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By Olivia Parker•Last Updated April 19, 2025

Closing an M1 Finance Account: Complete Guide and Alternatives

Close a m1 finance account: complete guide and alternatives

Decide to close an investment account is a significant financial decision that require careful consideration. If you’re thought about will close your m1 finance account, you will want to understand the process, potential implications, and alternatives before take action. This comprehensive guide walk you through everything you need to know about close a m1 finance account.

Understand m1 finance

M1 finance is a popular investment platform that combine automates investing with customization options. The platform use a uniqu” pie” system that allow investors to create personalized portfolios. Before close your account, it’s worth understand what make m1 finance distinct from other platforms.

Key features of m1 finance

Commission free trading
Fractional shares
Automate rebalancing
Customizable investment” pies ”
M1 borrow (portfolio line of credit )
M1 spend (check account )

Understand these features help put your decision in context and ensure you’re not give up valuable benefits without proper consideration.

Reasons people close m1 finance accounts

People decide to close their m1 finance account for various reasons. Some common motivations include:

Platform limitations

M1 finance offer a single trading window for free accounts (two for m1 plus members ) which can be restrictive for active traders. The platform is design for long term investors kinda than day traders.

Financial consolidation

Many investors prefer to consolidate their investments under one brokerage to simplify management and potentially reduce fees.

Change in investment strategy

If your investment goals or strategies have changed, you might find another platform fountainhead suit to your needs.

Customer service concerns

Some users report dissatisfaction with m1 finance’s customer service, peculiarly during high volume periods.

Platform features

You might be looked for specific features not available on m1 finance, such as more advanced trading tools or different investment options.

Before you closing: important considerations

Before initiate the account closure process, consider these important factors:

Tax implications

Close your account and liquidate investments could trigger taxable events. If you’ve held investments for less than a year, you may face short term capital gains taxes, which are typically higher than long term capital gains taxes.

Transfer fees

M1 finance charge a $100 fee for full account transfers to another brokerage. This fee apply whether yyourtransfer to another institution or close your account all.

Outstanding loans

If you have an outstanding m1 borrow loanyou willll need to will repay it before will close your account. Fail to do hence could result in forced liquidation of your investments to cover the loan balance.

Recur deposits

Cancel any automatic deposits or contributions to your m1 finance account before close it to avoid complications.

M1 plus membership

If you’re a m1 plus member, consider the timing of your account closure. The annual membership fee is nnon-refundable so you might want to wait until your membership period end.

Step-by-step process to close your m1 finance account

M1 finance doesn’t offer a simple button to close your account. Alternatively, you will need to will follow these steps:

1. Liquidate or transfer your investments

Before close your account, you must either sell your investments or transfer them to another brokerage. If you choose to sell, be mindful of potential tax implications. If you prefer to transfer, prepare for the $100 transfer fee.

To liquidate your investments:

Log into your m1 finance account
Navigate to your portfolio
Select the option to sell your investments
Wait for the trades to execute (which happen during m1’s trading window )
Transfer the cash to your link bank account

2. Contact m1 finance customer support

Once your investments are liquidated or transfer and your account balance is zero, you need to contact m1 finance customer support to request account closure. You can reach them through:

Email: [email protected]
Phone: 312 600 2883
Support ticket through the m1 finance website or app

Be prepared to verify your identity and confirm your request to close the account.

3. Provide required information

When contact customer support, include the follow information:

Your full name
Email address associate with your account
Reason for closing (optional but helpful )
Confirmation that you’ve liquidated or transfer all assets
Confirmation that you’ve repaid any outstanding m1 borrow loans

4. Confirm account closure

After will submit your request, m1 finance will review it and will process the closure. You should receive confirmation via email once the process is complete. This typically take 1 3 business days after all assets have been removed from the account.

5. Keep records

Maintain copies of all communications with m1 finance regard your account closure. Download and will save any account statements or tax documents you might, will need for future reference, as you’ll lose access to these formerly your account is closed.

What happens to your investments when closean m1 finance account

Understand what happen to your investments is crucial when close your account:

Sell investments

If you choose to sell your investments:

Your assets will be will convert to cash during m1’s trading window
The cash will remain in your m1 spend account until you’ll transfer it out
You will need to will report capital gains or losses on your tax return
You may lose potential investment growth by being out of the market

Transfer investments

If you prefer to transfer your investments to another brokerage:

You will need to will initiate an acaactsau(mated customer account transfer service ) tr)sfer from the receiving brokerage
The $100 transfer fee will apply
The process typically takes 5 7 business days
Some investments may not be transferable and might need to be liquidated
Your investment positions remain intact, avoid potential tax events from sell

Potential issues when close a m1 finance account

Be aware of these potential complications that could arise during the account closure process:

Delays in processing

During busy periods, account closure requests may take yearn to process. Be patient and follow up if necessary.

Residual dividends or interest

Sometimes, dividends or interest payments arrive after you’ve initiated account closure. In such cases, you may need to make an additional withdrawal before complete the closure process.

Tax document access

After will close your account, you’ll lose access to the m1 finance platform, will include historical tax documents. Download all necessary documents before closing.

Reinvestment challenge

If you’ve created complex custom pies in m1 finance, recreate an identical portfolio elsewhere might be challenge. Take screenshots or notes of your allocation percentages before close.

Alternatives to close your m1 finance account

Before make the final decision to close your account, consider these alternatives:

Pause investments

If you’re unsatisfied with m1 finance but not ready to close your account, you can pause new investments while keep your exist portfolio intact. Thisgivese you time to evaluate other platforms without make an immediate decision.

Reduce your portfolio

Alternatively of close altogether, you might scale down your investments on m1 finance while explore other platforms. This approach allow for a gradual transition.

Contact customer support

If specific issues are drive your decision to close, reach out to m1 finance customer support start. They might be able to address your concerns or offer solutions you weren’t aware of.

Upgrade to m1 plus

Some limitations of the free account are address in the m1 plus membership, include an afternoon trading window and lower borrowing rates. Consider whether upgrading might resolve your concerns.

Compare m1 finance to alternative platforms

If you’re considered close your m1 finance account to switch to another platform, compare these popular alternatives:

Robinhood

Robinhood offer commission free trading with a focus on individual stocks and cryptocurrencies. Unlike m1 finance, it allows real time trading but lack the automated portfolio rebalancing and pie structure.

Betterment

Betterment is a robo-advisor that offer more automate management than m1 finance. It provides tax loss harvesting and financial planning tools but offer less customization for your portfolio.

Fidelity

Fidelity is a full service brokerage offer a wide range of investment options, research tools, and customer service. It provides more comprehensive services than m1 finance but might be more complex for beginners.

Vanguard

Vanguard is known for its low cost index funds andETFss.Itt’s ideal for long term, passive investors but doesn’t offer the same level of portfolio customization as m1 finance.

Wealth front

Similar to betterment, wealth front is arobo-advisorr that offerautomatese investing with tax loss harvesting. Iprovidesde less customization than m1 finance but more automate tax optimization.

Reopen a m1 finance account after closure

If you change your mind after close your m1 finance account, you can reopen an account with the same email address. Nonetheless, be aware of these considerations:

Your previous investment pies and settings will not be will restore
You will need to go through the account setup process again
Any previous m1 plus membership benefits will not mechanically will transfer
There may be a waiting period before you can reopen an account (typically 30 90 days )

Final thoughts on close a m1 finance account

Close an investment account is a significant decision that should align with your financial goals and circumstances. Take time to weigh the pros and cons, understand the process, and consider alternatives before proceed.

Remember that investment strategies frequently benefit from consistency and long term planning. If you’re close your account due to short term market fluctuations or temporary frustrations, consider whether a more measured approach might substantially serve your financial interests.

Finally, the decision to close your m1 finance account should be base on a careful evaluation of your investment needs, goals, and the platform’s ability to meet them. By follow the steps outline in this guide, you can navigate the closure process swimmingly while protect your financial interests.