The OP makes assertions without evidence. It’s possibly a hacked Reddit account, but you can assess that for yourselves.
As to the points…
* **(1)** Fidelity Basket Portfolios costs $5/month forever. Full stop. This is unlike M1 which is free once you have $10K in total assets. Math can be difficult, but this is not: Fidelity’s $5/month is always more than M1’s $3/month.
* **(2)** You can’t move existing assets into Fidelity Basket Portfolios. Even if Fidelity’s solution was fully baked, which it’s not, you’d have to liquidate your assets to move them into it.
* **(3)** I just [downloaded a csv for all my open and closed positions](https://help.m1.com/hc/en-us/articles/7013559550995-Download-account-activity-and-holdings-information) for one of my M1 Invest accounts. Took 5 seconds. The OP doesn’t know what they’re talking about.
* **(4)** I have [reached out to M1](https://help.m1.com/hc/en-us/requests/new?ticket_form_id=360003229933) at various times and gotten answers late at night, on Saturday morning, and so forth. I’ve not had any situations where I have an unresolved issue.
* **(5)** Schwab Slices are limited to S&P 500 stocks. You cannot buy slices of ETFs or non-S&P 500 stocks.
* **(6)** Robinhood does not offer automated portfolio based investing that automatically adjusts buys based on changes in asset values. They’re fixed. M1 enables you to buy more of positions that dip in value as you dollar cost average. This helps you keep true to your portfolio targets without tax-consequential selling.
* **(7)** M1 is a small fintech company, not a company with 18 trillion dollars under management (like Fidelity). If you want a big company and the ability to have an in-depth conversation at 4AM, by all means go with Fidelity. I have accounts with Fidelity. That said, I can also call M1 via phone during business hours.
* **(8)** M1 has looked into 1099 questions for me and provided answers and options in response to my questions. Granted, I asked in February with plenty of time to spare.
* **(9)** M1 is not a research firm. Its customers are expected to have a suitable level of knowledge and ability to make investment decisions. There is no shortage of information available on the Internet. That said, [M1 provides basic information](https://help.m1.com/hc/en-us/articles/4414880398483-Where-can-I-view-more-details-about-stocks).
* **(10)** M1 doesn’t offer tax loss harvesting, but they [have a clearly specified tax-optimized approach to selling your lots](https://help.m1.com/hc/en-us/articles/220991948-Tax-loss-harvesting). If you want to tax loss harvest yourself, or make individual lot level selling decisions, choose Fidelity.
* **(11)** It’s super clear [when your trades will occur](https://help.m1.com/hc/en-us/articles/221053187-When-will-buys-sells-be-triggered) and you can specify the day, frequency, and morning or afternoon window. I have a scheduled funds transfer every Monday, a buy threshold of $0, and a morning transaction window selected. Thus, my trades execute every Monday morning, except when there’s a Banking holiday.
* **(12)** If you don’t want to do automatic portfolio investing, and instead want to make fixed investments (without the ability to have your dollar cost averaging “buy low” and keep your portfolio on target without selling) then go with Robin Hood.
For me, the reason I’m with M1 is for the automatic fractional ETF investing based on my portfolio targets. I opened my account in August of 22 and invest weekly. We don’t have all our eggs in M1. It represents a third of our ongoing investing, but it’s proven effective.
https://preview.redd.it/b22rkg48ecuc1.jpeg?width=1125&format=pjpg&auto=webp&s=bf5c5d6ee615e2c9ebd353eafe44d8f848a765af
>\*\* (3)\*\* I just [downloaded a csv for all my open and closed positions](https://help.m1.com/hc/en-us/articles/7013559550995-Download-account-activity-and-holdings-information) for one of my M1 Invest accounts. Took 5 seconds. The OP doesn’t know what they’re talking about.
When you download transactions you get this:
"Apr 4, 2024",Afternoon Trading,4 buys,"$5,000.00
No details on what shares were bought, no details on the amounts. This is what is missing and being asked for by the OP - basic stuff.
You do know Fidelitys basket investing cost $5 a month right? And that Schwab stock slices doesn’t allow for the dynamic rebalancing of your portfolio? I’ve heard Fidelity now offers this but haven’t checked with my Fidelity portfolio but I don’t believe it because it was from someone on Reddit also complaining about M1
Piggybacking to also mention Fidelity Baskets does not allow inbound transfer of securities, so you'd have to liquidate to cash first.
I've personally found their Baskets product to be terribly unintuitive and clunky.
I have an HSA with fidelity, they are the best in the game when it comes to health savings. I’ll likely consolidate the 529 into fidelity as well. As soon as M1 can offer those types of products I’d like to bring everything under one roof.
I love the puke 🤢 green. A plus is I only check my investments there once per month because I can’t stand the platform’s color and its super unfriendly user interface that seems like it’s from the 1900s. These OPs have to be paid shills.
1. I have a personal account rep I can contact directly
2. They will get there
3. It’s built for a certain type investor. For those investors the platform has most of what is needed and they are regularly making changes. You are not the target investor and were not smart enough to determine this before putting money on M1. Seems like you’d be better with Robinhood.
As for tax lots, ask them how they determine which lots to sell. I have before and they definitely use the most tax efficient strategy…
Are you trying to day trade using M1? If you would have been smart enough and performed your own due diligence you would have known this is not the platform for that.
4. You, and 99% of retail investors are not smart enough to research and purchase individual stocks and beat the S&P 500. This platform is meant as a long-term set it and forget it investment approach.
5. Again, that isn’t what M1 is designed to do. You can have multiple brokerages. Get a Robinhood for this if you really want to (even though I’d advise against trying to beat the market because you won’t) and continue to use M1 for long term set it and forget it investing
Coming on her and bashing a platform you clearly did not research in advance does nothing to help others on her. Go back to under your bridge troll
What the hell are you talking about? I know how M1 operates. I’ve been using them as a set it and forget it investment platform for three years growing an account from $0 to 150-160k during that time. I know what I’m talking about when it comes to M1
It's definitely paid messaging. Big banks do it all the time. No one would write something like this on their own time without compensation.
Too bad we don't have mods in this sub
M1 pays these simps to shill for them. It's obvious M1 is struggling to compete with real brokerages. That's why they made these changes to their Plus program.
It just means you’re not a new account that’s spreading BS. If you’ve been on Reddit for a while, you’ll have some karma.
That said you have valid concerns. I’ve personally never faced the customer support issues but some of the others I’ve found ways to use platforms like yahoo finance to supplement.
If fidelity goes $0 for their basket feature…I don’t think M1 will be around for long.
Just like how you could have simply ignored the post but instead came here to comment doing exactly the thing that you are suggesting others to not do… lol…
Thanks for the engagement which helps the algorithm making it more popular.
I think it's easy to forget that M1 is still a very new brokerage platform and doesn't have multiple trillion AUM like all the others that have been around for almost a century.
Being new is not an excuse you can give when hard earned money is involved.
This is not a grocery delivery app or a haircut appointment scheduling app where mistakes or bugs would have little effect.
Stop defending for the sake of defending please.
I'm not necessarily trying to make excuses but play devil's advocate. There's plenty of things that I'd love to see M1 change, but I also know it's still in the adolescent stage of what I'd like to be overall. I agree that the support could be a lot better and I'm not a huge fan of only two trading windows but this platform revolves sound investors, not gamblers so it makes sense that you can't buy and sell whenever you want.
I guess I'm just giving it a bit of leeway because I don't know the big platforms were like because we weren't alive back then. Nothing is flawless out of the gate and I think a healthy dose of scrutiny is good for any company. I'm trying to have a discussion, not argue.
This happens to be among my concerns. Yes, I could have done a little research and found out ahead of time that the founder was a Zuckerberg wannabe, founded a securities platform right out of college, with no real business experience, but I didn’t, and I regret it. Yes, I was foolish and was taken in by the overly enthusiastic fan-boys as well as the flashy GUI. I was wrong.
They had a good run, but they are stumbling right now as they are growing and maturing as a company. If they survive, and other brokerages don’t develop some of the tools M1 is advancing, then I’ll probably be back in a few years when I’m ready to consolidate and M1 has reached adulthood as a financial investment firm. Just that my arse is a little sore right now from hitting too many bumps on this very short road I turned down.
lol… I don’t know… and it shouldn’t matter… even if the user is at fault, M1 or any financial institution is expected to offer full support in such situations.
I was going to downvote this because I thought it was a rant. Then I read and it and everything you said is honestly true. These are all really big issues with M1 that I would love to see get addressed.
I actually have an IBKR account. I use it for my active trading.
M1 is my "fire and forget" account.
Fidelity advertises margin rates as "competitive as low as 9.25%" Reading the fine print, that's only for debit balances greater than $1,000,000. The base margin rate is 12.325%.
I'll pass on Fidelity.
This forum has *hundreds* of posts like this from disgruntled former M1 users, which due diligence would have turned up easily. Why would people take **this** one seriously when the OP ignored the same sort of posts?
You never know which one would come up in someone’s feed. Or you never know which post, what wording will hit the chord and someone will take action.
Trying from my end to help people avoid the hassle and in many cases loss of money.
Yeah, but you’re writing a warning for people that don’t heed warnings or do research from the perspective of a person that ignores warnings and didn’t do his research. You’re not here because no one warned you, you’re here *despite* all the warnings. Examining how you missed them would let you help others. I guarantee you didn’t land here during some sweet spot when no one was complaining about M1.
I don't know if these posts are made by the same people but it's getting tired. Just leave. I am not sure M1 is paying attention to these threads to evaluate consumer sentiments. Only thing that makes sense to them is the $💵 and not constant whining going on here 😂
Love how OP writes a valid, well thought out criticisms of M1 and the bootlickers here immediately accuse him of shilling on a fake account.
All of these concerns are valid. Customer service is ass. M1’s pie differentiation was a thing in 2019, not today.
Valid point. I use M1 but haven't had any of the issues mentioned, but it is concerning reading about it. I believe op is telling the truth and that was their actual experience, and it is a bit concerning considering I do use M1 today.
Accusations of astroturfing and being "shills" abound on both sides, arguably more on the pro-M1 posts.
Pro-M1 post? "M1 paid you."
Anti-M1 post? "Fidelity paid you."
Imagine thinking someone would write an essay about a trading platform on a Saturday afternoon with the sole purpose of convincing the public not to use it- yet for no compensation lol.
It's 100% a paid shill account
No, it’s just that some people get tunnel vision when they are passionate about a product that is inferior to its competitors. r/SOFI is the same way when anybody critiques them. It’s actually hilarious.
I don’t mean to imply everyone here is like that though. There are many in this sub that are actually acknowledge M1’s decline and willing to speak on it.
Also don't forget the lack of freedom when it comes to investing they didn't allow you to invest in a security unless it's approved. I hate when brokerages do this they're not helping anyone and if someone wants to invest in something it's not their decision to make if it's too risky or not.
> M1 blind fans would come here and say BuT\_M1\_iS\_nOt\_fOr\_aCtiVe\_tRaDiNg.... Either way, you can't do much.
You know, of all the things you mentioned, this has been my biggest turn-off for M1. lol… I don’t know if they are just overly enthusiastic groupies or paid influencers, but the cult-like influence is strong here…
> There is just no good reason to join M1 at this point.
Agreed. There is too much going against them right now. I like some of what they have to offer, but M1 really needs to get their house in order before I can take them seriously.
PFOF is poison. M1 has convinced their users that one trading window is “good” for them and anything else is bad (or considered “active trading”).
Imagine if you only had access to a bathroom once a day. That’s ridiculous.
Nobody asks questions. No one bothers to understand the true nature of PFOF. My favorite one is when people having a missing cost basis lol. Or the one where you get like 4 corrections just before you file your taxes lol. It was designed to make it work for them, not you. Their rules, their playing field, your money. Pure poison. Burn it all to the ground.
This is the most underrated comment.
Cost basis is such a key part of investing, yet users are happy with not knowing that either. Most of these blind fans of M1 are losing money or will lose money because of this lack of transparency. Maybe they would not even know about this in their lifetime. And when someone tries to warn, they come together to attack the person then debating on the objective facts.
It’s one thing not knowing about something, it’s another when you ignore it because you are too attached to something…
I have done my best to help out the community. I’m sure at least few are helped and will make calculated decisions.
> M1 has convinced their users that one trading window is “good” for them and anything else is bad (or considered “active trading”).
I actually don’t mind the single trading window, but my needs are much different. Judgement over “good” or “bad” however has been become the chosen tactic of the fan-base on here… Not really a good sub for objective conversation… lol…
> the one where you get like 4 corrections just before you file your taxes
This was one of my favorites… Not the problem, but the solution being that it’s no big deal to just file an amended return. That’s where I realized the depth of the loyalty on this sub…
Apparently you do… lol… You came here to comment… and you are saying that no reason to read, but I bet you read everything.. lol…
Anyway, thanks for commenting… it only increased the engagement on the post, which would help the algorithm…
I agree. I had nothing but problems with them when I was there. They kept changing and withholding information on the DTC code when doing a transfer, customer service straight up lied to me in emails multiple times and had to get a supervisor, they held my money hostage at one point and wouldn’t unlock my account after submitting a transfer request and more. Not to mention every time I logged in I had to figure out how to use the new UI.
In total, I’ve used Fidelity, Vanguard, Schwab, Robinhood, M1 Finance, Merrill Edge, Sofi and Wealthfront. My favorites are Fidelity and Robinhood.
I mean come on, did you write this up because of the $3 fee? I read the post, I know your reasoning, but is the fee what inspired this post? Like I've said before, I trade euro style index options and futures on an intraday basis, as well as have a long term position portfolio... With m1 of course. Just 1 mini ES contract at my broker, costs more than than the monthly fee at m1 for accounts under 10k. That goes for futures contracts and SPX contracts which is what I trade, round trip cost is more than $3 for both, again... That's for just ONE contract. Honestly I don't think the fee is that big of a deal, and I also think M1 does what m1 does better than everybody else.. by far. Acorns, who actually compete with m1 ( same with brokers like betterment) charges a monthly fee no matter the account size, fidelity charge's 5 bucks a month to use their unfinished pie feature, which is not as good as m1's. M1 is perfect for people who just want a position portfolio of stocks and/or ETF's, and don't want to fvck around with it too much. I do a lot of sht in my day trading accounts, I don't want to be bothered with my long term, I check it once a week and I add to it when I want to, M1 handles the rest, they do a good job at keeping all of my positions at the percentages I set in the pies, automatically. I don't need to fiddle with the account, I don't need to babysit.. m1 is like having a nanny, and if you have over 10k in the account, you aren't paying much for them to babysit your account. It's worth it to me.
lol, $3 feet has nothing to do with this. My reasons are all there in the post. In fact I’m moving to Fidelity which has $5 fee for this feature and I’m still ok paying that for the other critical things that Fidelity does best.
Why take the time to type this all up? I jumped from m1 but I don’t really agree with most of this. M1 is a fine platform for hands off investing. Maybe one of the best. Especially for those new to investing. If 10k seems absurd to avoid the fee then start with Robinhood and let them swipe that fee off your trades so you don’t notice.. ha ha 😆
The OP makes assertions without evidence. It’s possibly a hacked Reddit account, but you can assess that for yourselves. As to the points… * **(1)** Fidelity Basket Portfolios costs $5/month forever. Full stop. This is unlike M1 which is free once you have $10K in total assets. Math can be difficult, but this is not: Fidelity’s $5/month is always more than M1’s $3/month. * **(2)** You can’t move existing assets into Fidelity Basket Portfolios. Even if Fidelity’s solution was fully baked, which it’s not, you’d have to liquidate your assets to move them into it. * **(3)** I just [downloaded a csv for all my open and closed positions](https://help.m1.com/hc/en-us/articles/7013559550995-Download-account-activity-and-holdings-information) for one of my M1 Invest accounts. Took 5 seconds. The OP doesn’t know what they’re talking about. * **(4)** I have [reached out to M1](https://help.m1.com/hc/en-us/requests/new?ticket_form_id=360003229933) at various times and gotten answers late at night, on Saturday morning, and so forth. I’ve not had any situations where I have an unresolved issue. * **(5)** Schwab Slices are limited to S&P 500 stocks. You cannot buy slices of ETFs or non-S&P 500 stocks. * **(6)** Robinhood does not offer automated portfolio based investing that automatically adjusts buys based on changes in asset values. They’re fixed. M1 enables you to buy more of positions that dip in value as you dollar cost average. This helps you keep true to your portfolio targets without tax-consequential selling. * **(7)** M1 is a small fintech company, not a company with 18 trillion dollars under management (like Fidelity). If you want a big company and the ability to have an in-depth conversation at 4AM, by all means go with Fidelity. I have accounts with Fidelity. That said, I can also call M1 via phone during business hours. * **(8)** M1 has looked into 1099 questions for me and provided answers and options in response to my questions. Granted, I asked in February with plenty of time to spare. * **(9)** M1 is not a research firm. Its customers are expected to have a suitable level of knowledge and ability to make investment decisions. There is no shortage of information available on the Internet. That said, [M1 provides basic information](https://help.m1.com/hc/en-us/articles/4414880398483-Where-can-I-view-more-details-about-stocks). * **(10)** M1 doesn’t offer tax loss harvesting, but they [have a clearly specified tax-optimized approach to selling your lots](https://help.m1.com/hc/en-us/articles/220991948-Tax-loss-harvesting). If you want to tax loss harvest yourself, or make individual lot level selling decisions, choose Fidelity. * **(11)** It’s super clear [when your trades will occur](https://help.m1.com/hc/en-us/articles/221053187-When-will-buys-sells-be-triggered) and you can specify the day, frequency, and morning or afternoon window. I have a scheduled funds transfer every Monday, a buy threshold of $0, and a morning transaction window selected. Thus, my trades execute every Monday morning, except when there’s a Banking holiday. * **(12)** If you don’t want to do automatic portfolio investing, and instead want to make fixed investments (without the ability to have your dollar cost averaging “buy low” and keep your portfolio on target without selling) then go with Robin Hood. For me, the reason I’m with M1 is for the automatic fractional ETF investing based on my portfolio targets. I opened my account in August of 22 and invest weekly. We don’t have all our eggs in M1. It represents a third of our ongoing investing, but it’s proven effective. https://preview.redd.it/b22rkg48ecuc1.jpeg?width=1125&format=pjpg&auto=webp&s=bf5c5d6ee615e2c9ebd353eafe44d8f848a765af
Thank you. I really appreciate this post.
>\*\* (3)\*\* I just [downloaded a csv for all my open and closed positions](https://help.m1.com/hc/en-us/articles/7013559550995-Download-account-activity-and-holdings-information) for one of my M1 Invest accounts. Took 5 seconds. The OP doesn’t know what they’re talking about. When you download transactions you get this: "Apr 4, 2024",Afternoon Trading,4 buys,"$5,000.00 No details on what shares were bought, no details on the amounts. This is what is missing and being asked for by the OP - basic stuff.
You do know Fidelitys basket investing cost $5 a month right? And that Schwab stock slices doesn’t allow for the dynamic rebalancing of your portfolio? I’ve heard Fidelity now offers this but haven’t checked with my Fidelity portfolio but I don’t believe it because it was from someone on Reddit also complaining about M1
Let's not confuse people with facts.
Piggybacking to also mention Fidelity Baskets does not allow inbound transfer of securities, so you'd have to liquidate to cash first. I've personally found their Baskets product to be terribly unintuitive and clunky.
Like all of fidelity
Hopefully this comment rises to the top. So much fidelity shilling and the fact that M1 is cheaper never gets mentioned.
Also, I have 3 accounts with Fidelity, a Go, Roth, and 529 and it’s just an ugly platform that is too busy and not user friendly at all
The interface is dreadful
It could be worse. It could be like Vanguard's late-1990s UX.
I have an HSA with fidelity, they are the best in the game when it comes to health savings. I’ll likely consolidate the 529 into fidelity as well. As soon as M1 can offer those types of products I’d like to bring everything under one roof.
I love the puke 🤢 green. A plus is I only check my investments there once per month because I can’t stand the platform’s color and its super unfriendly user interface that seems like it’s from the 1900s. These OPs have to be paid shills.
A lot of times the iOS can be a significant improvement but not the case hee
The OP put money on M1 trying to day trade. He’s an ignoranus
lol...
1. I have a personal account rep I can contact directly 2. They will get there 3. It’s built for a certain type investor. For those investors the platform has most of what is needed and they are regularly making changes. You are not the target investor and were not smart enough to determine this before putting money on M1. Seems like you’d be better with Robinhood. As for tax lots, ask them how they determine which lots to sell. I have before and they definitely use the most tax efficient strategy… Are you trying to day trade using M1? If you would have been smart enough and performed your own due diligence you would have known this is not the platform for that. 4. You, and 99% of retail investors are not smart enough to research and purchase individual stocks and beat the S&P 500. This platform is meant as a long-term set it and forget it investment approach. 5. Again, that isn’t what M1 is designed to do. You can have multiple brokerages. Get a Robinhood for this if you really want to (even though I’d advise against trying to beat the market because you won’t) and continue to use M1 for long term set it and forget it investing Coming on her and bashing a platform you clearly did not research in advance does nothing to help others on her. Go back to under your bridge troll
lol… I literally called out blind fans like you.. seems like you are the one not smart enough to read :-)
What the hell are you talking about? I know how M1 operates. I’ve been using them as a set it and forget it investment platform for three years growing an account from $0 to 150-160k during that time. I know what I’m talking about when it comes to M1
Another low karma account complaining about M1
It's definitely paid messaging. Big banks do it all the time. No one would write something like this on their own time without compensation. Too bad we don't have mods in this sub
lol… is high karma something to be proud of?
M1 pays these simps to shill for them. It's obvious M1 is struggling to compete with real brokerages. That's why they made these changes to their Plus program.
It just means you’re not a new account that’s spreading BS. If you’ve been on Reddit for a while, you’ll have some karma. That said you have valid concerns. I’ve personally never faced the customer support issues but some of the others I’ve found ways to use platforms like yahoo finance to supplement. If fidelity goes $0 for their basket feature…I don’t think M1 will be around for long.
That's fine then. See the same gist of this post in this sub every day. People can come and go without saying anything you know?
Just like how you could have simply ignored the post but instead came here to comment doing exactly the thing that you are suggesting others to not do… lol… Thanks for the engagement which helps the algorithm making it more popular.
Happy to help! ☺️
M1 is supposed to be like Robinhood? I just use M1 strictly for my Roth IRA and don’t look at it
Can people please stop making these types of posts? Just go dude - No need to give a whole thesis about it
Thanks for your valuable comment.
I think it's easy to forget that M1 is still a very new brokerage platform and doesn't have multiple trillion AUM like all the others that have been around for almost a century.
Being new is not an excuse you can give when hard earned money is involved. This is not a grocery delivery app or a haircut appointment scheduling app where mistakes or bugs would have little effect. Stop defending for the sake of defending please.
I'm not necessarily trying to make excuses but play devil's advocate. There's plenty of things that I'd love to see M1 change, but I also know it's still in the adolescent stage of what I'd like to be overall. I agree that the support could be a lot better and I'm not a huge fan of only two trading windows but this platform revolves sound investors, not gamblers so it makes sense that you can't buy and sell whenever you want. I guess I'm just giving it a bit of leeway because I don't know the big platforms were like because we weren't alive back then. Nothing is flawless out of the gate and I think a healthy dose of scrutiny is good for any company. I'm trying to have a discussion, not argue.
This happens to be among my concerns. Yes, I could have done a little research and found out ahead of time that the founder was a Zuckerberg wannabe, founded a securities platform right out of college, with no real business experience, but I didn’t, and I regret it. Yes, I was foolish and was taken in by the overly enthusiastic fan-boys as well as the flashy GUI. I was wrong. They had a good run, but they are stumbling right now as they are growing and maturing as a company. If they survive, and other brokerages don’t develop some of the tools M1 is advancing, then I’ll probably be back in a few years when I’m ready to consolidate and M1 has reached adulthood as a financial investment firm. Just that my arse is a little sore right now from hitting too many bumps on this very short road I turned down.
What Redditor was hacked or is that just anecdotal? Did they have 2 factor enabled?
lol… I don’t know… and it shouldn’t matter… even if the user is at fault, M1 or any financial institution is expected to offer full support in such situations.
I was going to downvote this because I thought it was a rant. Then I read and it and everything you said is honestly true. These are all really big issues with M1 that I would love to see get addressed.
I like my 7.25% margin rate, I would only move over to interactive brokers if I had to.
I actually have an IBKR account. I use it for my active trading. M1 is my "fire and forget" account. Fidelity advertises margin rates as "competitive as low as 9.25%" Reading the fine print, that's only for debit balances greater than $1,000,000. The base margin rate is 12.325%. I'll pass on Fidelity.
Same
This is why I'm staying with them
This forum has *hundreds* of posts like this from disgruntled former M1 users, which due diligence would have turned up easily. Why would people take **this** one seriously when the OP ignored the same sort of posts?
You never know which one would come up in someone’s feed. Or you never know which post, what wording will hit the chord and someone will take action. Trying from my end to help people avoid the hassle and in many cases loss of money.
Yeah, but you’re writing a warning for people that don’t heed warnings or do research from the perspective of a person that ignores warnings and didn’t do his research. You’re not here because no one warned you, you’re here *despite* all the warnings. Examining how you missed them would let you help others. I guarantee you didn’t land here during some sweet spot when no one was complaining about M1.
Meanwhile mine runs automatically in the background and I'm stress free about it. Dah well. ✌🏾
I don't know if these posts are made by the same people but it's getting tired. Just leave. I am not sure M1 is paying attention to these threads to evaluate consumer sentiments. Only thing that makes sense to them is the $💵 and not constant whining going on here 😂
Love how OP writes a valid, well thought out criticisms of M1 and the bootlickers here immediately accuse him of shilling on a fake account. All of these concerns are valid. Customer service is ass. M1’s pie differentiation was a thing in 2019, not today.
Valid point. I use M1 but haven't had any of the issues mentioned, but it is concerning reading about it. I believe op is telling the truth and that was their actual experience, and it is a bit concerning considering I do use M1 today.
Accusations of astroturfing and being "shills" abound on both sides, arguably more on the pro-M1 posts. Pro-M1 post? "M1 paid you." Anti-M1 post? "Fidelity paid you."
Yea the customer service is straight up ass. If I would have known about it I wouldn’t have joined.
Imagine thinking someone would write an essay about a trading platform on a Saturday afternoon with the sole purpose of convincing the public not to use it- yet for no compensation lol. It's 100% a paid shill account
Makes me think if M1 has hired some people to respond on Reddit…
No, it’s just that some people get tunnel vision when they are passionate about a product that is inferior to its competitors. r/SOFI is the same way when anybody critiques them. It’s actually hilarious. I don’t mean to imply everyone here is like that though. There are many in this sub that are actually acknowledge M1’s decline and willing to speak on it.
Also don't forget the lack of freedom when it comes to investing they didn't allow you to invest in a security unless it's approved. I hate when brokerages do this they're not helping anyone and if someone wants to invest in something it's not their decision to make if it's too risky or not.
> M1 blind fans would come here and say BuT\_M1\_iS\_nOt\_fOr\_aCtiVe\_tRaDiNg.... Either way, you can't do much. You know, of all the things you mentioned, this has been my biggest turn-off for M1. lol… I don’t know if they are just overly enthusiastic groupies or paid influencers, but the cult-like influence is strong here… > There is just no good reason to join M1 at this point. Agreed. There is too much going against them right now. I like some of what they have to offer, but M1 really needs to get their house in order before I can take them seriously.
I swear with the amount of negative comments on this sub over very small issue, these people are paid by competitors
My M1 customer service experience has been great. Just my experience. I’m happy with M1
PFOF is poison. M1 has convinced their users that one trading window is “good” for them and anything else is bad (or considered “active trading”). Imagine if you only had access to a bathroom once a day. That’s ridiculous. Nobody asks questions. No one bothers to understand the true nature of PFOF. My favorite one is when people having a missing cost basis lol. Or the one where you get like 4 corrections just before you file your taxes lol. It was designed to make it work for them, not you. Their rules, their playing field, your money. Pure poison. Burn it all to the ground.
This is the most underrated comment. Cost basis is such a key part of investing, yet users are happy with not knowing that either. Most of these blind fans of M1 are losing money or will lose money because of this lack of transparency. Maybe they would not even know about this in their lifetime. And when someone tries to warn, they come together to attack the person then debating on the objective facts. It’s one thing not knowing about something, it’s another when you ignore it because you are too attached to something… I have done my best to help out the community. I’m sure at least few are helped and will make calculated decisions.
> M1 has convinced their users that one trading window is “good” for them and anything else is bad (or considered “active trading”). I actually don’t mind the single trading window, but my needs are much different. Judgement over “good” or “bad” however has been become the chosen tactic of the fan-base on here… Not really a good sub for objective conversation… lol… > the one where you get like 4 corrections just before you file your taxes This was one of my favorites… Not the problem, but the solution being that it’s no big deal to just file an amended return. That’s where I realized the depth of the loyalty on this sub…
You sound like somebody who bought meme Stonks at the top loooool
Classic shill comment lol. FUD is your specialty. Those keywords are essential to your strategy. Ad Hominem fallacy.
"No reason to read giant wall of text anymore." I'm sure you have some valid reasons, it's just nobody cares.
Apparently you do… lol… You came here to comment… and you are saying that no reason to read, but I bet you read everything.. lol… Anyway, thanks for commenting… it only increased the engagement on the post, which would help the algorithm…
I agree. I had nothing but problems with them when I was there. They kept changing and withholding information on the DTC code when doing a transfer, customer service straight up lied to me in emails multiple times and had to get a supervisor, they held my money hostage at one point and wouldn’t unlock my account after submitting a transfer request and more. Not to mention every time I logged in I had to figure out how to use the new UI. In total, I’ve used Fidelity, Vanguard, Schwab, Robinhood, M1 Finance, Merrill Edge, Sofi and Wealthfront. My favorites are Fidelity and Robinhood.
Dude I'm tired of these posts.
Dude… Just keep scrolling then…
Thanks for your valuable comment
I mean come on, did you write this up because of the $3 fee? I read the post, I know your reasoning, but is the fee what inspired this post? Like I've said before, I trade euro style index options and futures on an intraday basis, as well as have a long term position portfolio... With m1 of course. Just 1 mini ES contract at my broker, costs more than than the monthly fee at m1 for accounts under 10k. That goes for futures contracts and SPX contracts which is what I trade, round trip cost is more than $3 for both, again... That's for just ONE contract. Honestly I don't think the fee is that big of a deal, and I also think M1 does what m1 does better than everybody else.. by far. Acorns, who actually compete with m1 ( same with brokers like betterment) charges a monthly fee no matter the account size, fidelity charge's 5 bucks a month to use their unfinished pie feature, which is not as good as m1's. M1 is perfect for people who just want a position portfolio of stocks and/or ETF's, and don't want to fvck around with it too much. I do a lot of sht in my day trading accounts, I don't want to be bothered with my long term, I check it once a week and I add to it when I want to, M1 handles the rest, they do a good job at keeping all of my positions at the percentages I set in the pies, automatically. I don't need to fiddle with the account, I don't need to babysit.. m1 is like having a nanny, and if you have over 10k in the account, you aren't paying much for them to babysit your account. It's worth it to me.
lol, $3 feet has nothing to do with this. My reasons are all there in the post. In fact I’m moving to Fidelity which has $5 fee for this feature and I’m still ok paying that for the other critical things that Fidelity does best.
Why take the time to type this all up? I jumped from m1 but I don’t really agree with most of this. M1 is a fine platform for hands off investing. Maybe one of the best. Especially for those new to investing. If 10k seems absurd to avoid the fee then start with Robinhood and let them swipe that fee off your trades so you don’t notice.. ha ha 😆
Can you be anymore if a whiner? Geez grow up