M1 Finance Review

M1 Finance is a platform designed for sophisticated investors seeking extensive portfolio customization and automated management. It offers investments in over 6,000 stocks, ETFs, and cryptocurrencies, with no fees for trading or account management. M1 offers pre-built "Pies" for portfolios which can be customized, making it unique compared to traditional robo-advisors. Key features include automatic rebalancing, flexible cash management, and margin loans at competitive rates. While it does not offer tax-loss harvesting or financial advisory services, it provides high-interest cash accounts and digital banking. The platform charges a $3 monthly fee, waived for accounts with a balance of $10,000 or more. M1 Finance is regulated by FINRA and insured by SIPC, ensuring security and reliability, and it has phased out its M1 Plus program. Despite the lack of goal-planning tools, its robust customization and automation options make it appealing for experienced investors.