M1 Finance Reviews

M1 Finance Reviews: A Real User’s Perspective

Product: M1 Finance
Price: Free + No Fees (Open An Account & Earn $20- Check below)
Type of Program: Finances, Investments
Rating: 9 out of 10

Are you looking for a more straightforward approach to invest your money? Do you prefer not to go through the hassles of paying trading fees? You may have heard of M1 Finance in recent years. If you’ve read some M1 Finance reviews, this post will include a review of my own experience and perspective as a user in the last year. I will write a similar review that I did last week on Skillshare, so I will do the same with M1 Finance.

M1 Finance Reviews: Overview

I believe M1 Finance is one of the best investing services out there, especially for beginners. Whether you’re investing in the stock market or saving money for retirement (i.e., Individual Retirement Accounts-IRAs), M1 Finance has plenty of options available. But if you’re like me, I’m not a day trader or a stock market expert. I prefer to know the core basics of investing, and I’ll always be a life-long student of investing. Similar to other M1 Finance reviews, I will review some of the critical points of the financial service, including:

1.) M1 Finance Overview

2.) M1 Finance Products

3.) M1 Finance Key Features

4.) Who It’s For & Who It’s Not For

5.) Rating and Overall Thoughts

M1 Finance Reviews: What is M1 Finance?

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M1 Finance (based in Chicago) is an online financial services platform that launched in 2016. The idea behind it was to make investing easier and incorporates Robo-advisors. Robo-advisors are designed for online users to make business decisions, with little to moderate human interaction. One key component of M1 Finance is they require no investment fees for their accounts. Without the fee requirements, it makes it easier for consumers to invest their money with confidence.

M1 Finance Reviews: Products Offered

M1 Finance offers three core products on its platform. The following include:

M1 Finance Reviews

M1 Finance Reviews

1.) M1 Invest

This product allows you to build a customizable portfolio of the stocks and funds you want from more than 80 expert portfolios. With the automated features, you can customize your portfolio by choosing from more than 6000 stocks and funds. Having the pie demonstration makes it easier to manage your investments. Account options include individual, joint (i.e., relative, spouse, domestic partner), retirement, and trust accounts.

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2.) M1 Borrow

This product allows you to borrow money at low-interest rates. Your accounts need to have at least $10,000 to be eligible for borrowing. M1 Borrow also gives you the flexibility to pay for large or unexpected expenses. Whether that’s an emergency fund, a down payment for a house, M1 Borrow makes it easier when it comes to those significant financial decisions.

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3.) M1 Spend (launched in 2019)

This product works like a traditional checking account, along with getting a debit card. You can set up a direct deposit and quickly transfer money between accounts. M1 Finance recently came out with this last year, and so far, it’s had positive feedback among users. 

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4.) M1 Plus ($)

With M1 Plus, you get access to more perks as an M1 Finance user. Such perks include: discounts (0.25%) on M1 Borrow, 1.5% APY interest return on M1 Spend accounts, and up to 1% cash back on purchases through an M1 Plus debit card. An M1 Plus account does cost an annual fee of $125/year. Even though it requires a paid membership to have this account, the perks are beneficial while growing your wealth.

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M1 Finance Reviews: Key Features

Unlike most brokerage firms, M1 Finance comes with some neat features. One of the significant features includes fractional shares. If you’re not familiar with the term, it is the ability to buy less than 1 percent of a given stock. For example, Amazon’s stock price (as of February 2020) is not too far from $2200. Instead of buying a full share of Amazon’s stock, you can invest as little as $25 of Amazon’s stock. Rather than investing in a full share of stock, you can buy as little as 1/10,000 of shares of any stock or ETF that trades on the M1 Finance platform.

Another great feature is the automatic rebalancing of your investment pies. When you have your portfolio set up, you can move a percentage of shares around if you want to rebalance your stock investments. Also, M1 Finance provides free retirement accounts, with no fees attached. There is a $500 minimum to open an account, but they make it easy to set up in a short amount of time. With retirement accounts, you do have options to transfer from other brokerage firms. Or, if you have a 401k account under a former employer, you can easily switch that over to an IRA or Roth IRA account.

M1 Finance Reviews: Who It’s For? 

M1 Finance is suitable for beginners starting in investing, and don’t have a comprehensive understanding of the financial markets. Especially for people who want a more natural understanding of spending their money. So M1 Finance matches a beginner-intermediate level of investing and trading.

Who It’s Not For?

M1 Finance is not for day traders, or anyone willing to take on high-risk investments. On the same note, with the fractional share feature, it’s not for investors who are ready to buy full shares of stocks. Unless you consider yourself a stock market guru and want to take on more risk in your investments, M1 Finance is not the best platform for these types of investors.

M1 Finance Reviews: A Win-Win? Yes!

Rating: 9/10

I’ve been using M1 Finance for almost six months, and I more than satisfied with the services provided. What stands out is its simplicity, and the services are very user-friendly. The M1 Finance mobile app is easy to navigate, and like most people, I primarily use the app over their desktop version. That’s how nice and convenient it is to manage my investments through their mobile app.

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Also, I enjoy utilizing the research section on the current trends and stock performances. M1 Finance conducts regular webinars throughout the year on using its services and provides exceptional customer service. As mentioned earlier, it’s nice I don’t have to buy full shares of stocks, especially if I’m not some who isn’t willing to take on high-risk investments (at least for now). So the fractional shares feature is a winner for those who are beginning to invest in stocks and ETFs

I don’t consider myself an investing geek, but I have to give credit to Ryan Scribner. He’s a Youtube creator who produces videos on investing and entrepreneurship. His videos are well-done and provide excellent value to my understanding of money. I added a video in this post of him doing a brief overview of M1 Finance. Check it out, and if you like his video, subscribe to Scribner’s Youtube channel for updates. He has a significant following, so check him out.

M1 Finance Reviews: Wrap-Up

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Overall, M1 Finance is an excellent choice for those starting in investing. As I mentioned earlier, this is the best investing platform to buy fractional shares. It’s one of the best places to invest your money, without having the high risks of investing in stocks and ETF’s. But what stands out is it’s a convenience and easiness to navigate their services, such as using the M1 Finance app.

So, are you ready to start investing today? Do you want to do it on a simple platform such as M1 Finance?

If so, open an account while earning $20 today by clicking on the link below.

Open An M1 Finance Account & Earn $20 Now

Personal Disclosure: This review is based on my own experience using financial services. I do not give financial advice or recommendations on how you should manage your wealth. Doing so would not only be unethical but discrediting myself as an honest, respected individual. Ultimately, you are responsible for the decisions you make and face the possible risks ahead. For more information, please speak with a financial consultant about specific investments and recommendations.

12 thoughts on “M1 Finance Reviews: A Real User’s Perspective”

  1. I am one who has struggled with finances and investing properly for many years and I have not put enough money away for retirement. I like that it is convenient and in an app so I can check things regularly.

    I see this is for beginner investors but is there also features that help with budgeting? It looks like a really interesting site, that I will take a closer look at.

    Reply
    • Thanks for sharing. To my knowledge, there are no features related to budgeting. I’ve used a couple of budgeting apps I’ve used and can share. I might do separate posts on them at some point.

      Thanks again for your input! All the best to you going forward!

      Reply
  2. I was watching the interface and it seems very friendly. I found it very interesting that we can buy only a fraction of shares.

    I used to do some trading and I have seen that this application could help me “start over” at a more basic level and better understand the behaviors of my shares. The idea that it is the same or better even the telephone interface is a plus.

    I could not see well how much it is necessary to start and open an account, is there a minimum?

    Thank you very much for this review.
    regards
    Pablo

    Reply
    • Thanks for your comment!

      As I mentioned, opening M1 Invest/M1 Spend accounts are free (plus earn $20 once you open an account). An M1 Plus account costs $125/year but comes with nice perks. To be eligible for an M1 Borrow account, you need at least $10,000. For retirement accounts, there is a $500 minimum to open an IRA or Roth IRA.

      I hope this helps. Let me know if you have any other questions. You can also visit their website as well.

      Thanks for sharing your input!

      Reply
  3. It sounds interesting but I’m not sure I understand properly how it works.

    We put our money in the platform and someone invests for us or it’s us who decide our investments?
    If we decide our investments, is there anyone showing us what we should and should not do?

    Thank you for this review and I might take a deeper look!

    Audrey

    Reply
    • Audrey,

      M1 Finance allows you to decide how your money is invested. When you open an account, they’ll ask you basic questions and then you determine what portions of your money it’ll go toward (stocks or ETFs). It’s not like some other financial services where they’ll determine where your money should be invested in. M1 Finance gives you the option to have a say in your investments, more than other financial platforms.

      As I mentioned, M1 Finance has robo-advisors set up in their system. This allows users to make decisions using little to moderate human interaction. Some people (like myself) prefer that, but others may not want that. So if you rather communicate (face to face, or via phone) with consultants about your finances, M1 Finance may not be the best fit.

      I hope this helps. Thanks for sharing your concerns.

      Reply
  4. The M1 finance sounds promising from the look of things. I’m not one to boost about my financial flawless. 

    I see a future in this investment platform. It seems there is an avenue for users to borrow money from it also. 

    About borrowing from it.. What’s the maximum one can actually lend from the platform? 

    Reply
    • Hello Patrick,

      $10,000 would be the maximum number if you were to open an M1 Borrow account. If you have that amount of money to invest in, I’d say give M1 Borrow a try. It’s suitable for both personal and business purposes.

      I haven’t looked into M1 Borrow yet, but I’m interested in opening up an account at some point.

      Thanks for you input and the question- great to know!

      Reply
  5. This is a very informative article about M1 Finance. Many people want to invest in a faithful investing platform. M1 Finance is one of them, isn’t it?

    I would like to give thanks to the writer because of writing an excellent topic about M1 Finance. If anyone to buy a fractional share, M1 Finance is a suitable platform for him. It is a place to invest money there high risk is totally absent. I have taken the decision to spend money here to grow my business.

    I offer to everyone to invest money here to get a better future in your life. I appreciate this article very much.

    Thank you for your excellent article.

    Reply
    • Of course, Tariqul. I believe M1 Finance is an excellent platform, as it certainly has some advantages over traditional investing services. In an ever-changing world, funding (or trading) is going to be much different in the years to come. With the rise of Robo-advisors, M1 Finance has addressed this concern.

      I agree with investing in yourself. I think that’s the best thing any individual can do to be successful and valuable to the world. It’s great to know both have similar attitudes to what we want out of life.

      Thanks for sharing your input! Much appreciated!

      Reply
  6. Hello, I really want to first appreciate your effort in putting this great website together and writing this article. it is great to have platforms that truly works because there are so many fake platforms. the procedure for M1 finance that you have reviewed is simple and not hard. thank you very much

    Reply
    • Of course, Benny! I’m glad to know you enjoyed reading this review on M1 Finance.

      I agree that there are fake platforms out there- the only intent is for the platforms to take you money (which isn’t right). M1 Finance is legit and offers an excellent service for investing. As an M1 user myself, I’m satisfied with the services they provide to their clients.

      Thanks for sharing your input!

      Reply

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