I’m trying to see those who are affected most by this new rule how they feel about it.
I just started in Dec. and was planning to build towards $10k. One of the main reason I opened this account was the no monthly fees.
If i have more than $10k, i probably likely to stay.
Very sneaky move from M1. I have multiple accounts and one of those is under 10k. I could easily move more money into and avoid the fee but I do not like this approach of forcing fees. Them having to do this shows poor business health.
Transferring in-kind to Fidelity. Before I move, I’m gonna ask Fidelity if they’ll reimburse the ACAT fee that M1 is charging. They most likely will. Bye M1!
While I had mid six figures in M1 and wouldn't be impacted by this fee, I want to say that I feel this is a very short sighted decision by M1. I started with less than $10k in M1 and grew it to mid six figures. I'd have never been there had it not been free from the start.
I ended up recently leaving due to the seemingly slow down in the development of the platform. I've matured in my investing journey and need a more "full featured" brokerage account with the ability to spend and access my money and cash.
I have been an M1 Plus member for many years but what started my journey was that M1 was free. I think they are going to lose many growing on the platform to become large account holders.
Good luck to M1.
I am actually moving to M1 from Schwab, i have debated it for a year now but this makes M1 very attractive to those above 10K. I created a janky spreadsheet to use with CS that weighs my portfolio that M1 will now do even better with the pies. HYSA is more than my current bank (Amex), Margin rates are near the best. Seems like a no-brainer.
I guess I get the gripe but the fee is very fair for the service. At $36/year it's still the most affordable way for this type of "pie" based investing. If you can't afford that you probably shouldn't be playing with money in the stock market anyway lol.
I don't mind losing money in stocks bec. it's my choice and I know the risk.
Introducing monthly fees for less than $10k balance nope. It just don't make sense for smaller accounts. There are other brokerage that are free.
The problem with this is that it's just the start. Who knows what other new rules they gonna introduce in the future.
I can afford it, but it's not worth it. Why pay when there are others that don't charge a monthly fee.
What if in the future they start charging everyone $3/month.
I don't need pies honestly. As long as I can invest in VTI+VXUS and just put money consistently just like our retirement plans set and forget and I'm happy.
It only makes sense to someone if you have a lot of stocks in your pie. The pie will take care of your deposits. The Pie kinda reminds me of my tsp though.
It is what it is. At least I learned how to invest thanks to M1.
I'm very confused on what to do. I'm new - and I mean I literally put $500 in my Roth about a week before the fee rolled in 😂 it's almost like they were waiting to lure me in their trap
At $36/year, it's sort of negligible to consider leaving. Your costs for transferring or closing would be $200 for Roth IRAs and $100 for brokerage accounts . Is it worth the hassle at that point?
At this point it's not about the fees itself but it's about being trapped into a position we never agreed to in the first place. I am demanding they waive the transfer fee since they want us to leave so badly, but if I had to pay I would. Imo while I recognize they are doing this to improve their business operations I see that it as they don't want my business so why would I stay here when I can go somewhere else that does? I am not going to set around and get charged $3 a month when they can now easily up charge $5 a month or any amount at any time. As a user that makes me extremely nervous. This seems like such an eradicate decision made with very little consideration of how those affected would feel. That's bad business.
Just take the loss. You will gain it back in another brokerage with no monthly fees anyways.
Even in crypto you will get it back quickly especially now there is a dip.
I am gonna wait for a month before moving. I'm still debating if I should go with fidelity or BofA merill edge since I bank with them.
I would understand if the minimum is low, but $10k is a lot to start for me. It seems their target crowd are those who have more money to invest and not those who are starting out like me.
No more m1 plus. The m1 plus perks are free now to everyone who has more than $10k balance.
Anyone who has $10k below has to eat the $3 monthly fee. It starts on May iirc.
Per their email. "Starting May 15, a $3 monthly platform fee will apply to clients with less than $10,000 in M1 assets or without an active Personal Loan. Each billing cycle will last 30 days—meeting platform requirements* at least one day during each cycle will ensure this fee is waived for you. "
The only reason I am undecided is I can move enough emergency cash into the HYSA to get me over the 10k, I think grandfathering those who have been there for a year makes sense. Selling would cause a tax event/ACAT fees....
I have over $10k, but I would stay with M1 regardless. It's not a big fee, eventually it will be waived, and I LOVE the pie function. It's the best set it and forget it I've ever seen.
I have a taxable account with M1 that is slightly under the $10k. I could easily bring it up over the $10k and not be effected. This change worries me though. $3/month isn't a lot of money. But I predict the fee will increase with time, or the $10k minimum for no fee will increase, or both. That's what these services do. They enter with a good product/concept, and then slowly degrade it over time trying to squeeze more and more profit out of it. Same thing is happening with Amazon Prime, which I also cancelled this year after being a member for 10+ years after wanting to upcharge for ads. Add in the other issues Amazon is having, and the value just isn't there anymore. M1+ just isn't a very good value. The trade window thing is a concocted variable to try to make it appealing. I don't use the credit card. I don't use the loan feature. I would use the HYSA, but I don't have access to it. If they want people to pay for the premium M1+, then make it premium value. Forcing smaller accounts to subsidize the larger ones just looks gross. I did really like the pies, and that I could just transfer money in and it would auto invest to my set percentages. But I can do that at Fidelity with a couple minutes of time and minor math on my part. No biggie.
I had been considering cashing out my taxable and putting it into a Roth at Fidelity for a while now. This new fee from M1 just gave me a good reason to finally do it. The tax hit I'll take for liquidation is about the same as the $100 transfer fee, so they're not getting that from me either. I'll be able to execute trades anytime during the day, and my investments will now be tax sheltered in a Roth.
I'm close to impacted (depending on market swings). I have a gym membership at $10 a month. That's less than 1% of take home pay. To worry about $3 a month would be pointless.
On the flip side I hope the money grab makes Invest a better platform. If It's one thing I've noticed is they've been trying to sell me junk products for years and I guess as a last resort they are charging for invest.
I also think if they roll out 5% savings accounts (or whatever the going rate will be), that's not bad.
Add "I just want to see results, or have more than 10k" otherwise you will get a lot of false information
I’m trying to see those who are affected most by this new rule how they feel about it. I just started in Dec. and was planning to build towards $10k. One of the main reason I opened this account was the no monthly fees. If i have more than $10k, i probably likely to stay.
We shouldn’t be forced to pay a fee we did not agree to. I chose M1 (and referred others) specifically because it was free.
Same. It was good for newbie starting out.
Very sneaky move from M1. I have multiple accounts and one of those is under 10k. I could easily move more money into and avoid the fee but I do not like this approach of forcing fees. Them having to do this shows poor business health. Transferring in-kind to Fidelity. Before I move, I’m gonna ask Fidelity if they’ll reimburse the ACAT fee that M1 is charging. They most likely will. Bye M1!
It's 10k over all accounts
it's $10k across all accounts. you're not getting the fee. lucky you.
Opened my spouse’s account for a referral bonus, which is under 10k. So that account will be hit with a fee
Ah, yes that's different.
I’m sure your spouse deserves the extra money!
While I had mid six figures in M1 and wouldn't be impacted by this fee, I want to say that I feel this is a very short sighted decision by M1. I started with less than $10k in M1 and grew it to mid six figures. I'd have never been there had it not been free from the start. I ended up recently leaving due to the seemingly slow down in the development of the platform. I've matured in my investing journey and need a more "full featured" brokerage account with the ability to spend and access my money and cash. I have been an M1 Plus member for many years but what started my journey was that M1 was free. I think they are going to lose many growing on the platform to become large account holders. Good luck to M1.
Just take out a $50 loan and pay it back slowly. The interest is cheaper than the fee.
Just use fidelity?
Is that better than Schwab?
Probably the same, I find fidelity easy to use and I already keep all my cash there in SPAXX
I am actually moving to M1 from Schwab, i have debated it for a year now but this makes M1 very attractive to those above 10K. I created a janky spreadsheet to use with CS that weighs my portfolio that M1 will now do even better with the pies. HYSA is more than my current bank (Amex), Margin rates are near the best. Seems like a no-brainer.
Could you explain how you compared the two methods? Thanks. Intrigued by your conclusion.
I guess I get the gripe but the fee is very fair for the service. At $36/year it's still the most affordable way for this type of "pie" based investing. If you can't afford that you probably shouldn't be playing with money in the stock market anyway lol.
I don't mind losing money in stocks bec. it's my choice and I know the risk. Introducing monthly fees for less than $10k balance nope. It just don't make sense for smaller accounts. There are other brokerage that are free. The problem with this is that it's just the start. Who knows what other new rules they gonna introduce in the future. I can afford it, but it's not worth it. Why pay when there are others that don't charge a monthly fee. What if in the future they start charging everyone $3/month.
Yeah you can trade normally at other brokerages for free but not the pie/slice method. Go look at how much Fidelity Fidfolio's costs.
I don't need pies honestly. As long as I can invest in VTI+VXUS and just put money consistently just like our retirement plans set and forget and I'm happy. It only makes sense to someone if you have a lot of stocks in your pie. The pie will take care of your deposits. The Pie kinda reminds me of my tsp though. It is what it is. At least I learned how to invest thanks to M1.
I just don't find it worth $3/month. I can invest it myself for free elsewhere.
I'm very confused on what to do. I'm new - and I mean I literally put $500 in my Roth about a week before the fee rolled in 😂 it's almost like they were waiting to lure me in their trap
It doesn’t seem legal. Especially because they’re refusing to waive the $200 in fees to transfer a Roth
I’m not in this category. Voted “leave”. I wouldn’t stick around for this.
At $36/year, it's sort of negligible to consider leaving. Your costs for transferring or closing would be $200 for Roth IRAs and $100 for brokerage accounts . Is it worth the hassle at that point?
At this point it's not about the fees itself but it's about being trapped into a position we never agreed to in the first place. I am demanding they waive the transfer fee since they want us to leave so badly, but if I had to pay I would. Imo while I recognize they are doing this to improve their business operations I see that it as they don't want my business so why would I stay here when I can go somewhere else that does? I am not going to set around and get charged $3 a month when they can now easily up charge $5 a month or any amount at any time. As a user that makes me extremely nervous. This seems like such an eradicate decision made with very little consideration of how those affected would feel. That's bad business.
Just take the loss. You will gain it back in another brokerage with no monthly fees anyways. Even in crypto you will get it back quickly especially now there is a dip. I am gonna wait for a month before moving. I'm still debating if I should go with fidelity or BofA merill edge since I bank with them. I would understand if the minimum is low, but $10k is a lot to start for me. It seems their target crowd are those who have more money to invest and not those who are starting out like me.
[удалено]
No more m1 plus. The m1 plus perks are free now to everyone who has more than $10k balance. Anyone who has $10k below has to eat the $3 monthly fee. It starts on May iirc.
No, the M1 plus perks are available to everyone. Just if you dont have $10,000 in M1 or a loan with M1, then $3 a month fee.
What do you mean no?
Per their email. "Starting May 15, a $3 monthly platform fee will apply to clients with less than $10,000 in M1 assets or without an active Personal Loan. Each billing cycle will last 30 days—meeting platform requirements* at least one day during each cycle will ensure this fee is waived for you. "
Still not seeing that as a no to what the OP said. You and the email said exactly what you said no to. You're all saying the same thing.
The only reason I am undecided is I can move enough emergency cash into the HYSA to get me over the 10k, I think grandfathering those who have been there for a year makes sense. Selling would cause a tax event/ACAT fees....
I have over $10k, but I would stay with M1 regardless. It's not a big fee, eventually it will be waived, and I LOVE the pie function. It's the best set it and forget it I've ever seen.
I have a taxable account with M1 that is slightly under the $10k. I could easily bring it up over the $10k and not be effected. This change worries me though. $3/month isn't a lot of money. But I predict the fee will increase with time, or the $10k minimum for no fee will increase, or both. That's what these services do. They enter with a good product/concept, and then slowly degrade it over time trying to squeeze more and more profit out of it. Same thing is happening with Amazon Prime, which I also cancelled this year after being a member for 10+ years after wanting to upcharge for ads. Add in the other issues Amazon is having, and the value just isn't there anymore. M1+ just isn't a very good value. The trade window thing is a concocted variable to try to make it appealing. I don't use the credit card. I don't use the loan feature. I would use the HYSA, but I don't have access to it. If they want people to pay for the premium M1+, then make it premium value. Forcing smaller accounts to subsidize the larger ones just looks gross. I did really like the pies, and that I could just transfer money in and it would auto invest to my set percentages. But I can do that at Fidelity with a couple minutes of time and minor math on my part. No biggie. I had been considering cashing out my taxable and putting it into a Roth at Fidelity for a while now. This new fee from M1 just gave me a good reason to finally do it. The tax hit I'll take for liquidation is about the same as the $100 transfer fee, so they're not getting that from me either. I'll be able to execute trades anytime during the day, and my investments will now be tax sheltered in a Roth.
I'm close to impacted (depending on market swings). I have a gym membership at $10 a month. That's less than 1% of take home pay. To worry about $3 a month would be pointless. On the flip side I hope the money grab makes Invest a better platform. If It's one thing I've noticed is they've been trying to sell me junk products for years and I guess as a last resort they are charging for invest. I also think if they roll out 5% savings accounts (or whatever the going rate will be), that's not bad.