M1 Finance Review: Is M1 Finance the Best Robo Advisor in 2023?

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If you have experience investing but want the convenience of a Robo-advisor managing your portfolio, check out M1 Finance. This low-cost advisor manages your portfolios but gives you complete control of its setup and selection, which is great for advanced investors. You don’t answer the traditional questionnaire most Robo-advisors require to assess your risk tolerance and goals. Instead, you choose from a collection of ‘pies’ whether pre-built or you can build your custom pie based on your own knowledge and expertise. Is M1 finance right for you? Check out our M1 Finance Review to see.

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What is M1 Finance?

M1 Finance is a robo-advisor with a twist. Investors have 100 percent control over their portfolio, and can even make changes at any time. This differs from traditional robo-advisors that are more of a set-it-and-forget-it model.

Once you’re set up, M1 manages your investments, rebalancing your portfolio as needed. So it works like a robo-advisor as it provides automatic rebalancing and monitoring, but unlike traditional robo-advisors, they don’t pick your investments for you. That’s where your knowledge and expertise in investing comes in handy.

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Portfolio Structures

M1 uses the Modern Portfolio Theory as most Robo-advisors use, but rather than portfolios, they create ‘pies.’ You can choose from more than 80 expert or prebuilt pies and leave it as is, or customize it with your own choices of stocks and ETFs.

If you like setting your own assets and allocations, you can also set up a completely custom pie of your choosing. M1 has more than 2,000 ETFs to choose from, as well as any stocks you want to be added that’s listed on the New York Stock Exchange or NASDAQ. It will maintain the allocations, rebalancing your portfolio as needed as your portfolio changes.

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M1 Investment Categories

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Who Should Use It?

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M1 isn’t for the beginning investor. It’s a low-cost Robo-advisor/online broker for the experienced investor looking for a hands-off experience. You have much more control over your portfolio than you would at competitors, such as Webull or Robinhood. If you’ve never traded securities or don’t know how to build a portfolio, you’ll want to look elsewhere.

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M1 Features

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M1 Finance Pros and cons

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Commissions and Fees

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For the most part, M1 is free. There aren’t any platform fees or trading commissions. But they do have miscellaneous fees including:

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IRA termination fee $100

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Wire transfer $25

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Inactivity fee $20

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Paper statement fee $5

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M1 Finance Referral Program

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M1 thrives on referrals. They reward each current investor with a funded M1 account with a $50 referral fee for every person they refer using their unique link from their dashboard. Once your referrals sign up and fund their account, you’ll receive your $50 bonus 14 days later. Visit our M1 Finance Referral page to learn how you can receive $50 when you open an M1 Finance account.

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How it Compares

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M1 Finance vs Webull

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Webull is another commission-free trading platform and is great for active investors. It is more technical than M1 and trades only stocks and ETFs. Webull is research-rich and offers many tools for active investors. Like M1, Webull is for the advanced trader with experience in investing and who prefers a more technical approach to invest.

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M1 Finance vs Robinhood

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Robinhood was one of the first commission-free trading apps, but many soon followed. Investors may invest in stocks, ETFs, options, and cryptocurrency on Robinhood and has a $0 balance requirement. Like M1, you can buy fractional shares, but Robinhood doesn’t offer retirement accounts. Robinhood is great for beginning investors that want a lot of hand-holding whereas M1 is better for experienced investors that can make their own investing decisions.

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M1 Finance vs Fidelity

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Fidelity also joined the $0 trading commission bandwagon. You can trade stocks, options, and ETFs. Fidelity’s Robo-advisor, Fidelity Go, has a 0.35% of assets under management charge and also has full-service brokerage options (for high fees). Fidelity builds your portfolio based on your risk tolerance and goals, rather than having you select from predetermined pies.

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Bottom Line

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Is M1 Finance for everyone? No, it’s not. We like to think it’s best for advanced investors – those that have been in the market, know what they like and don’t like, and can choose their own investments. It’s a risk you take choosing your own allocations, but you may also use the prebuilt pies built by experts to start. The key is knowing what you’re saving for, what your timeline is, and how much risk you can take. In this M1 Finance Review, you have known that M1 is a great way to invest, save money on fees (a lot of money), and enjoy someone else watching over your portfolio.

 

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