M1 Finance Review
- What is M1 Finance?
- How does M1 Finance work?
- M1 Finance Features
- Who is M1 Finance best for?
- Who shouldn’t use M1 Finance?
- M1 Finance vs. competitors
- Pros & cons
- The bottom line
What is M1 Finance?
How does M1 Finance work?
Building your portfolio
Choosing your investment account
Funding your account
How much does M1 Finance cost?
M1 Finance Features
The M1 family of products
- M1 Borrow. With M1 Borrow, any user who has $10,000 or more in a taxable account with M1 Finance can borrow up to 35% of their account balance with this service in a portfolio line of credit. Standard platform users can do so at a 3.5% base rate and M1 Plus users can do so at a 2% base rate.
- M1 Spend. M1 Spend is an FDIC-insured checking account and debit card that integrates with the M1 Finance mobile app. With your M1 Spend account, you can deposit your paycheck, pay bills, and handle expenses with an M1 Finance Visa debit card.
Who is M1 Finance best for?
Investors who want automation
Who shouldn’t use M1 Finance?
Those interested in alternative investments
M1 Finance vs. competitors
|Robo Advisor||Cost||Financial Advisors|
|Betterment||0.25% annual fee on every $1,000 for their digital plan and 0.40% on their premium plan||Yes, $99|
Pros & cons
- Easy to use. The M1 Finance sign-up process is incredibly easy. If you already have an idea of how you want to balance your portfolio, you can do the entire process in a matter of a few minutes. Additionally, M1 finance offers the ability to connect directly with your bank and fund your portfolio, which is a nice feature.
- Charts. M1 Finance’s pie investing feature offers a visual way to see asset allocation, which makes it much easier to understand. In addition, having the ability to both choose from expert pies or create custom pies gives added flexibility.
- No financial advisors. Unlike some of its competitors, M1 Finance does not offer the opportunity to connect with a financial adviser, which can make it a poor fit for new investors to need a little more guidance.
- Lack of options. M1 Finance does not offer the widest range of investment vehicles. Investors who want to explore alternative assets may be better suited to a different app. In addition, investors only have access to one trading window, unless they sign up for M1 Plus, which means it's not the best fit for day traders either.
The bottom line
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