Investing in M1... yay/nay?

[Mtmp8888]

Anyone invest with M1 app? Would you recommend? Pros/cons? Is it safe?

Heard that with Robinhood to request your $, it takes “forever” to be available in your linked bank account. That’s why I’m staying away from Robinhood ATM.

Please share your experience with M1 app.., thanks!

[Silk McCue]

We had a good thread on this last year. The search box is your friend.

viewtopic.php?t=283838

Cheers

[Mtmp8888]

Thank you! Will start reading...

[whodidntante]

I don't like the whole pie/roboadvisor concept. I guess I'm too much of a control freak. M1 does have good margin rates, but not as good as IB.

[nix4me]

Fractional ETF shares and auto balancing is a game changer!

[Mtmp8888]

@whodidntante... what’s IB?

[boglenomics]

@whodidntante... what’s IB?

Interactive Brokers https://interactivebrokers.com/

[Iorek]

I was torn being trying to understand how you invest in money supply and if it would be a good idea if you could.

[ChrisO]

I am looking into M1 myself for my taxable account since I m stubborn and I don't just want a target date or total world fund. I like that it makes it easy and automatically reblances your asset allocation with new money, but the main issue I have with is is you can't tax loss harvest with it.

[dru808]

I transferred an account to them, love it.

[dru808]

I was torn being trying to understand how you invest in money supply and if it would be a good idea if you could.

Lol, good 1

[FrankTheViking]

I really like it, granted I'm pretty new to the investing game. I will say it does take about a week if you are trying to get money back out. Deposited $500 when I first made my account, then decided to pull it a day later when I realized I could do a joint account with my wife.

Deposits on the other hand usually clear next business day so can't complain. One strange thing I have noticed when depositing is that the funds will clear and will be on M1, but it sometimes takes my bank account 2-3 days to reflect that. Maybe it's an issue on the bank end who knows.

[aristotelian]

I am looking into M1 myself for my taxable account since I m stubborn and I don't just want a target date or total world fund. I like that it makes it easy and automatically reblances your asset allocation with new money, but the main issue I have with is is you can't tax loss harvest with it.

I think you mean that you can't do SpecID. You can most certainly harvest losses, although it is more difficult. You can go into your account at Apex (their clearing firm) to see "under the hood" all your shares and their cost basis. They will automatically sell the ones that are down the most (or up the least) so you can calculate yourself what your gains/losses are going to be before selling. I agree that having to go into a separate account at Apex is annoying and my least favorite thing about M1 but that will not prevent me from tax loss harvesting. https://support.m1finance.com/hc/en-us/ ... ized-Gains

[dru808]

Deposits on the other hand usually clear next business day so can't complain. One strange thing I have noticed when depositing is that the funds will clear and will be on M1, but it sometimes takes my bank account 2-3 days to reflect that. Maybe it's an issue on the bank end who knows.

Same here, if I initiate a transfer on the m1 end, sometimes it’ll be show in m1 and invested the same day. It seems to have taken 2-3 days at other brokers I’ve used.

[mighty72]

I have been using them for a bit. Platform is great, customer service not so much. I wanted to change my email address for which you have to call them. I called 3 times in last 2 days and each time was on hold for 15 minutes after which I was told to that no one is available and I should try at a different time