Author Topic: Anyone have experience with M1 Finance?  (Read 1615 times)

DragonSlayer

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Anyone have experience with M1 Finance?
« on: June 20, 2018, 11:21:06 AM »
I'm about to be the victim of the Capital One conversion to Etrade. Etrade does not offer the same type of trading that Cap. One did, in that there is no way to buy fractional shares as you could through Sharebuilder (which then changed to Cap One).

M1 Finance seems to be the best alternative I can find, in that they offer fractional share buying and they're free. But they're also very new, so information is kind of spotty. Does anyone have any direct experience?

I'm thinking I'll have to let the move go through to Etrade anyway, as I keep hearing that Cap One makes it very difficult to do a transfer out. (Medallion guarantee and miles of paperwork.) But as soon as it moves, I want out. I don't care for etrade.

If not M1, anyone have any other suggestions? I've looked at Vanguard, Fidelity, etc. but none offers the ability to build larger positions in high priced funds through fractional, automated investing.

This whole thing is causing me anxiety and I just want it over with, but Cap One just keeps saying, "Later this year." Ugh.

jacoavluha

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Re: Anyone have experience with M1 Finance?
« Reply #1 on: June 23, 2018, 10:08:07 PM »
I have experience with both. E*TRADE is better. M1 has growing to do.

I transferred some securities to M1 in kind. M1s online platform will report your “cost” (basis) as the value of the security when it gets to M1, rather than your true basis. Customer service also couldn’t tell me what my realized gains were after selling some securities that were transferred in.

It might work just fine if you’re starting from zero. But I definitely would not transfer an account there unless you want frustration, and plan to double check your 1099 against your own records carefully.

By contrast I’ve had good service from E*TRADE.

Are fractional shares that big of a deal for you?