Because it isn't just three dollars. I was charged $13 in various fees on my last statement. They keep trying to lend out my stocks without my permission, and their customer service is the worst.
I agree, but I also feel they are doing it to encourage investors to think long term and consider an automatic contribution and mostly ignore the process. $50/week with no gains only costs $144 before breaking across $10k. No offense to anyone who can't afford to get to $10k, but leveling up the income or cutting back might need to take priority at that point.
I think M1 finance is still worth it especially if u already have over 10k, even if u don’t it may still be worth it in the long run cause they don’t have advisory fees
Agreed. If I didn’t have the $10k, I might feel differently, but the system works well for me. Except those times when I see my price target at 1 PM and see it go by 3:15 (EST).
@SirGenesis206 if you invest using price targets, it's probably best to use an app designed for that. M1 is intended as an automatic long term buy and hold facilitator. In 10, 20, 30 years, you won't care that you paid +/-1% that one time you were watching throughout the day for a trade.
I love M1, I have my taxable account with them but I recently switched my Roth IRA to Fidelity just so I don’t have everything in one brokerage and to be honest with you. I really miss the pie system. I miss it so much that I’m paying five dollars a month for Fidelity’s baskets which is like M1 pie system.
I've been with M1 since 2018. I moved most of my money out of M1 when they auto-enrolled me in stock lending. I moved the last $500 out today. I requested they close my accounts, so hopefully I won't end up with a negative balance from all the fees. They also started charging additional fees ($13) for paper statements and tax statements, but there is no way to opt-out of receiving paper statements. They charge an additional $100 per account to transfer to another brokerage, so I had to liquidate everything. I had three different accounts with different pies. M1 is a pain to leave after six years, but I don't trust them as my brokerage. I don't want to do business with them. It's time to leave.
If I had $10,000 already, I'd stay. But I only have $2,000 at the moment and I won't be able to contribute again until sometime mid-late 2025 because I'm finishing up college and getting ready to move in January. I'll probably go back to it later, but it's taking more from me than I'm getting from it right now.
Also, I don't remember getting a notification about this. I just remember getting a notification that I had a sell order in (which I didn't order), so I looked into it and found out my positions were being sold to make this $3 payment. I get other notifications, but not that they were to start charging me $3
yieldmax in my roth, I won't be paying the $3 fee for too long, happy to support M1 a bit, been using them for years. Should I look for an alternate to save $3 a month for a bit, maybe.
Unfortunately M1 has changed there platform and it is no longer EASY to follow, the people that answer the phones in support are not very helpful. Maybe it's me, I wanted a platform that is set-it and forget-it. This isn't it anymore.
I almost switched to M1 a while back but decided against it because they seem so wishy washy. They change their minds and programs all the time. I'm glad i decided not to transfer over to M1. I don't like change. Once in a while is alright but these guys are like the song Hot N Cold by Katy Perry.
m1 is trash man, I feel bad cus when I first started my investing journey I used them so I recommended them to the gf, now I had to go into her accounts and migrate her out cus I don't want her to pay a fee or support their business. I left M1 way back, I'm glad its leaving our household as well.
That’s it! It’s all over! M1 is dead! … JK, still love M1 and this doesn’t impact me anyway, but I do wonder though how these high interest rates are affecting M1 and other brokers. Higher borrowing costs for brokers = more costs passed on to us users. The era of “free” coming to an end? 🗞️
Why are people complaining about $3⁉️ Fidelity Basket Portfolios is a $4.99 monthly enrollment fee. Robinhood Gold in $5.
Because it isn't just three dollars. I was charged $13 in various fees on my last statement. They keep trying to lend out my stocks without my permission, and their customer service is the worst.
10k is not a lot to have invested. It’s a fair fee. It costs M1 to manage/host your accounts.
I agree, but I also feel they are doing it to encourage investors to think long term and consider an automatic contribution and mostly ignore the process. $50/week with no gains only costs $144 before breaking across $10k. No offense to anyone who can't afford to get to $10k, but leveling up the income or cutting back might need to take priority at that point.
Been with M1 since 2020 and have no intentions on leaving. It truly makes investing simple and i love it!
I think M1 finance is still worth it especially if u already have over 10k, even if u don’t it may still be worth it in the long run cause they don’t have advisory fees
Agreed. If I didn’t have the $10k, I might feel differently, but the system works well for me. Except those times when I see my price target at 1 PM and see it go by 3:15 (EST).
@SirGenesis206 if you invest using price targets, it's probably best to use an app designed for that. M1 is intended as an automatic long term buy and hold facilitator. In 10, 20, 30 years, you won't care that you paid +/-1% that one time you were watching throughout the day for a trade.
I love M1, I have my taxable account with them but I recently switched my Roth IRA to Fidelity just so I don’t have everything in one brokerage and to be honest with you. I really miss the pie system. I miss it so much that I’m paying five dollars a month for Fidelity’s baskets which is like M1 pie system.
Fidelity has the pie thing but it costs $4.95 a month (if memory serves me right)
Yes 👍🏽 Fidelity Basket Portfolios is a $4.99 monthly enrollment fee. Robinhood Gold is $5.
I've been with M1 since 2018. I moved most of my money out of M1 when they auto-enrolled me in stock lending. I moved the last $500 out today. I requested they close my accounts, so hopefully I won't end up with a negative balance from all the fees. They also started charging additional fees ($13) for paper statements and tax statements, but there is no way to opt-out of receiving paper statements. They charge an additional $100 per account to transfer to another brokerage, so I had to liquidate everything. I had three different accounts with different pies. M1 is a pain to leave after six years, but I don't trust them as my brokerage. I don't want to do business with them. It's time to leave.
If I had $10,000 already, I'd stay. But I only have $2,000 at the moment and I won't be able to contribute again until sometime mid-late 2025 because I'm finishing up college and getting ready to move in January. I'll probably go back to it later, but it's taking more from me than I'm getting from it right now.
Also, I don't remember getting a notification about this. I just remember getting a notification that I had a sell order in (which I didn't order), so I looked into it and found out my positions were being sold to make this $3 payment.
I get other notifications, but not that they were to start charging me $3
Fidelity has this option but it costs money
Yes 👍🏽 Fidelity Basket Portfolios is a $4.99 monthly enrollment fee. Robinhood Gold is $5.
We should learn from these with these fintechs when the new money flowing slows down they start with the feed to make the offer money back
With Vanguard can you set it to percentage allocations? Like M1?
No
I can in my Vanguard 401k, should be available for IRA. Albeit, Vanguard's app and software is clunky and poorly designed. I despise logging in
yieldmax in my roth, I won't be paying the $3 fee for too long, happy to support M1 a bit, been using them for years. Should I look for an alternate to save $3 a month for a bit, maybe.
Simply invest $720 in their High yield ⚠️ savings account or the high yield ⚠️ cash 💵 account. At 5% APY yields $36 per year paid out monthly at $3.
Thanks Brendan for your info & efforts!
Unfortunately M1 has changed there platform and it is no longer EASY to follow, the people that answer the phones
in support are not very helpful. Maybe it's me, I wanted a platform that is set-it and forget-it. This isn't it anymore.
I almost switched to M1 a while back but decided against it because they seem so wishy washy. They change their minds and programs all the time. I'm glad i decided not to transfer over to M1. I don't like change. Once in a while is alright but these guys are like the song Hot N Cold by Katy Perry.
A newsletter would be great!
Check it out! Still experimenting but it’s fun!
brendanevan.substack.com/
I prefer Robinhood better, no fees and the margin is dirt cheap. And user friendly..
Yes 👍🏽 Fidelity Basket Portfolios is a $4.99 monthly enrollment fee. Robinhood Gold is $5.
Newsletter
Can't beat the pie system. Love M1
or you could figure out how to use a spreadsheet.
It’s not too difficult
A "newcast" that I can have on in the background wouldn't be a bad idea.
Bro you probably spent 10x that over coffee . Peanuts
m1 is trash man, I feel bad cus when I first started my investing journey I used them so I recommended them to the gf, now I had to go into her accounts and migrate her out cus I don't want her to pay a fee or support their business. I left M1 way back, I'm glad its leaving our household as well.
Acorns
/Cough
Sounds like this company is going under
I don’t see that sign, just changing their structure
That’s it! It’s all over! M1 is dead! …
JK, still love M1 and this doesn’t impact me anyway, but I do wonder though how these high interest rates are affecting M1 and other brokers. Higher borrowing costs for brokers = more costs passed on to us users. The era of “free” coming to an end? 🗞️
Yes 👍🏽 Fidelity Basket Portfolios is a $4.99 monthly enrollment fee. Robinhood Gold is $5.