A new digital savings and investment platform called Worth Financial Management (WorthFM) aims to help consumers better understand their attitudes toward money and to make investing more accessible through transparency, low investment minimums and below-average investment fees. While its services are available to both genders, this privately held online company headquartered in Philadelphia  is intended to be “a savings and investment company that understands and respects women’s unique needs and preferences,” according to the company’s website. Its founders are Amanda Steinberg, who launched the woman-focused personal finance website DailyWorth, and Michelle Smith, CEO of Source Financial Advisors, a practice serving divorced women.

WorthFM allows consumers to open a savings, investment or retirement account (traditional or Roth IRA) – or all three. If you choose to invest with WorthFM, your money will be placed in a mix of up to eight exchange-traded funds (ETFs) from well-known brokerage firms like Vanguard, BlackRock and State Street.These ETFs invest in a diversified basket of both U.S. and international stocks and bonds. Your portfolio is based on your risk tolerance and is automatically rebalanced as your asset levels change. The investment minimum is $50 and the fees are $2 per month for accounts under $5,000 or 0.5% annually for investing or retirement accounts with at least $5,000. There are no fees or penalties to withdraw your money, though the ETFs do have their own additional fees, ranging from 0.04% to 0.5%.  Accounts are held by TD Ameritrade.

When you log into your account, you’ll see tailored tips and to-dos to help you manage your money.  You can add information about your assets and liabilities outside of WorthFM to get a complete picture of your finances and more accurate recommendations about how to manage your money.  WorthFM also offers a 40-question MoneyType assessment to help you better understand your attitudes toward money.

Currently available by invitation only to anyone who adds their email address to the waitlist, the service is scheduled to open to everyone later this year. Read Robo-Advisors that Aim to Serve Women and Robo vs. Human Advisors for Women Investors for more on these topics.

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