TD Ameritrade 300

M1 Finance Account Closing and ACAT Transfer Fees. How To Close M1 Finance Account.


2022 M1 Finance account closure fee. Cost and how to close brokerage investing or IRA accounts online. M1 termination, canceling, and account transfer (ACAT) fees.



ACAT Fee For Transfers Into M1 Finance


M1 Finance does not charge any fees if you are transferring an account to them. You can use a promotion link below to open an account and initiate the transfer:


Open M1 Finance Account



M1 Finance Account Cancel Fee


M1 Finance does not charge account closure fees for both taxable joint or individual accounts (read below if you are transferring an account to another company). IRA accounts have a $100 termination fee.


M1 Finance ACAT Fee


M1 Finance account transfer fee (ACAT fee) is $100 for both partial and full account transfers.


Broker Promotions


Brokerage Companies Incentives »


How To Close M1 Finance Account


To cancel M1 Finance account, you first move your cash to your bank or another broker. If you have investments you can either sell them or transfer to another broker. Pies cannot be moved to other brokerage firms — you'll have to liquidate them. After this is done, you can call or email M1 Finance customer service and ask them to cancel your account.

The paperwork for an account transfer from M1 Finance to another brokerage firm is handled on the incoming side. M1 Finance does charge $100 for full or partial outgoing account transfers.

Allow 3-4 business days for your account to be closed. You will not receive confirmation that the account has been closed. To confirm the account has been closed, you can check in the app or contact customer support.


M1 Finance Top Competitors


Broker Review Stock/ETF
Commission
Mutual Fund
Commission
Options
Commission
Maintenance
Fee
Annual IRA
Fee
TD Ameritrade $0 $49.99 ($0 to sell) $0 $0
Ally Invest $0 $9.95 $0.50 per contract $0 $0
WeBull $0 na $0 $0 $0







M1 Finance Investment Categories


During the application process, M1 presents several categories of its own Pies, so that applicants can see what types of portfolios are available. The categories are:

General Investing – As the name suggests, this category is for all-purpose investing. There are several Pies within this category. They range from ultra conservative to ultra aggressive.

Plan for Retirement – These Pies are target-date portfolios. Each target date has three options: aggressive, conservative, and moderate.

Responsible Investing – These are socially-conscious Pies that meet environmental, social, and governance criteria. All of the underlying ETF’s are from NuShares.

Income Earners – These are fixed-income Pies.

Hedge Fund Followers – M1 Finance built these Pies in hopes of mimicking the returns of notable money management groups.

Industries & Sectors – This group of Pies delivers a large selection of investment areas, such as telecom and energy companies. Most of the securities in the Pies are stocks, not ETF’s.

Just Stocks & Bonds – This category includes Pies that are split in various proportions between debt and equity ETF’s.

Other Strategies – This group include a Dow Jones Pie, which invests in the 30 stocks that make up the Dow Jones Industrial Average. The other option is the Market Cap 100 Pie, which invests in the 100 largest companies in the U.S. Each stock makes up 1% of the Pie.


M1 Investment review


About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.