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By Daniel Rodriguez•Last Updated April 19, 2025

Closing Your M1 Finance Account: Complete Step-by-Step Guide

Close your m1 finance account: complete step-by-step guide

Close a financial account is seldom a simple decision, peculiarly when it involves an investment platform like m1 finance. Whether you’re will consolidate your investments, will dissatisfy with the service, or plainly will move in a different direction with your financial strategy, this guide will walk you through everything you’ll need to know about will close your m1 finance account.

Understand m1 finance account closure

M1 finance is a popular investment platform that offer a unique combination of automated investing, borrowing capabilities, and spending features. Before initiate the closure process, it’s important to understand what happen when you close your account.

What happens to your investments

When you close a m1 finance account, yyou haveseveral options for your exist investments:

Liquidate your investments and transfer the cash to your link bank account
Transfer your securities to another brokerage through an ACAT transfer
Perform a partial transfer of specific securities

Each option have different implications for taxes, timing, and potential fees, which we will explore in detail.

Potential fees and considerations

Before proceed with account closure, be aware of these potential costs:

ACAT transfer fee ($$100for full transfers from m1 finance ))
Tax implications from sell investments (capital gains tax )
Potential market value fluctuations during the transfer process
Loss of any m1 plus membership benefits if you’ve paid for the premium tier

Prepare to close your m1 finance account

Proper preparation can make the account closure process often smoother and help you avoid unexpected issues.

Review your account status

Before initiate closure, check for:

Any pence transactions or trades
Outstanding m1 borrow loans that need to be repaid
Schedule deposits or withdrawals
Recent tax documents that you might need recent

All pence activities should be resolved before proceed with account closure.

Decide what to do with your investments

You have three main options:

Option 1: liquidate your investments

If you choose to sell your investments and withdraw the cash:

Consider the tax implications of selling, peculiarly for appreciated assets
Be aware that market volatility might affect your final withdrawal amount
Ensure your bank account information is astir to date for the final transfer

Option 2: transfer to another brokerage

If you prefer to keep your investments intact:

Open an account with your new brokerage before initiate the transfer
Confirm that your new brokerage can accept all the securities in your m1 portfolio
Understand that some specialized m1 pie components might need to be liquidated if they’re not transferable

Option 3: partial transfer

For a more selective approach:

Identify specific securities you want to transfer
Confirm which assets can be transfer in kind
Decide what to do with assets that can not be transfer direct

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

Follow these steps cautiously to ensure a smooth account closure process:

Step 1: log into your m1 finance account

Access your account through the m1 finance website or mobile app use your credentials. For security reasons, m1 finance typically doesn’t allow account closures through customer service without 1st verify your identity through the platform.

Step 2: resolve outstanding issues

Before proceeding:

Pay off any outstanding m1 borrow loans
Cancel any scheduled deposits or automatic investments
Ensure all pence trades have settled( typically take 2 business days)
Download account statements and tax documents for your records

Step 3: liquidate or transfer your assets

If liquidated:

Navigate to your portfolio
Sell your positions (you may need to adjust your pie to 100 % cash )
Wait for trades to settle
Withdraw funds to your link bank account

If transfer to another brokerage:

Contact your new brokerage to initiate the transfer
Complete their transfer request form with your m1 finance account details
Your new brokerage will contact m1 finance to will request the transfer

Step 4: contact m1 finance customer support

Formerly your assets have been liquidated or transfer:

Email

[email protected]

With the subject line” account closure request ”
Include your full name, account number, and explicit statement request account closure
Instead, call m1 finance support at 312 600 2883 during business hours

Customer support may ask additional verification questions to confirm your identity.

Step 5: submit required documentation

M1 finance may request:

I will sign account closure form (which they’ll provide )
Proof of identity (copy of driver’s license or passport )
Write confirmation of your intent to close the account

Follow their instructions cautiously to avoid delays in process your request.

Step 6: confirm account closure

After submit your request:

Request write confirmation that your account has been close
Keep this confirmation for your records
Check your email for official closure notification

The complete closure process typically takes 5 7 business days after all assets have beenremovede from the account.

Special considerations for different account types

Close a m1 finance iIRA

Individual retirement accounts have special considerations:

Direct transfers to another IRA custodian avoid tax penalties
Early withdrawals may incur a 10 % penalty in addition to taxes if you’re under 59Â½
Consider a 60-day rollover if necessary, but be aware of strict timing requirements
Require minimum distributions (rrods)must notwithstanding be tatakenf applicable

Closing joint accounts

For accounts with multiple owners:

All account holders typically need to authorize the closure
Will decide in advance how proceeds will be will distribute
Ensure the receiving account can accommodate joint ownership if transfer securities

Close a m1 spend account

If you have the m1 spend check account:

Transfer all funds to an external account
Cancel any direct deposits or automatic payments
Destroy your m1 spend debit card after closure
The spend account may need to be close singly from investment accounts

Alternatives to consider before closing

Before finalize your decision to close your m1 finance account, consider these alternatives:

Temporarily pause your account

If you’re unsure about permanently close:

Pause automatic investments alternatively of close totally
Keep your account open with minimal activity
Consider downgrade from m1 plus to the free basic account

Address specific issues

If you’re close due to specific concerns:

Contact customer support to address service issues
Adjust your investment strategy alternatively of abandon the platform
Explore m1 finance’s educational resources for better portfolio management

Common issues during the closure process

Be prepared for these potential challenges:

Delays in processing

Account closures can sometimes take recollective than expect due to:

High volume of requests during market volatility
Incomplete documentation or verification
Complications with transfer certain securities
Administrative processing time

Transfer rejections

Your transfer to another brokerage might be rejected if:

Account information doesn’t match precisely between institutions
The receiving brokerage doesn’t support certain securities in your portfolio
There be outstanding issues with your m1 finance account

Tax document access

After close your account:

You’ll notwithstanding will receive necessary tax documents for the current tax year
Access to your online account for historical documents may be limited
Download all important records before initiate closure

After closing: next steps

Once your m1 finance account is formally close:

Verify complete closure

Confirm you’ve received official closure confirmation
Check that all funds have been decent transfer
Verify that you nobelium recollective have access to the account

Update your financial records

Note the closure in your personal financial records
Update any financial planning documents or apps
Store confirmation of closure and final statements firmly

Plan your new investment strategy

Establish a clear plan for the funds transfer from m1 finance
Set up your new investment accounts with clear objectives
Consider consult with a financial advisor about your overall strategy

Conclusion

Close your m1 finance account is a significant financial decision that require careful planning and execution. By follow the steps outline in this guide, you can navigate the process swimmingly while protect your investments and financial interests.

Remember that each financial situation is unique, and what work for one investor may not be ideal for another. Take the time to evaluate your options good, consider potential tax implications, and ensure that your next financial steps align with your long term goals.

Whether you’re will switch to another platform or will consolidate your investments, a methodical approach to account closure will help you’ll maintain control of your financial future.