Financial Planners (CFPs), unlimited access to concierge team via phone, text, or email | Vanguard Digital Advisor does not provide access to human financial advisors. Customer support is available by phone (Monday to Friday, 8 a.m. to 8 p.m. ET) and email. Access to advisors is available through Vanguard Personal Advisor, which has a higher minimum and additional fees. |
| Investment Options | Low-cost ETFs diversified across 21 asset classes (stocks, bonds, real estate) | Portfolios are built using Vanguard ETFs. The all-index portfolio uses four ETFs covering U.S. and international stocks and bonds. |
| Goal Setting and Tracking Tools | Platform allows setting financial goals, personalized investment plans, progress tracking | The service helps clients identify retirement and non-retirement goals and crafts customized investment portfolios to achieve them. Goal setting and tracking tools help visualize ambitions, and a financial outlook tool informs planning and goal prioritization. Accounts are monitored daily and rebalanced if asset allocations deviate by more than 5%. |
| Tax Optimization Strategies | Tax-minimization strategy with tax-exempt municipal bonds in brokerage accounts and taxable corporate/government bonds in retirement accounts | Includes asset location, tax-efficient rebalancing, and tax-loss harvesting. Tax-loss harvesting involves selling loss-making investments to offset gains. Tax-efficient funds, including municipal bond funds, are used for high tax bracket investors. |
| Mobile App Availability and Features | Mobile app no longer supported, users directed to web browser | Customers can access Vanguard Digital Advisor through Vanguard's mobile app, which is available for both iOS and Android. The app allows users to check account balances, track performance, make trades, deposit checks, and review transaction history. |
| Customer Support Channels and Availability | Concierge team via email and phone during business hours | Customer support is available Monday to Friday, 8 a.m. to 8 p.m. Eastern time by phone and email. The support is limited to general account and technical assistance. |
| Educational Resources and Tools | Free magazine on website covering investing, money & life, career, and raising Elle | Access to calculators, planning tools, debt payoff resources, and fund screeners. The platform also provides articles and videos for long-term investor education. |