M1 Reviews 192

This company allowed for 800$ to be taken out of my account and has showed zero empathy and support in helping get it back

I’ve been with M1 Finance since its early days, trusting it as a platform that seemed to genuinely prioritize its users, especially smaller investors. Unfortunately, recent changes show a stark shift away from those values. M1 now charges monthly fees that hit small accounts particularly hard. For those of us with smaller balances, these fees can quickly erode any growth and significantly reduce the value of the service.

After I decided to remove my money due to these fees, M1 charged both of my accounts a 40% fee. This was the final blow—a punitive fee for simply trying to leave the platform! What was once an accessible platform is now veering towards fee gouging, especially given their “one-size-fits-all” approach to fees, regardless of the account size.

This change in business practices feels like a betrayal, as M1 seems to care more about extracting fees than supporting the average investor they initially set out to serve. I’d hoped M1 Finance would stick to its original values, but this transition is pushing loyal customers to reconsider whether M1 is still the right fit.

You guys should have been open about all these hidden fees you're charging. I wasn't aware about the charges because you guys made it obvious it's free. The charges has drastically reduce my money and i think it's a statics to steal from me. I am closing down my account and focus on Hi ghs take llc ! A honest and legit company.

I had to close my account with M1 because of a policy at a new job. My work gave me a month to do this after hire, which should have been plenty of time. I’ve had to ask for an extension because 1. Their automated process didn’t work in my case for whatever reason so I had to escalate to customer service after 2 weeks of waiting, trusting the system would do what it said and that it just takes several business days for everything to get squared away.
2. I then emailed their help email address and was promised a fix in 5 business days, and the personal attention of the engineering team whom my concern would be escalated to. 10 business days and more emails later I don’t have any visibility into when my account will be closed.

Chek for help back from scam through the name of my display picture for help back from scam

dishonest and greedy. they started charging fees and then held us hostage by not letting us sell out while incurring fees for 3+ months. customer service is nonexistent or impossible to get ahold of. i deeply regret ever having anything to do with m1.

I signed up for a free account. About a month ago, I got an email that the account would have a platform fee unless I deposited $10,000 in the next month. I logged in to my account settings, and it says I will not have a platform fee due. A month later, I get and email that some of my holdings were sold to cover the $3 fee. Due to this change, I moved my account to another company with a free account, only to find that I had to pay $200 and still get a monthly platform fee. I contacted them to see if anything could be done about the fee since I signed up for a free account, but they kept repeating that they gave enough notice and I should just deposit $10,000 or take out a personal loan. When the account was transferred over, $400 was taken out. I'm trying to figure out if I can get that resolved now. Stay away from this company!

Started out free, now hidden fees everywhere you turn and also takes for ever to get your money when you make a withdrawal. I would never recommend this platform to anyone

My experience with M1 was underwhelming. The platform was glitchy and unresponsive at crucial times. i've heard about "I N S T A N T PLUS" efficient platform and responsive customer support.

Very sneaky disclosure fee tactics!!!
It's says account is free , it's never been disclosure upon sign up that you have to pay $200 in case you want to close the account with them... Make sure you do thorough research before signing up with them. who knows what other fees-traps there are hiding from you.

As of 5/15/24 m1 has begun charging $3/month "platform fee" for investment accounts unless you have $10,000 in assets in your account. It used to be fee-free for any balance and the premium account was an optional subscription to get additional perks. The only reason I ever had an account with them was because they had the free tier. I liquidated and closed my account but they still kept the $3 and told me to kick rocks when I asked for it back.

Because of this places alluring offer combined with mediocre customer service, I'm tired if wasting my precious time and funds, I wholeheartedly endorse Meta/Blue* them they absolutely the best they are extremely excellent and they keep promises.

Currently on day 18 of trying to close the account. After multiple attempts to find out why the delay, we were told we would have to forfeit the incentive bonus already credited to get the rest of the money due to a 1 year time requirement. There is no such requirement in the promotional details. Terrible communications, terrible experience.

Horrible experience with them.
I’m still trying to get my traditional Ira funds rolled over from them to Fidelity. It’s been over a month. They won’t make it easy to move your funds. Their customer service is terrible. No help at all. I have to resort to calling them everyday to push for my transfer of funds. STAY AWAY from these guys!

OMG why oh why did I transfer my IRA to M1. I hate with passion these pies BS. I had a regular account with them that was doing really well, and it's only because I bought during the Covid dip. I decided to bring in my IRA. I put in a Buy for only $50K with the intention to buy gradually over time the rest. This thing bought my WHOLE IRA ACCOUNT, NOT JUST $50k. NOW A MONTH LATER I'M DOWN $10K!!! I'M SEEING RED, LITERALLY! STAY AWAY, THE MOST BS USER UNFRIENDLY UI. AND I AM NOT A NEWBIE!!!

I went to transfer out and was informed that M1 charges $200 to close a Roth and $100 to close any other account. This is insane as all the other brokerages I have used do not charge anything for this kind of move. Please look for somewhere else to put your money. This is a Scam way of doing business.

Complete scam. These thieves have the highest transfer out fees. 100$ to liquidate. They suddenly started charging a 36$ a year fee. Customer service is unfriendly and only interested in large accounts though there are several better brokers and banks, like SoFi or Fidelity or Vanguard or Capita One. Also they force everyone into share holding which can lose all your value. The auto invest means you'll end up paying a lot in fees if you rebalanced..

The M1 interface is not my favorite. I do not find it as user friendly and conducive to financial wellness as other platforms.

The customer service I experienced when trying to do a rollover was extremely challenging and I was redirected to many different people. IN total I called 4 different times about the same issue and had to re-iterate the problem over and over. I felt stuck in the middle between two different banks that had two different methods of doing the same thing. Very frustrating.

Be wary of unneccesary fees.

I tried to remove some positions from my existing M1 Pie. Their AI gave me some instructions over Live Chat, which I followed step-by-step. I specifically asked how to make sure this would not trigger new Buy orders / Auto-rebalancing. Even after turning off "Auto-invest", their system actually did schedule NEW buy orders instead of placing the funds into my account as a Cash balance! I then called their Customer Service, who told me they have tried to get this fixed by the Engineering team for a while but it was still happening. They asked me to reverse everything I had done and to manually place Sell order one by one to circumvent this bug. I already had wasted so much time, I asked to liquidate my account instead. Then they told me this was not possible and the Buy orders would still take place, even if I asked to liquidate the account. I used to love M1 for their simplicity and slick UI/UX in the early days, pretty sad to see what they became over time :-(

This company is a SCAM. All types of fees to rip customers off. Charged me over $100 to transfer account to another brokerage. This company must be sued. SEC must urgently look into this fraud company and ban it. Deserves 0 star.