M1 Finance vs SoFi: Which You Should Use (And Why)

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Curious about M1 Finance vs SoFi? Technology advancements are revolutionizing the world of investing. Now, you can invest in funds like exchange-traded funds (ETFs) and stocks from the comfort of your home. Robo-advisors break geographical barriers, allowing investors to access the global market.

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Unfortunately, with the automation of financial planning services, malicious actors are working hard to defraud unsuspecting investors. To be safe, it’s important to define your needs, look into the reputation of robo-advisors you’re considering, and understand how much they charge.

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What is M1 Finance?

M1 Finance is a platform offering automated investing opportunities that gives users the freedom to create custom portfolios. As of 2021, the platform managed over two billion USD for more than 500,000 users.

Apart from automation, M1 Finance also provides free portfolio management services. The platform is on a mission to bring freedom, power, sophistication, and ease of use to their clients’ financial journeys. If you want to discover more about M1 Finance, we’ve got you covered. Here’s our M1 Finance Review to help you understand how M1 Finance works.

What Is SoFi?

Founded in 2011, SoFi is a robo-advisor offering a different approach to money management. The company has more than 1,500 employees, over 2 million members, and is based in the United States. SoFi products focus on investors and provide critical tools to align with their financial future. The platform operates under the mantra “Get Your Money Right.” The phrase is multifaceted – to some, it means living without debt, while to others, it means saving to buy a home.

The Federal Deposit Insurance Corporation (FDIC) insures up to $1.5 million in funds on the platform. Additionally, SoFi provides around-the-clock account monitoring for your security.

Available Investments

M1 Finance

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Stocks – With M1 Finance, you can choose between preferred and common stocks. The advantages of common stocks are that shareholders have voting rights and share prices reflect on your profit margin. On the other hand, preferred stocks earn shareholders fixed-amount dividends, but shareholders don’t have a seat on the decision-making table.

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Bonds – If you are looking for a relatively low-risk investment, bonds are the way to go. M1 Finance supports investments in corporate, municipal, US Treasury Securities, and US Savings bonds.

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Investment Funds – These include exchange-traded, mutual, and index funds.

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Others – M1 Finance is also ideal for those looking to invest in real estate, commodities, Blockchain ETFs, and IRAs (individual retirement accounts).

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SoFi

Bonds – SoFi supports treasury, municipal, mortgage-backed, asset-supported, and corporate bonds.

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Private Companies – The platform allows you to invest in private companies through direct investments instead of buying shares in a publicly listed company.

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Cryptocurrencies – For tech-savvy investors, SoFi allows clients to interact with virtual currencies.

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Commodities – Instead of physically holding commodities such as gold, coffee, or barrels of oil, the platform supports derivatives, enabling investors to wager on the commodity market.

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Others – SoFi supports other investment products such as mutual funds, ETFs, annuities, and derivatives.

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Breakdown of Investments

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Fees and Commissions Comparison

M1 Finance offers commission-free trading and supports everyday activities like withdrawing and depositing from a connected bank account. However, it charges a small fee for services like delivering paper copies of your documents overnight through the mail. Also, accounts with a dormancy period of more than 90 days incur an inactivity fee of $20. Direct outgoing and Computershare transfers require a standard fee of $100 and $115, respectively.

Other fees and commissions on M1 Finance include IRA termination fees, mutual fund sales, check requests, domestic wire transfers, ACH notices of change, amendment repairs, returned checks, rights exercises, and ACH returns. Also, M1 Finance charges regulatory fees like those associated with the United States Securities and Exchange Commission (SEC) and Trading Activity Fee (TAF).

On the other hand, SoFi investors incur zero fees for activities such as account maintenance, overdraft, ATM card replacement, statement processing, dormant account, peer-to-peer transfers, return item, and point-of-sale (PoS) transactions. However, SoFi states that the “fee structure and ATM fee reimbursement structure are subject to change at any time.”

SoFi accounts fall into the inactive status after their users fail to log in, deposit, or withdraw for one year. While most of the activities on the platform are commission-free, SoFi charges for wire transfers, outgoing ACAT transfers, insufficient funds/returned ACH, and paper confirm fees. Also, SoFi charges you when you request paper statement fees, and the platform transfers SEC/FINRA Trading Activity Fees and other regulatory fees to you.

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Summary of Fees and Commissions

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Features

M1 Finance

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Borrow – As an M1 Finance user, you can borrow funds at a low rate. Notably, your investments provide the collateral for the loan, eliminating extra paperwork.

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Invest – The M1 Finance Invest feature allows investors to control their investments through custom, flexible, and automated tools. It even provides for fractional investments into shares. Also, the feature uses pies to help investors customize their investment journeys.

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M1 Plus – Here, investors access exclusive features that catapult returns on investment. For example, it offers free usage for the first 12 months and loans with zero interest fees, among other perks.

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M1 Spend – This feature offers you a more flexible way to move your money around. For instance, it offers a Visa-enabled debit card that gives you one percent cashback.

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SoFi

SoFi allows users to borrow, invest, spend, and insure. Its borrow offering accommodates student loan refinancing, private student loans, personal loans, home loans, and auto loan refinancing.

SoFi Invest focuses on IPO investing, cryptocurrencies, ETFs, retirement accounts, and automated investing. Spending through SoFi gives you access to a credit card that earns you 2 percent cashback. Based on the above features, SoFi provides more elaborate benefits and beats M1 Finance on cashback on spending with a credit card.

Referral programs

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M1 Finance operates an affiliate program that allows referrers to earn $100 when their referral’s account balance reaches $1,000. Also, the platform offers a refer-a-friend program that earns inviters $50 when they successfully refer their friends to the platform. Note that the friend needs to deposit $100 (or $500 for an IRA), and both of you earn $50. Read more about the terms and conditions on how to earn the M1 Finance $50 referral bonus in this M1 Finance referral article.

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SoFi also runs a referral program in which it rewards referrers and referrals with $50 each if the invited friend makes and maintains a deposit of at least $500 for one month. However, each of its top products has unique referral rules, and the payouts may vary and can reach up to $300 per referral.

Customer Service

M1 Finance offers three ways for users to get help; instant help, email, and a phone number. The platform’s customer service desk is open Monday through Friday from 9 a.m. to 4 p.m. ET.

SoFi provides customer support through phone-based chats available Monday through Sunday, email, and social platforms like Twitter. SoFi’s presence on Twitter offers a speedier option for interaction with its clients compared to M1 Finance.

Education and Research

M1 Finance operates a blog that provides education materials. Additionally, the platform has a FAQ section that helps users easily navigate the platform. SoFi, on the other hand, has a FAQ wall, a blog, and a help center.

Pros and Cons

M1 Finance

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SoFi

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Conclusion

M1 Finance is ideal for users who already have the hang of how investing works. On the other hand, SoFi makes it simple for newcomers to join the investing world.

From this M1 Finance vs SoFi comparison, there isn’t a clear winner, since each platform appeals to different types of investors – M1 Finance is more suitable for passive traders, while SoFi is better for active traders.

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What is M1 Finance?

What Is SoFi?

Available Investments

M1 Finance

SoFi

Fees and Commissions Comparison

Features

M1 Finance

SoFi

Referral programs

Customer Service

Education and Research

Pros and Cons

M1 Finance

SoFi

Conclusion

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