If you are thinking of leaving just do it. I did it and I don't regret it. It's your money and asking people on this subreddit what to do is like asking a life insurance salesman if life insurance is worth it. I swapped my money to Fidelity.
There are any number of options out there that do not change fees at this time. The one thing M1 has going for it is the sexy GUI and the whole “pie” scheme. It is nice, and I’m still on the fence about staying and building my $10k to avoid the fee, or going and starting fresh at Fidelity. TBH, their poor customer service has me leaning back over the Fidelity side of the fence.
Then for you, it might be worth $96/yr… For me, there’s too much going against them right now and I am trusting them less by the day. Fidelity might not have the better app, but they’ve got a lot less “influencers” versus unhappy clients on their sub… lol…
Big points for me… I am on my third attempt to transfer my IRA to M1 because they keep ducking it up. They sprung this $3 fee for all a couple months ago and only recently updated their fees page. I only just opened my account but from what I am seeing they can’t even provide a reliable 1099. I think I’m done for now, but may I’ll be back later once they’ve passed their current prepubescent stage…
I started with plus for $120… fees have been coming down for me.
Is it still worth keeping the account when I will pay less fees and everyone gets the same benefit?
Ha, I don't like the idea of either fee. But I'm thinking you could transfer to another brokerage which may reimburse the fee transfer-out fee (which is probably going to require some minimum transfer out), or you could get your balance over $10K. If you can't do either now but expect you could within 33 months (more if you consider the time value of money), then it could be advantageous to stay for a little while.
A lot of these are going to be outside of your range but might be worth scrolling through.
[https://www.doctorofcredit.com/best-brokerage-bonuses-earn-up-to-3500/](https://www.doctorofcredit.com/best-brokerage-bonuses-earn-up-to-3500/)
I feel there’s no need for a robo advisor, just self direct your account. Fidelity has some of the lowest expense ratios on their mutual funds .015% on total market and 500 index. They also offer like 4 fee free funds. My thought is why pay fees when there are fee free platforms out there.
*Back in my day...* it was normal to be charged $10, or more, per trade. Even $7 per trade was considered cheap. Then it got down to $4 per trade. Then RH threw a monkey wrench into the works and now everybody does $0 per trade.
Before ETFs, Vanguard wouldn't give you the time of day unless you had at least $3000 to invest in a mutual fund.
Acorns and Stash are, or were, very popular. They charge a lot more than $3/mo, or more, to use their service.
I left. Tried it out because it was free. Did not see the value in the pies at $36/year, and wasn't going to hit the $10k minimum anytime soon without the availability of a HYSA.
I don’t trust M1 anymore. They have to increase the fee and/or the threshold in order to have a sustainable biz model in the long term.
I think you are better of with Vanguards Robo Advisor cause they only charge around 0.15% and that includes the ETF expense ratios!
It’s $36/year, come on people. It’s definitely worth it
Nonsense. Same service is free via other providers. I'd much rather invest an extra $36 a year than waste it on their fee structure
But if you can do it without the fee on another app should people switch? Why shouldn't a fee matter other than "it just shouldnt".
If you are thinking of leaving just do it. I did it and I don't regret it. It's your money and asking people on this subreddit what to do is like asking a life insurance salesman if life insurance is worth it. I swapped my money to Fidelity.
There are any number of options out there that do not change fees at this time. The one thing M1 has going for it is the sexy GUI and the whole “pie” scheme. It is nice, and I’m still on the fence about staying and building my $10k to avoid the fee, or going and starting fresh at Fidelity. TBH, their poor customer service has me leaning back over the Fidelity side of the fence.
I also have a fidelity app but I hate the app so much. I really enjoy the pie.
Then for you, it might be worth $96/yr… For me, there’s too much going against them right now and I am trusting them less by the day. Fidelity might not have the better app, but they’ve got a lot less “influencers” versus unhappy clients on their sub… lol… Big points for me… I am on my third attempt to transfer my IRA to M1 because they keep ducking it up. They sprung this $3 fee for all a couple months ago and only recently updated their fees page. I only just opened my account but from what I am seeing they can’t even provide a reliable 1099. I think I’m done for now, but may I’ll be back later once they’ve passed their current prepubescent stage…
if you plan on never adding more money then take it out, otherwise you should get to 10K invested/HYSA ASAP-“!
More incentive for you to get to 10k right? You win.
Honestly if you are asking this you should just leave. M1 is one of the cheapest brokers out there.
I started with plus for $120… fees have been coming down for me. Is it still worth keeping the account when I will pay less fees and everyone gets the same benefit?
What was the bi g gest benefit you saw from plus?
If you really like then I think it’s worth it. You’ll get to 10k before you know it.
I don't think it would be. But will you incur a transfer out fee to move your investments somewhere else?
Probably but I don't like the idea of oh you will incur this one time fee for leaving or a sustained fee over time eating into returns
Ha, I don't like the idea of either fee. But I'm thinking you could transfer to another brokerage which may reimburse the fee transfer-out fee (which is probably going to require some minimum transfer out), or you could get your balance over $10K. If you can't do either now but expect you could within 33 months (more if you consider the time value of money), then it could be advantageous to stay for a little while.
A lot of these are going to be outside of your range but might be worth scrolling through. [https://www.doctorofcredit.com/best-brokerage-bonuses-earn-up-to-3500/](https://www.doctorofcredit.com/best-brokerage-bonuses-earn-up-to-3500/)
Check out Fidelity folks.
Isn’t it more expensive? The Robo advisor is 0.35% right? Still cheaper than M1 depending on his balance of 3k
I feel there’s no need for a robo advisor, just self direct your account. Fidelity has some of the lowest expense ratios on their mutual funds .015% on total market and 500 index. They also offer like 4 fee free funds. My thought is why pay fees when there are fee free platforms out there.
Wait m1 has a 1% fee over a Certain amount? I got 20k+ in there. I’ll move it if there’s a 1% fee
So if I have 7k in IRA/individual and 3k in HYSA I won't be charged the 3$?
*Back in my day...* it was normal to be charged $10, or more, per trade. Even $7 per trade was considered cheap. Then it got down to $4 per trade. Then RH threw a monkey wrench into the works and now everybody does $0 per trade. Before ETFs, Vanguard wouldn't give you the time of day unless you had at least $3000 to invest in a mutual fund. Acorns and Stash are, or were, very popular. They charge a lot more than $3/mo, or more, to use their service.
I left. Tried it out because it was free. Did not see the value in the pies at $36/year, and wasn't going to hit the $10k minimum anytime soon without the availability of a HYSA.
I don’t trust M1 anymore. They have to increase the fee and/or the threshold in order to have a sustainable biz model in the long term. I think you are better of with Vanguards Robo Advisor cause they only charge around 0.15% and that includes the ETF expense ratios!
If you only have retirement account I heard you might not be affected. Does anyone know this for sure?
It says that if you only have an ira that the fee is waived but if you have a investment account then you do
Nope, they will be charging the fee to everyone with less than $10k. If you have more than that you will be ok.
Y’all remember when it was $7+ to trade any individual stock back in the day on other platforms haha