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M1 Finance Robo-Advisors Review


ConsumersAdvocate.org Rating: 5 / 5 (Excellent)
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M1 Finance is a financial company that's been around since 2015. It's headquartered in Chicago and best known as a robo-advisor, but it also offers lines of credit up to 35% of your portfolio and an FDIC-insured checking account that integrates with the company's mobile app.
 
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How is M1 Finance rated?

Breakdown

5.0/5
Features
5.0/5
Pricing and fees
5.0/5
Reputation

Overall Rating: 5 / 5 (Excellent)

M1 Finance stands out among robo-advisors for offering a truly free service with no commission fees on trades or annual fees. You only need $100 to get started and you can invest in over 6,000 stocks and exchange-traded funds. However, it's not a good choice if you want access to a financial advisor who can help you manage your money. It's also missing common features like automatic portfolio rebalancing, so you have to be willing to be a little more hands on than you'd need to be with other robo-advisors.

M1 Finance Account Features

Features - 5 / 5

M1 Finance gives you access to over 6,000 stocks and exchange-traded funds (ETFs), and you only need $100 to get started. There are several professionally curated "pies" you can use to help you determine how to allocate your money or you can make a custom pie if you want to be more hands on. Unfortunately, there's no way to contact a financial advisor if you want specific advice and you'll have to manually rebalance your portfolio because M1 Finance doesn't do it automatically like many other robo-advisors. It also doesn't do tax loss harvesting, which can help reduce the amount you pay in taxes on your investments.
Robo-advisor Type
Fully Automated
Account Minimum
$100
Goals
Save for Retirement
General Investing
Integration with Other Accounts
IRA
Checking Account
Types of Assets
Stocks
ETF Portfolios
Access to Financial Advisors
No
Automatic Portfolio Rebalancing
No
Tax Loss Harvesting
No
Direct Indexing
No

Investment Focus

M1 Finance offers several expertly curated "pies" to help you invest your money how you want. These include Responsible Investing, Income Earners, Hedge Fund Followers, and Industries & Sectors.

M1 Finance Fees & Commission

Pricing and fees - 5 / 5

The big appeal of M1 Finance is that it is free to use. The company doesn't charge any annual fees or commissions when you buy or sell assets. The only thing you'll have to pay is an Securities and Exchange Commission (SEC) fee and a Trading Activity Fee (TAF). These are regulatory fees passed onto the consumer, but in most cases, they only amount to a few pennies per transaction. If you want to invest and money is tight for you, you really can't do much better than M1 Finance's free platform.
Commission
None
Fees
Trading Fees

M1 Finance Reputation & Customer Service

Reputation - 5 / 5

M1 Finance has only been around for a few years, so it hasn't racked up that many reviews on sites like Trustpilot or the Better Business Bureau. But it also hasn't gotten that many complaints during this time either. The company is SIPC-insured, which means that your investments are protected up to $500,000 in the unlikely event that M1 Finance would go under.
Year Founded
2015
Consumer Financial Protection Board (CFPB) Complaints
0
SIPC Membership
Yes
BBB Rating
A+
Contact Methods
Phone
Email
Mobile App
Yes
Date Collected
2019-04-23

Free Customer Support

You can reach out to M1 Finance by email at any time or by phone 9:30 a.m. to 5 p.m. ET Monday through Friday, except for holidays.

Company Profile

Full Name
M1 Finance Robo-Advisors
Company Website
https://www.m1finance.com/
Headquarters
213 W Institute Pl., Ste. 301, Chicago, IL, 60610

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Top Rated
Our Partner
Start investing with as little as $100
  • Create your own portfolio with any stock and/or ETF, for free.
  • Invest in over 6,000 stocks and ETFs
  • No annual or commission fees
  • Choose from several expertly curated pies to help you invest your way
  • Manage your investments from Android and iPhone apps
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