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When it comes to investing, women differ from men. There are numerous studies documenting these differences, where the findings have concluded that women are more conservative when it comes to investing and that women are more insecure regarding their ability to invest.

Despite their cautious bent and lack of confidence, there’s also research that claims women, in fact, are better investors than men. Women’s wise investing strategies include less frequent trading and a tendency to stick with their asset allocations. Women are also known to maintain a more long-term approach.

In spite of women’s general competence when it comes to creating investing plans, their lack of confidence in describing their investing skills makes the female market a ripe one for tailored investment programs. Several robo-advisors have noticed that women may be better served by investment platforms directed specifically at them. Here's a peek at the market. (For related reading, see: Pros & Cons of Using a Robo-Advisor.)

New Robo-Advisors for Women

Ellevest, created by Sallie Krawcheck, former CEO of Merrill Lynch Wealth Management, recently launched. Casting itself as the place to “dream big ... Invest smart,” this educational and digital investment portal offers tools to help women reach their financial goals and began accepting clients on May 11, 2016. It charges 50 basis points and asks clients for general information (age, salary, location). It boasts four patents pending, including an algorithm that shows trade-offs and prioritization of goals. It even can reach out to clients when their chances of meeting a goal have fallen. It received $10 million in financing in September led by Morningstar (for more, see Ellevest: What to Know About This Women-Focused Robo-Advisor).

WorthFM is also launching in 2016. The founding duo includes engineer and founder of DailyWorth, Amanda Steinberg, and the CEO of Source Financial Advisors, Michelle Smith. The tool currently lauds its MoneyType Assessment, which promises to find your hidden money drivers. Created with a psychologist, the answers to the MoneyType Assessment funnels the user into one of five money types. The questionnaire helps you discover how your personality impacts your money behavior (see WorthFM: Savings and Investments for Women).

And Women Investing Now (WIN) assists women with financial planning by offering investing and planning tools, as well as custom portfolio management. It's led by Stacy Marcus, a veteran of Goldman Sachs, AIG and Esurance, who calls it "the only integrated learning, planning and execution dashboard for women."

One robo-advisor that didn't make it: SheCapital. Launched in 2015 by Tina Powell, who founded her firm after years of wading through complex medical costs and underfunded estate plans as she was caring for her father who had suffered a stroke. It didn't attract enough investors and folded about a year later in July 2016.

Are Women-Targeted Services Necessary?

Women don't have to invest with a robo-advisor specifically targeted at females. But there may be advantages to considering one. Women earn less than men, and they are also likely to receive lower Social Security benefits. In spite of the fact that most women handle their household finances, investing is typically left to men. With society's high levels of divorce and women increasingly living longer, women should learn to invest on their own.

When a site's content is directed towards women and the platform strives to empower them, they may want to investigate digital investing sites designed for their needs. This doesn’t imply that females can’t profit from popular robo-advisors like Wealthfront, Betterment, SigFig, Schwab Intelligent Portfolio or any of the countless others. But there's got to be something compelling for some women about taking advice and direction that's specifically tailored to them. (For related reading, see: How Women Investors Make Money and Why Women Are Better (Behaved) Investors.)

The Bottom Line

The robo-advisory field is exploding with new services. From offerings at the major brokers to more unique ones like TradeKing Advisors' active momentum approach, there’s something for every investor. In picking one, users need to evaluate their priorities. Are low fees or low minimums really important? Use such criteria as your benchmarks. For female investors, dealing with a service that is tailored around research based on women investing is finally in the cards. (For related reading, see: Women and Investing: It's a Style Thing.

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