Should You Still Be Using M1 Finance in 2024?

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Should You Still Be Using M1 Finance in 2024? - M1 Finance Review

Рет қаралды 15,212

Jay Fairbrother

Күн бұрын

Пікірлер: 88

@JayFairbrother 5 ай бұрын

3/24/24 UPDATE: M1 Has released a New Cash Account With a 5% Interest Rate! Check it out here: jayfairbrother.me/m1-finance

@GregK235 5 ай бұрын

The irony is that I was thinking about adding M1+ as my portfolio grew larger. Some of the products, like the lower rate for M1 Borrow, become more attractive with a larger portfolio. The fee for

@JayFairbrother 5 ай бұрын

Agreed, I like not having to pay for M1+ anymore, but it might hurt them in the long run by not attracting new investors who will grow and remain loyal to the company they got started investing with.

@DezmondAbrams 2 ай бұрын

I've been using M1 for about a year now and LOVE it thus far. Get the 5% HYSA each month and love the automation each week I add funds. Don't use the checking/debit features at all.

@HunterM09 2 ай бұрын

Just signed up yesterday and wasnt aware of the $3/mo fee, despite it being an ideal platform. Thank you for answering these questions! Think I’m gonna close my account and reopen when I’m more prepared.

@jzen1455 2 ай бұрын

I signed up a couple days before hearing about the fee today. No where on their site does it mention the fee. I didn't see mentioned anywhere on Reddit. It was only after I opened an account and created a pie did I find the "platform fee" tab hidden on my account. I sent a request to close by individual brokerage accounts, but there's no way to close youe entire account down or remove your bank info. Have you been getting charged fees since leaving?

@JayFairbrother 2 ай бұрын

There's not a chance you looked on Reddit and didn't see anything about it. It's the only thing the M1 sub was talking about for months lol

@RxKIM777 Ай бұрын

@@JayFairbrotherI just noticed it last month but I’m a new investor with hardly any money that was trying to learn as I go on. But now I’m just losing money every month. Is there a way to withdraw all my money and close my account. I know they have to keep my financial documents for X years but I’m thinking of calling it quits on M1 finance for now at least. No income as a student. I noticed the change when they sold a portion of my portfolio to cover the monthly fee. I don’t use reddit, or rather I just started so I can learn.

@ryanjamesr_ 3 ай бұрын

Be aware that M1 Finance automatically opts you in for Stock/Securities lending, be sure to opt out if you don't want your stocks lended out!

@AKA2015 3 ай бұрын

how?

@TM-123 Ай бұрын

How do you do that?

@Load2DeliverLLC Ай бұрын

How does that affect your account?

@dansal4726 4 ай бұрын

I would think charging smaller accounts would hurt them in terms of getting new accounts and people with smaller accounts to transfer their funds elsewhere, especially to Robinhood where they have more incentives.

@JayFairbrother 4 ай бұрын

Agreed, but Robinhood does charge more than M1 for the extra features even though investing is still free

@blindluckproject1217 3 ай бұрын

Agreed If they wanted to charge they should have an option to opt out by setting up an auto deposit. Small accounts become big accounts, you want to encourage user growth Seems like an odd move

@jzen1455 2 ай бұрын

@1992Co 4 ай бұрын

I’m already above the 10K and even if I wasn’t the fact that it is all automated for $3, metal BLACK credit card and 5% APY are all good reason to keep IMO. I’ll probably drop a full years worth of M1 at the bar this weekend on two margaritas so YOU CHOOSE. 😂

@JayFairbrother 4 ай бұрын

Lmao! I do agree it’s a lot of fuss over $36. But I’d also be upset if I was one of those small accounts, so I get both sides

@SethuSenthil 4 ай бұрын

I already get 5.50 - 5% APY with the Wealthfront saving account for free (I don’t use Robo advisor with them). And I think a lotta people already get comparative interest elsewhere

@Gandalf17 4 ай бұрын

Cash rewards for buying at walmart was 2.5% and 10% at dolllar general. They got rid of that! now its just 1.5%.

@JayFairbrother 4 ай бұрын

I think the stores themselves control that & what agreement they’ll make with each credit card company

@josephscott1952 2 ай бұрын

$3.00 a month to use the platform? That's $36 a year! And I have just the platform. It's all done by AI Logarithms and now we all have to pay $3.00 a month? I don't think I'll be investing in M1 Finance anymore and you all should do the same!

@josephscott1952 2 ай бұрын

Yeah I noticed that $6.00 was taken out 5/15/24 and 6/15/24 without my authorization. Technically this is theft and tampering with my account can result in M1 losing me as a customer.

@DanSaleem 3 ай бұрын

OMG I was up to open an account now and saw this video. What a bummer

@depthbrewedrollers.8793 3 ай бұрын

Huge bummer. I been with M1 for 2 years and was so happy with it that recommended the app to everyone I know. Hopefully M1 sees this video and reconsiders before I find another platform.

@jzen1455 2 ай бұрын

@InvestWithFFI Ай бұрын

Anyone find any similar (automated investing in pre-determined percentages set up by the user) FREE alternatives to M1?

@maxjuarez5277 5 ай бұрын

Great Video! I was with M1 since 2020 but didn't like these changes that were happening, so I transferred to fidelity last week. 3 dollars a month isn't much, but I feel they should not be charging for something that is free on other platforms. I also wanted to see more from the platform (show more research data on stocks or funds, add other products like 529 plans etc.). I never had any issues with customer support, thought they were helpful, and the response time was quick.

@JayFairbrother 5 ай бұрын

They're giving you a lot more for $3/mo than just the investing app though. But if you don't use any of their other products and have less than $10k wtih them I don't blame anyone for going somewhere else

@jzen1455 2 ай бұрын

I signed up a couple days before hearing about the fee today. No where on their site does it mention the fee. I didn't see mentioned anywhere on Reddit. It was only after I opened an account and created a pie did I find the "platform fee" tab hidden on my account. I sent a request to close by individual brokerage accounts, but there's no way to close your entire account down or remove your bank info. Have you been getting charged fees since leaving?

@Wildboy789789 3 ай бұрын

Well that's a pity, I was gonna come back... 3 bucks a month I'll have to do the dividend math... robinhood is well worth the 5 a month I pay, I just wanted m1 for a little custom fund... wait will all accounts now get margin borrowing, perhaps i can make it work

@michaelswami 5 ай бұрын

Payment for order flow would have been less visible and less painful, especially for the buy and hold crowd.

@JayFairbrother 5 ай бұрын

I agree, but even a lot of "buy & hold" investors were convinced they were getting screwed by less than optimal prices every time they bought.

@patriciakochanek4959 5 ай бұрын

Yes to everything you said! ADDITIONALLY - they REDUCED the cash reward on their "Spend" CC to gas stations and airlines from 5% cash back to 2.5% cash back! BOO for that too. (Still gonna stay with them, they are one of my 3 investment platforms... but still... was bummed I paid all this time for access to the upper echelon 5% HYSA and now everyone gets it... ah well... Not bad enough for me to leave. I like their simplicity.)

@jjspleen8611 5 ай бұрын

I have been in M1 since 2021 with accounts for my kids and small one for me, my main brokerage account is elsewhere. While with the Roth i have and kids accounts are over 10k, I will be passing my oldest child’s account over soon to her, which would put me just under 10k. Can easily fill the gap. 2nd child to follow 2 years later. I will most likely stay until then and see where M1 is then if it has not been purchased by someone else at that point. To say these changes would of been a surprise would be false. All do the great deals to reel people in. Not the most terrible thing so far. What they do next will decide if they are the one small investor head to.

@RxKIM777 Ай бұрын

I have a question or more like advice. I only started with a few hundred bucks in M1 finance. With this 3$ a month, should I just withdraw all my money and close my account? I’m just losing money now that’s why. I started to just test and learn more but now it’s just a loss every month.

@whiteru55ian33 2 ай бұрын

Why can’t I look at my stocks values 5years ago it only goes back 1 year now.

@gisellereyes7422 5 ай бұрын

I loved M1, until they closed the checking account 😢. I still invest with them because its easy though.

@JayFairbrother 5 ай бұрын

I've seen people saying they've been able to open up a new 'cash account' at M1, separate from the HYSA but still paying 5% interest. I'm hoping that's their answer to replacing the checking account but I couldn't find enough info about it yet to include in this video

@mattw785 5 ай бұрын

So, they've become like most financial service companies, like STT. I saw many accounts purged with a smile...

@depthbrewedrollers.8793 3 ай бұрын

Excellent video. I Been using M1 for two years and was pleased with it until they rolled out w/ their three dollar monthly fee. Hopefully M1 see this video get reconsidered before I find another platform to move to.

@glitterchampion101 2 ай бұрын

So Fi probably a better option similar to M1

@chefhomeslice2663 2 ай бұрын

Doesn’t work anymore Can’t buy or sell anything

@toxicsvoid 4 ай бұрын

So if I have 7k in IRA/individual and 3k in HYSA I won't be charged the 3$?

@JayFairbrother 4 ай бұрын

As far as I understand it, that's correct

@BW-kv9wj 3 ай бұрын

I’m still very happy with M1. I’m think about rolling over my IRA to M1 in excess of $1.4M.

@JayFairbrother 3 ай бұрын

They run account transfer bonuses pretty regularly. Wait for one of those if you’re looking to transfer in

@412foto 2 ай бұрын

trying to figure out a broker to use for investing. so which do you recommend for newbies and those not needing advanced features but want control (unlike acorns) and fractionals of course

@JayFairbrother 2 ай бұрын

M1 is still my recommendation, it's what I use & the main investing platform is till very simple and straight forward. Even with the $3/mo fee for balances under $10k I think it compares favorably to what a lot of its competitors are doing

@georgegonzalez5322 4 ай бұрын

I started on M1 finance because of a youtuber. Now I saw this and is awful because I am stuck on this. Please don't offer M1 finance anymore. Is awful. It is cheaper to stay and get to 10k. But I hate investment in this company now. I don't like how they force the changes. I would prefer to go to fidelity

@JayFairbrother 4 ай бұрын

So go to Fidelity? There’s nothing stopping you

@cheesepantsgaming1964 4 ай бұрын

@JayFairbrother there is a 100 dollar fee to close accounts. So, I am trapped between closing fees or staying.

@JayFairbrother 4 ай бұрын

@@cheesepantsgaming1964 every broker has a fee like that. Most places you transfer to will reimburse you for it

@heathmcconnell3901 3 ай бұрын

@@cheesepantsgaming1964 You can avoid the $100 fee if you're willing to liquidate the investments and move the cash instead.

@jzen1455 2 ай бұрын

@frosted1030 4 ай бұрын

How often does your money compound at what rate in the savings account?

@JayFairbrother 4 ай бұрын

Currently 5% paid at the end of each month.

@frosted1030 4 ай бұрын

@@JayFairbrother Compounded monthly, or daily? I am contrasting with Discover that compounds at 4.16% daily and pays monthly.

@JayFairbrother 4 ай бұрын

@@frosted1030 same as any other bank account...paid monthly based on your daily average balance

@frosted1030 4 ай бұрын

@@JayFairbrother That implies that M1 compounds monthly. Can you point me to an M1 resource that gives specifics?

@rimmyreddy788 4 ай бұрын

3 dollars a month is a no go for m1. I have more than the minimum but if i didn't i'd close my account. Their features with investing are the worst of any platform. I get it doesn't incentive trading but the trading windows are the worst windows to buy or sell stock. Surely you wont make the most with m1 but it you set it and forget it, i can see why people like m1 over other platforms.

@JayFairbrother 4 ай бұрын

The way to make the most is to do the least

@rimmyreddy788 4 ай бұрын

@@JayFairbrother doubt it. U can take them same pies n just buy on other platforms and have it dca

@JayFairbrother 3 ай бұрын

@@rimmyreddy788 Yeah, I meant trading more often isn't going to get you better returns. That's why I went with M1, I can just dca and it's all hands off

@dmitryge 3 ай бұрын

This is a very low quality review. M1 still makes money from order flow, and not a word about margin.

@arturoelizondojr6420 4 ай бұрын

Does M1 finance have S&P 500 and Real Estate

@JayFairbrother 4 ай бұрын

Yes, they have many different ETFs for each

@depthbrewedrollers.8793 3 ай бұрын

Yes they do because that’s the only ETF I have with M1. S&P 500 trades under VOO

@sunflower-bf7uy 4 ай бұрын

Most inaccurate platform i am using😢

@iMixMaSteR1 5 ай бұрын

35% of your portfolio in vxus and bnd? Gross

@Jpsantos94 4 ай бұрын

Yea, it's called diversification. All of you people on KZfaq and reddit just chase past performance and that's usually the worst way to invest. I bet you'd be surprised to learn that bonds have outperformed stocks many times, even up to 20 years straight.

@iMixMaSteR1 4 ай бұрын

@@Jpsantos94 If you think bonds are worth it enjoy being poor and losing to inflation.

@joed2525 4 ай бұрын

GET OUT! M1 is making huge mistakes. I want to take my money out when I want at any amount! Wtf is this 100$ minimum withdraw b.s

@ModernMoneyHabits 5 ай бұрын

Nope. I cut them loose when they announced the newest changes. That company doesn't know what they are doing and who they are in the space. This is the same BS Betterment did when John left the company. The best move the owner of M1 could make is to sell the company and move on to something else. M1 is a joke at this point.

@JayFairbrother 5 ай бұрын

It feels like a move designed to purge unprofitable accounts from the platform without having to come out and say it. Kinda like “We won’t fire you, but we’re moving your desk to the storage room till you quit”

@kenjohnson1594 5 ай бұрын

Hey Jay, this was a great video explaining the pro and cons of M1 new changes. I have a small account, which is a side account and now I have to pay for not having 10k. The whole objective is to gain nit loose. So I seriously have to figure out is it worth it. Again thanks for the breakdown. Keep up the great job

@camai75 5 ай бұрын

Really…you’re bitching about $3.

@user-ep7el6vt7o 5 ай бұрын

@@kenjohnson1594it uses to be 125$ a year and now you complain for 3 a month .Really ?

@kura_bot 5 ай бұрын

You two, it isn't about the $3/month I will spell it out for you, there is no point in paying for services you can get for free elsewhere with little effort that is why we the commentors and the uploader are here on KZfaq right now, where it is free to watch and upload, instead of a website with a fucking subscription service like Nebula. You would think investors, the kind of people that actually care about money giving them a return, would already know this, since the POINT of investing is to gain

@bobsimmons1470 4 ай бұрын

A technology fee for one of the UGLIEST apps out there? 😂😂😂😂

@JayFairbrother 4 ай бұрын

I like their app better than any I’ve tried except for Robinhood…which has a whole other set of issues as well all know

@naptime43x 4 ай бұрын

@@JayFairbrother i liked it better before the updates, now it is more difficult to navigate for me. look at the size of those buy/sell circles, they are tiny. the side bar that cuts into the already limited performance graph, that was also changed to have less information. several giant steps back imo. if we are expected to pay for the previously free features we signed up for, i would like to see a more friendly UI than what they have foisted upon us in the guise of 'improvements'.