M1 Finance is a Chicago-based finance platform that offers users the ability to build custom portfolios, invest in ETFs and stocks, and subscribe to automated asset management processes—all from one’s phone.
Finance apps are downloadable programs found on mobile devices that can be used to manage one’s finances at the touch of a button. They can help users run small businesses, expand their assets, and achieve a wide variety of financial goals.
How do I choose the right finance app?
Nowadays, it feels like every corner you turn, there is a new app popping up—waiting for you to press the install button. Having so many options, it can be tough finding the right one that will suit your specific needs and help you reach your personal and business goals.
Finance apps, in particular, have gained a lot of attention over the past couple of years. Whether you are trying to find new ways to manage your funds, oversee your money-related tasks, or generate organized budgeting plans, there seem to be multiple apps claiming to do just that.
Here, we provide 5 reasons why M1 Finance might be the financial helper you are looking for.
1. M1 Finance is great for passive investors
For those who prefer to be a little more hands-off, robo-investing can be a great way to achieve financial targets. These apps generate financial guidance and provide automated services backed by algorithms and market trend data.
Hybrid robo-advisor platforms, such as M1 Finance, have also helped many clients manage their investments. Apps like these provide greater flexibility as they allow users to customize their plans while, at the same time, minimizing management costs.
2. Investment pies simplify portfolio planning
The key highlight of M1 Finance is its investment pie system. Each slice of the pie represents an asset (e.g. stocks, bonds, or ETFs) that makes up a part of the portfolio and users can create multiple types of pies to manage their finances.
For those who are just beginning to test the waters with their investing, M1 Finance offers “M1 Expert Pies” that are carefully pre-constructed by human experts partnered with artificial intelligence technology. There are an array of pies, each with its own risk tolerances and financial objectives.
For those who are more experienced, you can easily add, remove, and modify slices of the pie. The combinations are endless and the prominent amount of control is why M1 Finance has stood out among others.
3. There are no minimum account balances or monthly/annual fees
Since M1 Finance has no account minimums, it is perfect for investors who are just starting their portfolios with a couple of dollars. There are no initial management fees or commissions and with M1’s basic account, you will also find that there are no annual fees either.
Other platforms may charge monthly or annual subscription/management fees. If you opt for such a program, be sure to consider whether this cost will be worth it down the line. Hidden fees can sneak their way in if users are not careful and forget to read the fine print.
4. The reviews speak for themselves
Online reviews can serve as valuable indicators of how an app has performed. You will likely benefit most from one that has been well-tested and has been on the market long enough for others to check it out.
Even from a quick search, you’ll find that M1 Finance has high ratings given by users across multiple online sources. Many appreciate the app’s sleek and user-friendly interface, as well as its top-quality customer service. There are mobile and desktop versions of the app, so whether you are buying, selling, or rebalancing funds, M1 is there to mediate your financial arrangements.
5. Security features in place for optimal protection
The M1 Finance platform is safeguarded with security features such as two-factor authentication and 4096-bit encryption. It is also regulated under SIPC and FDIC insurance.
Two-factor authentication provides an extra layer of protection by requesting information only the user should hold. For example, during sign-in, a PIN may be sent to your cell for identity verification, before account information is released.
All in all, it comes down to good planning
Ultimately, a good finance app will place the focus on its users and their goals. They are meant to streamline processes and enable one to grow assets in a way that is comfortable and personalized. M1 Finance is an app that aligns with these values and, as a bonus, is a low-cost opportunity that combines automated investing with customizable options.