The firm founded by Sallie Krawcheck, who ran Merrill Lynch’s global wealth management unit from 2009 to 2011, will give clients access to human financial planners through an expanded service dubbed Ellevest Ascent, according to the press release.
Ellevest’s advisors will work with clients on personalized plans across financial aspects including career, family, cash flow, taxes, debt, credit, investment, insurance and retirement, the company says. The company did not disclose the fees associated with the hybrid platform but said it developed the option “by popular demand.”
The news comes as Ellevest closes a $34.6 million funding round, according to the press release. Led by venture capital impact fund Rethink Impact, the round also attracted investments from PSP Growth, Salesforce Ventures, CreditEase Fintech Investment Fund, LH Holdings and SK Impact Fund, as well as return investors Morningstar, Khosla Ventures, Mellody Hobson, Ulu Ventures, Contour Venture Partners and Astia Angels. By the end of August, Ellevest had already raised $32.5 million.
Ellevest isn’t alone among the originally stand-alone robo-advice platforms to introduce access to human advisors.
Digital advice pioneer Betterment began offering its clients premium access to a team of financial advisors earlier this year and in July expanded it to all of its clients. Meanwhile, Citizens Bank, which unveiled a robo platform earlier this month, also says it will give customers access to human financial advisors. United Income, which rolled out a robo in September, gives its digital advice customers unlimited access to a live human advisor for an additional 0.3% annual fee on top of the 0.5% charge for the robo alone. Meanwhile, Wells Fargo’s robo, which it’s currently testing, will provide all its clients access to a financial advisor.