Ellevest, the New York City-based robo-adviser for women founded by former finance exec Sallie Krawcheck, has pivoted to a membership-based fee model. For the first time, it’s including a debit card and bank account offered in partnership with Coastal Community Bank. The intent, according to Krawcheck, is to make investing and personal finance accessible to more people. The company has so far raised more than $77 million in funding.

Why should we care?
While the bank account acts as transactional glue for investment and financial advisory services, Ellevest’s launch of a subscription-based model is part of a bigger trend across the wealth management industry toward fee-based pricing models instead of compensation based on a percentage of assets under management (AUM). Ellevest previously charged clients fees that ranged from 0.25% to 0.5% of AUM. With under $1B in AUM and just under 50,000 accounts, Ellevest has struggled with client acquisition. Through the new membership program, the company is banking on increasing customer numbers and asset sizes through a Netflix or Spotify-type monthly subscription model. Members will now pay between $1 and $9 per month depending on their service tier. Ellevest is also doubling down on the availability of à la carte human advice, and continuing its private wealth management service for customers looking to invest $1M or more.