Sallie Krawcheck

Uniquely accessible to newcomers, her investing platform is one women actually want to use.

New YorkNY 
Money Movers
Charlie Kroll
 Photo Credit: Courtesy subject

Sallie Krawcheck launched Ellevest, an investing platform for women, the day before the 2016 presidential election, because, she says, “we were going to have a female president.” But on the desire of women to find a different way to invest, Krawcheck, the former CEO of Citigroup’s Smith Barney unit, has been a bit more prescient. Of the many attempts to serve this market, Ellevest has arguably gained the most traction, with about 400,000 registered users, more than 50,000 clients, and around $365 million in assets under management. A big factor in Ellevest’s success is that Krawcheck designed it to be uniquely accessible to newcomers. “You can invest a penny, but I can’t get you a diversified portfolio for that,” she says. “For a dollar, I can.” This year Ellevest also introduced high-net-worth investment services. The company’s zeitgeist-y message of financial empowerment has resonated in this #MeToo era, and Krawcheck has appeared on Trevor Noah’s The Daily Show and BuzzFeed’s Ladylike. And even though Ellevest has been spending more on marketing and recently completed a $34.5 million financing, its cost of acquiring a customer has fallen from a few hundred dollars at launch to a figure, says Krawcheck, “in the tens.” --Kimberly Weisul