What is up everyone, I'm rose and welcome back to my channel in this video
I'm gonna be giving you an honest review of Elvis, which is an investing app designed specifically for women
So what are the pros and cons? How does the app work and should you use it to invest your money?
Let's go for a tour of my account after trying out a bunch of different investing apps
I can say that Elvis offers quite a unique experience in this video. I'll point out the pros and cons
I'll show you exactly how your money gets invested when you open an account at Elvis
And finally, I'll make recommendations on who it's for and who it's not for before we get started
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So let's get right into it
I'm going to first talk about the pros
my absolute favorite thing about Elvis and something that differentiates it from other Robo advisors is its goals based approach to
investing what this means is that instead of
organizing your investments by account type the platform lets you organize your
investments by gold now all that's specially develop this because after doing a bunch of research and surveying a lot of women
They found that women prefer to invest to achieve specific financial goals in their life. Not necessarily
To make the highest market return or to grow their money really fast. They just want to achieve their goals
so again
This goes back to the fact that Elvis is designed
Specifically for women and helps women invest the way they want to invest most of the other platforms out there
Typically organize your investments by account type so Roth IRA traditional IRA brokerage account, etc
You can even look at my fidelity account and you can see that it's it's organized by account type
So that's how most other investing platforms are and when you open an account anywhere the first question
They usually ask you is what type of account you want to open and if you're not sure because you're a beginner it can be
Kind of overwhelming
But when you open an account at Elvis, the first thing they ask you is what financial goals you're saving for
You can pick things like saving up for a house for retirement. I'm
Creating an emergency fund. I want to start my own business this I want to have a baby soon
Or I'm just building wealth with this approach
You don't have to worry about opening the right account type because based on your goal Elvis will guide you through that
So the app makes it really easy for you to get started and I was able to set up my accounts correctly and get started
investing towards my goals within minutes
I also think that organizing everything by goals keeps you more motivated every time you log in and see your Elvis dashboard it
Reminds you that you have concrete financial goals in your life that you're investing for
It's easy to stop your monthly auto deposit when you're not really sure what you're saving for
But with Elvis you'll probably think twice before doing that because it makes it so clear of what you're working towards
Another Pro is that Elvis is really good about helping you budget and make projections
So that you know exactly how much you need to save every month to achieve each of your goals
For example, one of my goals is to buy a house for my parents in the next six years
and I need to decide how much I'm going to invest initially and then for the
Ongoing monthly auto deposit and rather than guessing at the numbers and hoping and praying that I'll have enough to actually
Buy the house in six years
Elvis tells me what to do to have enough for a down payment on a house in six years
Elvis is recommending that I make a one-time deposit today of about fifteen thousand dollars and then regular monthly
Deposits of one thousand two hundred forty bucks and if you don't have fifteen thousand to deposit right now
You can lower the amount to see what happens
So if I put in five thousand for example for the initial deposit
Then Elvis will recalculate it for me and let me know how much I'll have instead in six years now
Are there projections reliable there's no guarantees with the stock market?
But there are high probability outcomes and low probability outcomes
So if Elvis is forecasting that your investment will be worth X amount of dollars in a certain number of years
They've crunched a ton of historical data to show you the highest probability outcome
So this number here is what Elvis algorithm is telling me
I have a 70% chance of ending up with I think it's better to make budgeting decisions based on high probability outcomes
Versus shooting in the dark and with Elvis budgeting recommendations and projections
You can make informed
decisions to maximize your chances of actually being able to buy that house in six years or whatever your goal and timeline may be
now for the cons the one that jumps out to me most is that the app doesn't give you a lot of
flexibility in terms of investment options
So Elvis, you only have two types of portfolios to choose from you have their core versus impact portfolio
You can buy individual stocks and you can pick your own mutual funds or ETFs with your Elvis account
So if you wanted to buy Amazon stock because you think it's a great company or you really want to add
XYZ stock to your portfolio because you think it'll do well you can't so while I've listed this as a con
It's not necessarily a bad thing
Frankly, most people don't have the know-how to pick their own stocks anyway
And if you don't know what factors to consider when picking investments, then you're definitely better off sticking with one of Elvis
professionally designed portfolios
so Robo advisors like Elvis are perfect for newbie investors who just want a good
Diversified portfolio and want to put their money to work without knowing too much about investing
But of course if you do know how to pick your own stocks and you want to be able to do that
Then you won't be able to do it in your Elvis account for that
You can check out other investing platforms like stash Robinhood or fidelity. So what I do is a mix of
Passive investing and active investing what that means is I'll I have an account at Elvis where I do a bunch of diversified
you know Robo advisor type investing and then I have a separate account at fidelity as well as
TradeStation where I do other
things that I can't do on Robo advisors such as
Individual stock investing options trading and so on and so forth. Another con I want to talk about is the annual fee
While the app makes investing as easy for you as possible these benefits do come at a cost
so in return for managing your investments Elvis charges in annual fee of
0.25 percent
Which is pretty much in line with what all other Robo advisors charge what this means is that if you have five thousand dollars
invested at Elvis your fee will be
0.25 percent
times five thousand for the year and
Next year if your account balance goes up to say six thousand dollars because the stock market went up or you deposited more money then
Your feet in year two will be
0.25%
x
$6,000. So as you can see
It only ends up being a couple bucks per year still if you want to avoid paying fees
Your only other option is to DIY on another investing platform
But obviously it does take time and energy to manage your own investments and since time equals money
I don't necessarily think it's important to avoid paying fees. Sometimes it's worth it to put it into perspective
traditional human financial advisers charge annual fees of one and even two percent
So although I listed l vests fee as a con paying low Robo advisor to make your life easy is really not that bad
So those are some of the pros and cons?
Let's talk about how your money gets invested when you open an account at L vest
I mentioned earlier that L vests offers two investment options the core portfolio or the impact portfolio
Each portfolio is a combination of ETFs and mutual funds that have been carefully chosen for having the lowest fees
Best liquidity and exposure to the right asset classes both portfolios are very similar
Except that the impact portfolio incorporates socially responsible investing so for my house goal
I've chosen to invest in the impact portfolio
You can see a list of the exact ETFs and mutual funds in that portfolio by tapping here
the impact portfolio gets stock market exposure
from these ETFs and the bond exposure comes from these ETFs and
because it's socially responsible investing one of the funds in the impact portfolio is the
pxw IX or the packs elevate global women's
Leadership fund and this only contains women lead companies another fund in the impact portfolio is ESG D
Which contains companies that meet high environmental and social?
standards now the way L s
Determines what percentage of the portfolio to allocate towards stocks and bonds is by looking at your time line. This is super important
So pay attention here the more time you have to reach your goal. The more Elvis is going to weight towards stocks
So for my goal to buy a house in six years Elvis has 36% in stocks, and the rest of it is in funds
But for my goal to retire in 30 years, for example, Elvis would put a hundred percent in stocks
The logic behind this. Is that a typical market cycle last about 5 years
And if your timeline is six years your investment will only go through one market cycle and with one market cycle
It's hard to know where you'll be when it's time to cash out on your investments
Whereas if your timeline is longer say 30 years, your investments will go through roughly six full market cycles
And since stock market levels generally rise higher and higher with each new market cycle
Stocks do really well over long time horizons and the shorter your time horizon
The less Elvis will wait your portfolio into stocks and the more Elvis will have in bonds and cash and these percentage allocations
They're not just random numbers pulled out of somebody's ass
There's a lot of research behind this and it's designed to maximize your chances of reaching your goals
No matter what happens to the stock market
Then as you get closer to the six year mark
Or whatever timeline you set for your goal Elvis gradually adjust these percentages according to what's called a glide path
So that by the end of the six years your portfolio starts
Gradually being less and less in stocks and more into cash so that by the end you're a hundred percent in cash
So in summary, who is Elvis for and who is it?
Not for Elvis is for you
If you have multiple financial goals
Because the Elvis dashboard where you can see all your goals in one place and to have the apps data backs
recommendations on how to save every month towards each goal is
Super helpful and what I love most about Elvis Elvis is also perfect for you
If you're a lazy investor and you want your investments to be automated because once you set up your goals and set your recurring
deposits you literally don't have to lift a finger until it's time to cash out on your investment and
finally
If you like the idea of socially responsible investing then Elvis has a portfolio called the impact portfolio. That was
Designed just for that Elvis is not for you
If you'd rather avoid the 0.25% fee and just do it yourself
And you don't mind doing the extra work?
It's not for you
If you want to be able to pick your own investments because the platform only offers it's to signature portfolios
And it doesn't let you buy individual stocks and last but not least Elvis is not for you if you're looking for a get-rich-quick scheme
Elvis is for long term investor
So they'll definitely help you build a lot of wealth over time
But you're not going to 10x your money overnight and you're not gonna 10x your money even in a couple of years
It's over the long term my final thoughts if you think Elvis is a good fit for you
I highly recommend you give it a try
I've really liked it so far and Elvis is the only robo-advisor out there right now that is designed by and for women
The founder and CEO Sally Krawczyk is a badass female
entrepreneur on a mission to make investing more
accessible for
women women tend to keep more of their money in cash and they generally have less money in retirement than men but with a beautiful
App like Elvis that makes investing so easy and safe for you. There's no excuse for becoming a bag lady
Okay, regardless of whether you go with Elvis or not. Just promise me. You'll do something pinky
Swear put your hard-earned money to work and get invested. Did you like this video?
If so, then please give it a thumbs up
and if you have any questions at all about what I talked about
feel free to ask me in the comments or DM me on instagram @
Investing with Rose to learn more about money and investing make sure you also check out these two videos
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Always remember to go after your dreams
unapologetically and to live life on your terms
Cheers