M1 Finance 2-Year Review (The Good, The Bad, and The Rating)
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- Опубліковано 26 чер 2024
- I’ve used M1 Finance now for 2 years and it’s finally time to do a full review! It’s a service I’ve recommended for years now, but have never made a comprehensive overview of both the good and bad things about it. I can confidently say that I use every service that is offered by M1 Finance as of this year too!
I started using M1 as another taxable brokerage account for investments over and above our tax advantaged retirement accounts. Then I opened an IRA for my wife with M1. Next I started another taxable brokerage account to use for my experiment throwing darts at a dartboard to pick stocks. (video link here for that one! Dartboard stock picking: Update after 3 months! • Dartboard stock pickin... ) Just recently I opened a 4th account to start my SEP IRA. Towards the end of this video I explain what an SEP IRA is and why it’s awesome. All of these accounts were very easy to start with M1.
There are a few things about the app and their service in general that I don’t like. Check those out in the second half of this video. To assess a lot of different things in my life from finances to cars to bagels, I use spreadsheets. It’s a really fun way to keep a record of how good or bad something was and is something that is easily shareable too. I realized in making this video that we need a format for rating investing apps/services! So I made one! At the end of this video I go through the new rating system, it’s categories, and give an inaugural score to M1 Finance. Stick around for future reviews and ratings of other investing services/apps to see how they compare!
M1 finance links:
My SEP Pie of Victory: (The exact things I am investing in right now in my SEP IRA)
m1.finance/rB6iJ7dYbbHo
📈M1 Finance Investing: (Get $30 when you start investing today! To get it, invest at least $100 in an individual account or at least $500 in a retirement account)
m1finance.8bxp97.net/2rjBLD
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#investing #M1Finance
Disclaimer: Any financial or investing-related topics discussed on this channel are not from a professional investment advisor and are not financial advice for you. This is for entertainment purposes only.
⏱Handy Timeline:
0:00 Intro
0:23 The Good 1- Design
0:56 The Good 2- Ease
2:07 The Good 3- Fees and Commissions
3:01 The Good 4- Pie vs Cake
4:40 The Good 5- $ Weighted
5:55 The Good 6- Spend
6:23 The Good 7- Easy opening
7:30 The Good 8- Borrow
8:17 The Good 9- M1+
9:44 Not Good 1- Identity issues
10:46 Not Good 2- Digital wallet
11:27 Not Very Useful 1- Send check
11:48 Not Good 3- Initial acclimation
12:35 Mildly Annoying- Trade windows
13:44 Investing App Score
15:20 Conclusion
Contact me here for business purposes: Brendanbizinquiries@gmail.com
WHO AM I?
I'm Brendan, a Dad, trail runner, personal finance nerd, and lover of spreadsheets. I make videos about the basics of personal finance.
Get $50 for signing up! It’s a new offer from M1 Finance! Only good from July 7, 2021- September 7, 2021. Important: Make sure you start and account and deposit money to get the bonus. For a brokerage account, deposit at least $100 to get $50. For an IRA, deposit at least $500 to get $50!
Was reading your description of this video assuming I understood correctly, you didn't have to open a second taxable m1 account you could have had your one account group your "victory pie" as one slice alongside your dartboard pie. It could have been all in one account.
Thanks for your attention to detail! I like having them in cleanly separated accounts, partially because one is taxable and one is an SEP IRA
For anyone reading this in the future, as of now the $50 offer is over and they are back to $30.
@@BrendanEvan Hey Brendan! I’m making the jump to M1. I would love to use your referral code after all the free advice you’ve given me from all your videos lol. I just want to make sure it is up to date before I use it. Ps let me know what will help you qualify for the bonus so I can make sure we get it!
I think this one will work! Thanks!
m1finance.8bxp97.net/2rjBLD
This has been quite enlightening. Thank you for the information.
No ads. Thank you
Great video man! Tons of value! Keep it up 👍🏼
Thanks for the video. I have been using M1 for about 2 years and I love it. My favorite feature - and I think the feature which is most relevant to M1's mission of long term investing - is the Custodial account. I created a custodial account for my son using the free trial of the M1+ and according to M1, I can continue to manage and contribute to the custodial account even if I cancel the M1+ account.
Wonderful review. Thank you.
Thank you!!
Thanks so much; Great review!
Thank you Dr Mike!
Love the M1 videos
This was very helpful thanks.
Thanks Scott
thank you bro, just started investing and wasnt sure where to go to.
Thanks for watching Chris!
for questions, guidance and support anytime. Just send a Dm and don’t forget to hit the subscribe button
W/h/a/t/s/A/p/p/+1..(2..0..8)..5..0..0..5..1..5..4...
I like M1 but what I don't like the most is, if I move a holding to a different slice or subslice of the pie it triggers a sell event. Not good for taxable accounts, plus even with pretax accounts you have to pay the spread of the sell and buy events, all just to restructure or reorganize your pie. I wish they could just move the shares I already own to a different slice of the pie.
Awesome review! I've been with them for about 2 years as well, through recommendations from a lot of the finance youtubers at the time. I have a love/hate relationship with their pie system. I love that I can just deposit money into that account and and it automatically distributes the funds throughout the investment without me having to individually go through each stock/etf/etc. So I have a simple 3-fund portfolio running in there. What I hate is that in a more speculative portfolio I opened there, if I want to add/remove any 'slices' I would have to go through each and rebalance the pie myself. A small nuisance if anything. If they added a feature that allowed us to just hit a button and it would create even slices for us should we want that for convenience sake, that would make my UX that much better. But i do understand that some people would want to set specific percentage targets for their portfolios, but having the option for it to balance percentages for me would be great.
Agreed! Maybe they will add some flexibility in the future
They do it’s called “rebalance” but that mean they would have to sell some shares to balance the portfolio (which can cause a tax event).
@@msbeautyboss3784 Oh no, rebalancing isn't what I meant, and the word I shouldn't have used lol. I'm talking about adding/editing your pie because your asset target allocation has to equal 100%. For example if my pie has 2 slices at 50% each, and i want to add another different stock, I'd have to change the percentages so that my 3 slices still equal to 100%. This is an oversimplified example but you can see how tedious it can get if my pie has more slices. BUT I actually just logged in to the desktop version (i'm normally just on the mobile app) and they do have a button when you're editing a pie that says "Equalize" that calculates the percentage for you! Not sure why this isn't on the mobile version. Wow this definitely ups the quality of life UX for me. Though if I don't want equal sized slices throughout, there doesn't seem to be anything that would help me there, but this is definitely a good find.
You were awesome in City Slickers... this video is good too
Thanks?!
@@BrendanEvan You resemble Billy Crystal a little bit... don't worry... only his best features!
I just watched a couple of your videos about three on stock investing and really loved your reviews but I am still a newbie generally in investing and would request if you would do a video on fundamental things one ought to know before investing in stocks?
This video might help with that!
The Perfect Investing Plan for Beginners in 2022
ua-cam.com/video/WUggPEQCYI0/v-deo.html
I'd use it for Roth IRA but I wouldn't use it for anything else. The one trade window and the slow trading makes it feel like I have no control. I want to be able to invest quickly and on the spot.
The send a check feature is handy. They need full on bill pay though. If spend had that, I would switch to them today.
Agreed!
Long term invest has its pro and cons just like day trading and swing trading. I don’t put all of my eggs in baskets so I alternate between the three and trust and believe me it’s better that way.
Super helpful. I’m still looking for a good landing spot. I haven’t liked webull. I also don’t like the limited trading window… but it might be good because it will force me not to be able to panic sell? What do you think?
I’m using M1 more and more personally. It’s pretty great. And yeah I didn’t think about that but the trade windows could give you some time to cool off emotionally!
Team Pie checking in.
My man
@@BrendanEvan glad I stumbled on your channel. I haven't watched everything, but what I have is good stuff.
Hope your ultra training is going well, I'm a mid-packer myself and always like seeing others in the space as well!
Wow, thanks Matthew! I appreciate that! I’m just shooting to finish within the cutoff time personally. If you ever want to come to Arizona, Aravaipa Running has a lot of great events!
Hey Brendan, would you be willing to do a vid on your returns for M1? I totally understand privacy concerns if you didn’t want to show that, but I noticed you showed them for a few other platforms. Thanks and keep up the high quality content!
Yeah I don’t see why not, I could include all the brokerages in one big video or break them up 🤔 which is better?
Honestly both ideas are great! Whatever’s best for you
The other day I requested a transfer to m1 from Robinhood. What sold me was the ability to weight my positions a certain percentage without selling
Tbh most of the faults just seem like extra features not needed or some small minor annoyances (ok maybe except the trading window thing) but overall seems like a really good option I might try this one and acorns out
A little secret 🤫: I just moved a bunch of money out of a different investing service and into M1 Finance
I saved your SEP pie to my M1 finance account. I couldn't find it ? A video about that would be great !
Hmmm I bet you could click on it then just make your pie match (or not match!) however you like!
Do you have a link for M1 so I can get you credit? Your videos have been real helpful. Im trying to invest on my own.
That’s really kind of you to ask Glen! I’m glad the videos have been helpful so far!
Here’s my link in case you decide to get started: m1.finance/td-bpuTpiT9T
I have been digging into M1 lately. Overall I really like it. As I am trying to move away from Robinhood. I think the 2 brokers I am going to us is M1 and Public. For me it seems to work. One thing I wish M1 had is bill pay. For an online bank this almost seems to be a must. Also I would like to see an easier way to move slices to different pies. So M1 for long term and Public for mid/long and crypto. My current strategy is to move all my stocks from Robinhood to Public (free transfer) than move my long term to M1 (Cost $75). Let me know if you have any suggestion.
Sounds like you’ve found a couple that work for you! I always think that’s the best way. You’re right about their banking features. I’m hoping they continue to expand that side of their business
Team pies baby! Great video man love the content. Hit the sub button.
Thanks!!
Cakes are the better dessert for me 😋
Thanks for voting Keisha! That’s 1 for pie and 1 for cake so far!
I love m1 they now have high yield savings and crypto accts
Hi Brenden, do you know why m1 is phasing out the checking account?
I’m guessing it has to do with their new product the high yield savings account, but that’s speculation largely
There's actually one feature I'm still trying to figure out that I've seen some other youtubers use is creating and having pies within a pie. Like I select a slice and it opens up a new pie that's held in that slice. I wonder if that's an M1+ feature.
Actually as I'm playing with it in the desktop version, I wonder if what I saw was just them clicking on an ETF lol
Yeah maybe so, I’ve not seen that pie-inception! If you do find it, reply with a link!
In the research tab you create the new "sub-pie" then in your main pie, you add the sub-pie in exactly the same way as you'd add a stock or ETF, you'll just select from the list of pies instead.
Thanks Mark we will have to try this out!
@@mquags690 You're a legend! thanks Mark
Hi! Pie is way better than cake. I want to invest into different stocks, but I do not know who to choose from. I am like, you, I like free stuff, and I like, things plain and simple, and easy to understand. I have been doing a lot of research and watching certain people’s videos for a beginner on who I should choose from and which app is better investing into. Who do you recommend? Because I just want to invest going on by my day and not worry about it, and let it accumulate over time. So once I retire, I can do so and not have to worry about anything. Great video by the way ☺️.
Thanks Ms. Landers! I’d say you have a couple options: 1. Use a service like Acorns that chooses the investments for you. I’ve made a couple of videos about it in case you’re curious. 2. Use a service like M1 and pick 2 or 3 funds that invest in a whole bunch of companies for you. Then you don’t change it or worry about selling, you just keep investing more money over time.
Both services offer retirement accounts which get you good tax benefits. You lock up the money and can’t really touch it until retirement age but I think it’s well worth it for the money you save in taxes!
@@BrendanEvan Thank you so much! I also wanted to invest in cannabis as well, but the only investment app I know is Stash and it said, Webull but I don’t know how true that is. So I will keep digging, but I will definitely look into your videos.
for questions, guidance and support anytime. Just send a Dm and don’t forget to hit the subscribe button
W/h/a/t/s/A/p/p/+1..(2..0..8)..5..0..0..5..1..5..4
Can you do a video on canadian apps that offer the same things
Joey that’s not a bad idea! But I can’t test them myself if they are exclusively offered for Canadian residents which stinks. I want to be able to speak from experience so you can actually trust what the verdict is!
I wanna see the bagel spreadsheet
It’s simple but powerful. Like a good bagel 🥯 😆😋
wait so can you choose the stocks u wanna buy? and do they allow fractional shares?
Yes and yes!
Great video! Can you please share your thoughts on my ROTH IRA portfolio? I am 38. Thank you and KEEP UP THE GREAT JOB!
Thanks for the kind words! I’m not a pro, so my opinion isn’t that important, just be well diversified and keep learning!
@@BrendanEvan Thank you! I value your opinion. I understand this is for entertainment only :) VTI 50% VXUS 15% VGT 10% VNQ 5% VIG 5% and 10% filled with favorite stocks (23 holdings)
Diversified! 👌
@@BrendanEvan no inputs or any suggestions? :)
PIE FOR LIFE 😎
🥧🥰
Most of the negatives you mentioned seemed associated with the 'spend' feature. WOuld you say that is accurate? thanks!
I’m not sure they are significant negatives, probably more like they aren’t actually compelling enough for me to want to use the feature a lot. It’s ok, but not amazing. I have money in my spend account, but don’t find myself reaching for the card or planning to deposit more, if that makes sense.
@@BrendanEvan thanks again for the info
Most of the complaints I hear are about the single trade window and people insisting on using M1 for day trading when it's clear it was not designed for that.
Fee to close an account is a big negative
Is M1 available for a kiwi because I'm interested in investing but when Brendan was talking about SSN got me nervous
By the way Brendan if you are reading this; love the channel bro
Hey thanks a ton! I don’t know actually, but there’s one way for you to find out, try and start using it! (My guess is that it’s for US residents only)
Yes that's one way haha 😂 just do the thing you were going to do in the first place. Please don't take offence I'm laughing at myself because I want to be a little more aggressive if that is the right word about investing but I am finding it hard to pull the trigger so to speak
how do you track your short term(1 year) investments on M1?
Personally it’s rare if I invest for less than a year but if so, it’s in a separate account
What bank do you use to fund your M1 finance account
Unfortunately, Wells Fargo
Any update in this video ..
It’s been a year so maybe a new review is in order! I’ll start making that video soon!
I am debating wether to make M1's checking account my main checking account since the bank that I am currently using isn't supported by M1. The other option that I am considering would be to just change banks for my checking account. I am wondering how long it takes to transfer money to your M1 invest account from a banks checking account. Compared to having an M1 checking account & moving/transferring that money into an M1 finance invest account. What would you recommend?
It’s definitely faster to transfer from M1 to M1 account! I’d just make sure it meets whatever other needs you have as a bank.
@@BrendanEvan my only concern would be does the M1 checking account support mobile deposits from checks on hand. Or how can cash be deposited? Though an ATM only? Otherwise, it seems pretty sweet. Any idea on how long a transfer would take from M1 to M1 compared to a separate bank to M1? Thanks
I think you’ll have to go to the source to get the most accurate info: support.m1finance.com/hc/en-us/sections/4404374662931-M1-Spend-Checking-Account
In my experience it’s been 2-3 days to transfer to M1 from an outside bank and 2-3 minutes from M1 to M1 account
Love your glasses wnere did you get those?
Thanks! They are from a company in Texas called Roka. Great for running!
Brendan, so I’m using Stash I’ve only invested for a couple of months but I’m wondering if M1 is a better choice then Stash for starters M1 looks better (no fees) but I’m wondering if your still using M1.
Still using M1! Thanks for being here!
@@BrendanEvan thank for making this video. So I have Acorns like the idea where it just invest for me and I also have a Stash account I’m thinking of dropping it? And move to M1 would you recommend a beginner investor to use M1 and should I pull out from my Stash account, I started it a couple of months ago but I stopped investing in it. I have about $200 in it.and thank you for the reply.
Do they invest the cashback in your pie?
On the new card? I don’t know yet!
I turned 18 four days ago and wanted to start investing early, however opening an account has been a headache, I guess its only fair for them to be suspicous since I am so young, however I find it very annoying that they only accept a W2 or a copy of my SSN card. As I am a 1099 independent contractor, and recieve W9 forms, but for some reason they dont accept those, only W2's. Now I've gotta get my SSN card out of my safety deposit box lol.
If an investing service doesn’t ask for that kind of stuff, it’s probably a scam.
@@BrendanEvan true, it just sucks that they dont accept W4 forms, screws over independent contractors
My question is do you think M1 will be here for the long term? I'm still young and thinking about 30 years from now. Just trying to decide between M1 and something like Fidelity.
Even if a company goes out of business, you keep your money.
That’s not true with a lot of crypto investing right now though. (For anyone reading this in the future)
@@BrendanEvan What’s up, Brendan! I am three months behind it seems, but I have a question pertaining to this: How do you keep your money if, say, M1 goes out of business and I have money with them? I am completely new to the investing game and am heavily considering M1, thanks to your video, as a set it and forget account.
I’ve looked it up and apparently they have an obligation to transfer the funds if the brokerage goes under.
@@BrendanEvan Thanks Brendan!
So, does M1 really offer a no-fees checking account that pays 1% APY? That's better than any online bank (most all paying just 0.5%) Or is the 1% APY only available to those in the m1 PLUS ($125 yearly fee) ? Anyone know?
1% APY is only for M1 Plus customers. It’s free for a year so you could always try it for 11.5 months then cancel. Here’s their website: www.m1finance.com/how-it-works/spend/
Its for M1 Plus subscribers only.
This year thier working on a little more then 4.% savings. Watching to see if they do.
Can I buy stock when using M1
Yup
What’s out invest?
I don’t know what that means 🤷♂️
“Out invest”?
bro your underrated
Thanks so much!!! I love doing this and hope to keep going!
Is this a good app to invest for decades and not spend or withdrawal?
It’s good for either but yeah my plan is more oriented towards decades!
@@BrendanEvan would you use this over acorns now with their $3 minimum? Have 4 young kids that I can invest into over the next 10-15 years
It’s probably more important to pick the service you want to use more. I think it would help your likelihood of continuing that way which is ultimately more important.
We just have 1 UTMA/UGMA account and 1 529 college savings plan account and that’s it.
Pie 🥧 all day
Pie 🙌
Hope our platform can become your new favorite! (btw, we're team pie all the way 🥧)
You're not going to rise to the top by leaving 1 UA-cam comment, ha!
How is M1 in 2024?
I'm working on a new review of it as we speak! In the meantime here's an M1 Finance video I made recently talking about an update they made: ua-cam.com/video/55chi7oGfjE/v-deo.htmlsi=XRfaOOgFg5vfZ3zD
Pie
🥧
Pie is better than cake hands down.
Right!? 🥧🙌
How about sharing your Brendan pie. Thanks
Here you go!
m1.finance/1eiLU7NWPugM
@@BrendanEvan 👍
As of today im about to get into the investing world. Im not trying to become a day trader i just want some peace of mind for my future so i believe this app is perfect for someone like me.
Get it started!
@@BrendanEvan i have a question. So when i report the investments in my tax return, do they only calculate the investment profits or do they also include my own money that i deposited to use it for my investing goals?
I don't like M1 and if ur even a long term investor u want to be able to buy when ur ready and buy what u want instead of them trading when they want and going into the pie and $25 minimum to invest
M1 Finance has miscellaneous/hidden fees though. Like the $25 wire transfer fee.
That’s nothing, my own bank has that. TD has a 75 fee to transfer and so does RH
Think fee only on withdrawal. Ib has one free withdraw per month. But i invest for retirement
So dont trade. Believe this is way investing should be.
wait so you dont have a card number on the actual card? so i cant buy things online with this card?? definitely a turn off
Yes you can buy things online with it!
Edit: are you referencing the credit card or debit card?
Pieeeee
Pie pie 🥧 pie 🥧
Cakes
Pie. Wait a sec...is cheesecake considered a pie or cake? Either way I am Ride or Die for Pie 🥧 🤪
Ooooh that’s actually a good question. Because it has cake in the name but it feels more like pie!
@@BrendanEvan I think if the primary ingredient is flour (by volume) then it should be considered a cake. Cheesecakes primary ingredient is cheese!!
Hereby renaming the dessert to:
Cheesepie
@@BrendanEvan I'd buy that.
pies are better than cakes. How much did M1 charge you for borrowing money ? you never told us ?? what was your profit with your 31000 investment with M1 ?
🥧
M1 charges everyone with M1 Plus the same, 2% of the amount you borrowed. So for me it’s like $20/month. That money and more is still invested so the profit is always changing. I won’t sell this investment for years and years and years
Cake is always best. lol
I love you for watching my video but we will diverge opinions on desserts!
@@BrendanEvan hehe lol
M1 Finance > Acorns.
Did you hear about their new credit card that just got announced today?
@@BrendanEvan Yes! It helps, but it's only for companies a person owns stock shares of. 10% back on Apple phones is great if a person is shopping for a new Iphone. Costco share holders will like it the most.
AGREEEEED
M1 has exorbitant exit fees if you don't like their crappy service. They want $600 in fees for wife and I to leave M1 for Fidelity. They are also extremely slow to release your dividends generally holding them an extra day beyond pay date, and if it's Friday, they hold them all weekend too. Awful customer service as well. Just awful company and I am sorry I ever signed up.
Yikes I’ve never heard of that!
Cakes are better 😄😄 sorry 🤷🏾♂️
😄I respect your opinion! Thanks for watching Moise!
@@BrendanEvan 😄😄 loved your video though!!
for questions, guidance and support anytime. Just send a Dm and don’t forget to hit the subscribe button
W/h/a/t/s/A/p/p/+1..(2..0..8)..5..0..0..5..1..5..4...