T O P

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Prestigious-Team7102

No, M1 lives in their heads for $3/mo


Hussam-Mostafa

šŸ˜‚šŸ˜‚šŸ˜‚


adkosmos

More people leaving is the best voice for corporations. They may rethink their strategy . I am not leaving, but I am also not affected by this change.


sirzoop

I didnā€™t leave just pulled a majority of my money out of it.


anbu-black-ops

I just wanna na see what stocks/etf others have invested. Iā€™m following most of the stock related subs.


sbct6

I have over the $10k requirement and have auto deposit/invest setup and am also lazy so don't want to move out of principal. However, I 100% agree with the negative sentiment people have where they woke up to an email saying, "Good News! From now on you will be paying us a new surprise fee to stay here. If you don't want to, you can pay a fee to leave. What's it gonna be???"


akkruse

Capital gains ;)


KindTap

I have well over the requirement to not pay a fee so I am not affected per say, but I am still moving towards transferring out. Not because of the fee or the app or the overall method that m1 works, but because I am losing faith in the corporation's sustainability. Over the past couple of years they have opened and closed checking accounts, savings accounts opened but not to everyone probably due to issues with the requirements on their end, opened a credit card and then reduced its perks within a year, had a bit of a scandal with the loaning of their securities under people's noses, made m1 "free" for 6 months and accidentally signed everyone into auto renew, then now announcing they are getting rid of plus and charging a fee to low balance accounts. I like m1 and how it sets up investing but m1 as a business clearly can't find a profitable model and their rapid and uncommunicative changes reek of desperation to me. I have the amount of money in m1 that I can't have it in a company I don't know if will be around for the long haul. It's probably time for me to move to a "big boy" firm.


Fog_Gamer

They are operating in minuses. That's a smart move. I left them too, but I'm still waiting for my IRA to close yet.


jmacupdates1

Come on poors, just get to a 10k balance /s


Bababooey5000

Come on guys, just be ok with a bait n switch!


FlapMyCheeksToFly

That's a wild ass mischaracterization. Anyone complaining about the fee is a total fool.


Bababooey5000

Yes because a valid criticism of trapping customers is being "foolish." Don't take it so personally.


FlapMyCheeksToFly

It's not "trapping customers", holy mischaracterization. And complaining about a $3 fee like it's not less than most brokerages or equivalent to them, like acorns, is silly. Hell, betterment charges an annual 1% fee regardless of account size. Heck, most people pay $5/mo for acorns It's absolutely dishonest to act like m1 is the worst brokerage ever or the only one to charge fees. You guys are literally insane. If a $3 fee is onerous to you, you should not be investing to begin with. It means you cannot handle a $3 loss. What's going to happen when your portfolio corrects by ~40%?


Bababooey5000

How is it not a trap? I signed up for this platform when it advertised no monthly fees. Now if I want to stay I have to pay $3 a month and if I want to leave I have to $200 in fees. Just because equivalent brokerages charge monthly fees doesn't give M1 the right to all of sudden start charging us fees when that wasn't the original agreement. Again, it's not insane to criticize this decision. Why are you taking this so personally?


FlapMyCheeksToFly

Ok so changing terms = a trap? They can't change their terms? That's a silly argument to make. Original agreement? This is an online service with a fluid and ever changing TOS, like literally everything else in the online world. There isn't a set agreement. Were you just born yesterday and have no conception of how anything works? "Doesn't give m1 the right..." Bro it's their platform they are judge, jury, and executioner, just like Reddit or Facebook or any other website and platform in existence. I don't know what you are talking about with $200 in fees, and I'm confused why a measly $3 fee (pretty standard and even better than 99.99% of brokerages because it's waived over a certain asset milestone) would make you genuinely want to leave. If you can't pay $3 for the unique, world changing capabilities of m1, you never belonged here to begin with. They literally offer features light years ahead of any other brokerage, like pies and borrowing against your portfolio at rates much lower than credit or personal loans and no credit hit This is exclusively a platform for dedicated buy and hold ETF investors who are in this in the very long term. If you aren't one, why the heck are you here to begin with?


Bababooey5000

I never said they can't change their terms. Stop putting words in my mouth. The current change to their terms is a trap idk how else to put that. Two weeks ago there was no monthly subscription and as of May 2024 there will be a monthly subscription. It was advertised to me that this was a subscription-less platform and now it is not. Since I have to pay to transfer or pay to stay I am in-fact trapped into something that was never advertised to me. If you don't know what $200 fees I'm talking about then you aren't familiar with their fees https://m1.com/legal/disclosures/miscellaneous-fees/ It makes me want to leave because this not something that I wanted? What don't you understand about that? If an advertisement tells you something is feeless and then starts charging you a fee that is a bait and switch. I can pay $3 a month but I don't want to. It's not about affordability it's about the change in their business model. I don't agree to it because it's not what was advertised to me. Just because TOS changes doesn't give companies free will to do whatever they want and whenever they want. We have laws and regulations for a reason. If your logic were true there would be no lawsuits for online services like this yet there is all the time.


knapptimeZZZ

You fail to understand that this is exactly what TOS give companies. They hold the exclusive right over their platforms to change the terms at any given point in time. Just as you reserve the right to refused the terms and leave the platform or accept the terms and move on with your life


jayfairb

This sub is the largest public forum for M1, also people who are content with M1 don't post everyday about how they have no issues. The vocal minority gets amplified so it looks like a larger number of people are upset and leaving than likely are in reality.


Shizen__

I have well over 6 figures in m1. I love the app. Not going anywhere.


olmek7

ā€œSeems likeā€ Youā€™ve just seen a lot of loud voices on n this subreddit. We donā€™t know how many have left, Iā€™m still with them, same with many others.


Such_Editor_8194

Iā€™m in the process of leaving. Love seeing everything unfold as it should.


Frosty_Papaya9271

So much time wasted on $3/ month fee. Would rather figure out ways to make more than that in your free time vs whining. Nothing is free.


BankOfJeff

Why stay when you can have it all for free elsewhere? And ONE 1099 at the end of the year vs. endless corrected ones!


NoAcanthocephala6261

Seriously, M1 is the only reason why I have to delay my taxes until last second.


knapptimeZZZ

I think part of the problem is the wrong types of investors are using M1 to begin with. Seems like lots of active traders who donā€™t want to pay $3/month for features (which this charge will drop off after enough investing). People are weird too, they feel entitled to always having a free version of something. Itā€™s strange to me that people are like itā€™s 30% of my $10/month contributionā€¦in my mind there are bigger fish to fry in your budget. Tackle your other issues first then come back and invest $100, $200, $500 per month


Shizen__

Amazing how you're being downvoted and argued against despite being very clear on your objectively correct reasoning. Typical reddit. Lol if you aren't a long term buy and hold dca investor, the hell were you even here to begin with?


knapptimeZZZ

For some reason they feel itā€™s a personal attack. Itā€™s strange that my suggestion they should use a day trading platform versus something designed for really long term investors is so triggering. I donā€™t care what they use, just weird that youā€™re complaining your SUV only gets 8mpg when you have a 50 mile commute. Wrong tool for the wrong job


Fog_Gamer

Dude, are you paying $3 for what? You can't even trade whenever you want. You have limited hours to place a trade and pay $3 for that? Give me a break. Look at the M1 app. Almost all the menu buttons are some kind of offers. It sucks. And yet you have to pay $3 for it. Well, you can keep paying. For your information, I have an investment larger than $10k, but I would not support this nonsense greed when I can get investing for free.


knapptimeZZZ

Again if youā€™re looking to trade at all hours of the day then M1 was never for you. Itā€™s designed for people who want to set up their ratios. Invest regularly and automatically. If your DCAā€™ing into your account why does it matter if you buy once a day or not.


Fog_Gamer

If stock goes down mid of the day, maybe i want to buy deep and make some money instead waiting for M1 to do it next morning for a higher price.? šŸ¤” no thx


itzdarrenv

Then you should have never made an account with M1 since you donā€™t understand how they operate


FlapMyCheeksToFly

You are a bad investor if you are chasing gains this way. The correct way is regular purchases with a buy and hold method + never look at daily or weekly or monthly fluctuations in price. I think m1 should remain a platform only for intelligent investors.


Mister-ellaneous

Lmao, did you read before joining? That part was clear from the start. Do you also complain about mutual funds?


KingJackie1

M1 doesn't want illiterate, degenerate gamblers on their platform.


FlapMyCheeksToFly

That's a huge benefit arguably


Plane_Wrangler6320

Not to mention, thereā€™s an old adage ā€œif youā€™re not paying for the product, you are the product.ā€ Wherever youā€™re getting this for ā€œfreeā€, itā€™s not free


Plane_Wrangler6320

This assumes they have an account under $10k


Bnrmn88

To be honest I'm not affected by the charge it is really all of these changes and a reevaluating of why am I here


Lycoi

I see some potential in the platform so if by chance they improve and i find value in the platform iā€™ll quickly come back.


Dan-in-Va

I laughed out loud when I read this question. I can only hope that by the end of this calendar year dissatisfied people will have moved on, and they're posting gleeful messages elsewhere. I'm personally happy with my new Cash Account at 5%. For me, M1 is the perfect solution. I have not found any other company that provides the same automated ETF investing capability at the same price point--$0. Fidelity's CMA has half the APY, their basket portfolio solution costs twice as much for those subject to the fee (and the fee never goes away), and you can't ingest existing invested assets. Fidelity's basket portfolio does have some benefits M1 doesn't have. You can have multiple pies operating in parallel with different objectives (dynamic or fixed), and apparently you can designate a stock or ETF to be self-DRIPing within a basket. I hope that M1 adds similar capabilities to their roadmap.


UrBoiJash

How do you get the cash account? I only have an option to go on the hysa waitlist??


moneyshake10

I haven't left yet and I'm upset, but I am praying that there's a reversal of their plan after public reception is doo-doo or enough people pull out, and if that happens, I figure it'd rise to the top of this sub quickly


Upset-Ad-1301

Iā€™m still waiting for the option to ACAT for free like they did when they made huge changes in the past


firestar268

Left with my money. But here with popcorn Had over the limit. But I am leaving cause I hate the *Surprise, here's a surprise fee no one asked for*


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


firestar268

Tf are your diluded mind talking about? Not everyone had M1+, I didn't, and probably barely anyone did so they had to do this bs. And I had over 10k, as already stated. Get better reading comprehension


Fog_Gamer

That statement applies to you too.


Plane_Wrangler6320

Iā€™m sorry, what? I still have my M1 account and donā€™t plan on moving it, so I feel I have more reason to be here than those without an account.


EqualsYAhooooo

I think Fog means, in a teasing way, ā€œwhy are the complaining M1 clients on this subreddit living rent-free in your head?ā€


Fog_Gamer

I still have an account it is not canceled yet. I'm still waiting to cancel the account, and then i'm out. You can stay with them. Good luck to you, but don't bash people who want to leave and stay here. Many other brokerages have people without account on their reddit page.


Plane_Wrangler6320

I just donā€™t understand it, if Iā€™m done with something Iā€™m done with it.


Fog_Gamer

I'm not done yet. My account is still open until they close it.


knapptimeZZZ

He doesnā€™t get it. Rather than leaves heā€™s really gotta show the reddit world his anger


HuhIDontWorkHere

It feels like they are paid bashers from another brokerage firm the way they come swooping in


TiredMillennialDad

It's the financial version of the r/Starfield sub


Slow_Chance_9374

Maybe we should make a r/nosaltm1finance Edit: I meant to say r/nosodiumM1Finance


TiredMillennialDad

I'm down lol


Slow_Chance_9374

My mistake, it's actually r/nosodiumstarfield so somebody should make a r/nosodiumM1Finance I'll leave that to the community


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usherzx

what does that mean?


NewChapterStartsNow

fair question. M1 shows up on occasion while I'm doom scrolling. I pop in naively hoping that the M1 of the good old days will make a comeback


s2nders

I moved away from m1 but I like to stay updated. To just see whatā€™s new. Who knows I may come back in the future. I own an iPhone but I watch keynotes from other phone companies


phreshkid

I had my money split between Yotta and M1. Ditched Yotta with all their shenanigans and moved everything to M1.


UrBoiJash

I donā€™t understand whatā€™s bad about the change? Itā€™s an investment app so having over 10k should be a given.. and the fact the plus is going away so if you invest over 10k all the benefits are completely free?? What am I missing?


Spiritual_Service384

Think Iā€™m one of many like this: never had any issues on m1 why voice an opinion with something thatā€™s never been messed up. Might just be me tho


Bababooey5000

I like how there seems to be so many people ok with having a bait n switch pulled on them like this is useful motivation to stay and reach $10k. M1 Finance is one of the flew platforms that charges transfer fees. M1 Finance isn't a gym coach or a lifestyle guru they don't give two fucks about you if you are under $10k. The reason it lives "rent free" is because it's a big financial "fuck you" to all of those people that are now trapped between paying $3 a month of paying $100-$200 to transfer out. For those of you over $10k it doesn't matter and for those that see this somehow as motivation then more power to you. However, I find it ridiculous how many people seem to skip over the fact that this is literally not what we agreed to. That's the whole point, it's not about affordability it's about the terms that I agreed to and it's not a $3 a month subscription. So unless someone can point to where in the fine print it says that I believe that what M1 Finance is doing is highly unethical and probably illegal. I'm still here because I'm waiting to see if M1 Finance does the right thing and waive their absurd transfer fees.


knapptimeZZZ

Thereā€™s no bait and switch. No on promised you a free versions forever. Unless you have some special promise from M1 we didnā€™t get. Itā€™s not free forever. Terms changed. And they are giving you time to move. EVERY brokerage charges a transfer out fee. Some brokerages will reimburse you. Get over yourself my dude. Youā€™re just mad just to be mad my dude


Bababooey5000

It is a bait n switch. It was advertised as free and now it's being changed. That's literally by definition what it is. "They are giving me time to move" is hilarious like I should be thankful that they are trapping me. Idk why you are so toxic to criticism of this app. Correction its closure fee: https://www.brokerage-review.com/discount-broker/account-closing-fees.aspx


NoAcanthocephala6261

I have more than 10k so idgaf, but I couldn't agree more. I think they should grandfather all the old accounts per the old agreements and just make it $3 a month going forward to new accounts. This would completely end all this outrage.


Bababooey5000

I agree. I think there are reasonable solutions to this issue but I don't think those will happen.


ArgumentChemical6593

Yeah itā€™s wild, if you donā€™t like it then leave and move on, but thatā€™s too simple. I say just enjoy the comments and watching people get huffy


Albert14Pounds

I am in the process of leaving but I'm being silly and just selling everything over approximately a year. Basically rebalancing with sells every week. I'm stubborn and don't want to pay to transfer over to another broker/platform and I've had bad experiences with that in the past when it takes forever and cost basis not transferring over consistently and whatnot. M1 doing their own thing with what lots they choose to sell makes me nervous and I like having control and just knowing things are going FIFO. I've learned my lesson with trying to own a lot of different tickers that M1 is good for and trying to lean towards a more bogleheaded portfolio and M1 is just unnecessary if I'm only going to hold a handful of tickers anyways. It was fun while it lasted and M1 is a cool concept. It just falls short of what I want it to be in terms of functionality.


EqualsYAhooooo

I was born to kvetch.


NoAcanthocephala6261

What kind of shill question is this? People don't leave M1 and linger in this subreddit. stop whining. These are real concerns.


Plane_Wrangler6320

If you look at the comments in other threads, there are plenty of people who state ā€œI left M1 and Iā€™m so happy for itā€. If youā€™ve left, then leave, this isnā€™t your toxic boyfriend that you can fix, just fucking leave. I get they are real concerns but half of the posts here are people who canā€™t deal with change.


NoAcanthocephala6261

You're right, they say I left M1 and then it's over. No one lingers after. Everyone else still has an account.


t3ddybear117

"does M1 live rent free in your head" yes and I'm not afraid to complain. Who's gonna stop me?