M1 Finance review 2019: Investor’s dream or worst nightmare?

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

If you’re looking for a convenient way to manage all of your financial accounts in one place, this M1 Finance review is for you.

M1 Finance is a mobile app that is available for Apple and Android platforms. You can also access it through an online platform. M1 Finance provides you with a convenient way to manage your financial account types in one convenient location.

It also takes an innovative approach to investment account management. Numerous beneficial features and functions are available via free and paid plans. You can better determine if this mobile app meets your money management needs by reading an M1 Finance review.

About M1 Finance

m1 finance review

Founded Brian Barnes, the goal of M1 Finance is to improve upon existing online brokerage platforms like Robinhood, Betterment and Wealthfront.

M1 Finance is more than an investment platform.

It simplifies investing while also giving you access to a checking account.

Lending options with a low interest rate are also available to accountholders. M1 Finance works to simplify–and even to improve–how you manage your money. The result is a comprehensive yet easy-to-use platform.

M1 Finance Review

The M1 Finance app is well-suited for most investors’ needs. This includes experienced investors who own investments currently.

M1 has three categories: M1 Spend, M1 Invest and M1 Borrow.

Its many features and benefits help you save time. They also promote smarter investment decisions regardless of your expertise. The app has three primary categories, and these are the M1 Spend, M1 Invest and M1 Borrow sections.

You can gain deep appreciation for what the M1 Finance app delivers after exploring each of these sections in greater detail.

M1 Finance Benefits

M1 Finance takes responsible investing and money management to a new level. Experienced investors have extensive experience with terms like expense ratios and tax-loss harvesting.

“Is M1 Finance legit?” Yes, they’re SEC registered with no FINRA disclosures.

New investors may not understand these concepts. But you do not need to be a financial expert to make smart investments. Because M1 Finance simplifies investing for your benefit.

M1 allows you to invest in “pies” based on your risk tolerance.

Dozens of expert pies created by financial experts are available for investors to choose from. A robo-advisor maintains a desired balance for investors based on their risk tolerance.

The pie investment approach enables you to easily manage your investment strategy and work toward your goals. Another option is a custom pie. Custom pies provide greater control over your investment portfolio and its asset allocation.

m1 finance review 2

M1 Finance provides exceptional benefits across its well-designed features. Specific features and benefits vary depending on whether you choose the free standard account or the M1 Plus account.

M1 Finance Account Types

Individual and joint investment accounts are available through M1 Finance. Alternatives to these taxable accounts are retirement accounts, such as IRAs and SEP IRAs. Traditional retirement accounts and trust accounts are also available.

This app was acquired by Goldman Sachs. Learn more in our Clarity Money review.

Contact your financial advisor to learn about your tax liability for your investment account. The investment options for these various types of accounts hold steady. However, investment options differ between the standard and M1 Plus plans.

All new investors can choose between a free account and an account with an affordable annual fee. Investors may upgrade to the paid M1 Plus plan at any time. The M1 Plus plan includes cash-back on purchases and interest accrual on your checking account. It also gives you additional investment options and more advantageous financing terms.

M1 Spend Review

m1 spend review

The M1 Spend section provides you with access to your FDIC-insured checking account, and can be entirely monitored and managed through the app. Accountholders can pay bills electronically and accept direct deposits. They can also view their account balance and manage debit card transactions.

The standard checking account has no annual fees. You are not required to maintain a minimum account balance. The checking account can also be integrated with your M1 Finance investment account. A plastic debit card is included with the basic plan.

Check out our list of the best investing apps for new investors.

Accountholders under the M1 Plus plan pay a nominal annual fee. This fee provides you with no fees on up to four ATM transactions each months and a titanium debit card.

The M1 Plus plan also includes cash back benefits on all purchases and interest generated on the balance. These benefits may cover the cost of the annual account fee for some accountholders.

M1 Invest Review

m1 finance review

Both personal and retirement accounts are available with the M1 Finance investment platform. Accountholders should pay attention to the tax liability associated with both options.

The M1 Finance investment account delivers a hands-off approach to wealth-building. This yields tremendous financial savings as you grow your portfolio.

Account holders are not charged management or trading fees.

New investors may appreciate the lack of a minimum investment amount. M1 Finance also allows you to transfer your own portfolio to get started. M1 Finance provides you with access to a wide range of investment options. You have access to full and fractional shares of individual stocks available on the New York Stock Exchange and NASDAQ. ETFs, or exchange-traded funds, and mutual funds are also available.

The platform uses a pie investing approach.

This enables significant financial benefits without a major time commitment. Day traders, hedge fund followers or other may spend hours monitoring the markets. M1 Finance eliminates the time and stress associated with analyzing investment options. Instead, you can choose from one of the existing pies created by financial experts.

m1 finance review 3

You can also create a custom pie based on your risk tolerance and objectives. The platform enables automatic reinvestment activity and provides automatic rebalancing.

This reduces the need to check your account as frequently as you otherwise may need to. Your M1 Finance investment account is insured by SPIC. But losses associated with market fluctuations are not insured by SPIC.

M1 Borrow Review

m1 borrow review

The ability to borrow money at an affordable interest rate is essential and helpful at times. Through the platform, you can apply for a low-cost home loan, a car loan, a line of credit or a personal loan. You can also refinance student loan debt, a mortgage or credit card debt.

Another idea is to leverage your investment portfolio with a short-term loan.

In addition to the benefit of an affordable interest rate, you can enjoy confidence that your financing request will be approved. Another benefit? There’s no extra paperwork required (not even a credit check).

M1 Finance Fees

The following is a screen capture of the M1 finance fee schedule.

They do not charge for using the platform or for regular investing activities.

m1 finance review

Brian Roberts

Brian Roberts

Editor at CarefulCents
Featured in The Washington Post and published in Entrepreneur, Forbes, Business Insider, Time, Inc., CNBC and others.

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