Sallie Krawcheck launches digital investment platform for women

Sallie Krawcheck has launched a women-centric automated investment platform, dubbed Ellevest

Sallie Krawcheck, who ran wealth-management divisions at Bank of America and Citigroup, has launched a women-centric automated investment platform, dubbed Ellevest.

The automated service, which secured $10m in a fundraising in September 2015, will take into account a woman’s unique requirements when offering advice or retirement planning.

It will consider woman’s salary curve that is different from her male counterparts and the decisions that women have to make more often than men like taking break from their career. It will also take into account the factor that women have relatively longer mortality rate than men.

Commenting on the new service, Krawcheck said: “There are a lot of financial advisers that do a fantastic job for women. I know many of them, but the facts are the facts. There are so many businesses that implicitly or explicitly target men. There can be lots of businesses that serve women.”

Ellevest will charge a fee of 0.5%, and will create financial portfolios of ETFs similar to its competitors. The platform will adopt a goal-based perspective instead of focusing on the performance of a particular portfolio.