Transferring your investments from one brokerage to another may seem like a daunting task. However, it has become easier than ever to move your assets thanks to streamlined industry regulations and modern platforms.
M1 Finance now manages over $12 billion in client assets across more than 1,000,000 user accounts. The platform has refined the account transfer process, making it secure, straightforward, and user-friendly.
In this article, we'll guide you through the updated steps to transfer your account from Merrill Edge to M1 Finance. Our walkthrough covers fees, timelines, supported securities, important pre-transfer steps, and what to expect after moving your assets.
Check out my video on how to transfer your brokerage account below.
M1 Finance supports the transfer of the following assets:
You cannot transfer:
If you hold these assets at Merrill Edge, you may need to liquidate or transfer them to another platform before moving the remainder of your portfolio to M1.
M1 Finance brokerage accounts come with SIPC insurance protection up to $500,000 (including $250,000 for cash claims). Cash in M1’s Spend (checking) and Save (high-yield savings) accounts is FDIC-insured up to $4.75 million thanks to partner banks, providing an added layer of protection.
These federal protections apply to both your assets in transit and after your transfer is complete.
| Feature | Merrill Edge | M1 Finance |
|---|---|---|
| Trading Commissions | $0 stocks/ETFs | $0 stocks/ETFs, automated pies |
| Mutual Funds Support | ✅ Yes | ❌ No |
| Options Trading | ✅ Yes | ❌ No |
| Fractional Share Trading | ❌ No | ✅ Yes (for new buys, not transfers) |
| Automated Rebalancing | Manual | ✅ Yes, auto rebalancing |
| Integrated Bank/Checking | Via BofA | ✅ M1 Spend, high-yield accounts |
| Margin Rates | Varies, see Merrill schedule | Competitive, ~5.65%-6.5% |
| Advanced Trading Tools | MarketPro, research, limit orders | Pie-based investing; limited advanced order types |
| Research/Market News | Full Merrill Lynch research | News Snapshot (curated market news) |
| Minimum Balance to Avoid Fees | None for standard brokerage | <$10k = $3/month |
| Customer Support | Phone, chat, in-branch | Online, scheduled calls |
| Account Protections | SIPC, FDIC via BofA | SIPC, FDIC (Spend/Save) |
The first step in transferring your Merrill Edge account to M1 Finance is to create an M1 Finance account if you don't already have one.
You will need to provide personal information, verify your identity, and open the same account type as you currently have at Merrill Edge (for example, a Roth IRA must be transferred to a Roth IRA, not a taxable brokerage).
Once you have your M1 Finance account set up, log in using either the M1 mobile app or on the web platform:
Scroll through the menu options until you find "Transfer an account to M1". Click to begin the transfer process.
You’ll be prompted to select the type of account you’re transferring:
Important: The account at M1 must be the same type as your Merrill Edge account—taxable to taxable, Roth IRA to Roth IRA, etc. If you don’t have the correct account type at M1, you’ll need to open one before proceeding.
Retirement account note: If you're rolling over a 401(k) or 403(b) from a former employer, request a "direct rollover" (trustee-to-trustee transfer) with your plan administrator and use M1's provided account details. Do not withdraw the funds yourself, as this may trigger taxes and penalties. This specific process may take 7–14 business days, and you'll need to coordinate documentation directly between the plan administrator and M1.
Next, you’ll be shown a list of brokerages to transfer from. If you don't see "Merrill Edge" in the list, use the search bar to find it. Select Merrill Edge as your current brokerage.
Enter your Merrill Edge account number exactly as it appears on your most recent statement.
Tip: Double-check for typos or transposed digits. An incorrect account number may delay or void your transfer.
After you enter your account number and confirm your details, authorize the asset transfer by following the on-screen prompts and providing e-signature if prompted.
Double-check all details—transferring the wrong account type or unsupported assets can result in delays or incomplete transfers.
Once submitted, your transfer will be processed through ACATS. Trading will be paused on the moving assets during the 4–7 business day window.
After completion: Confirm that all expected assets (and cost basis information) have successfully moved to your M1 account. If any cost basis data is missing after 30 days, contact M1 support to coordinate with Merrill Edge.
Cost basis information (your security's purchase price) should transfer along with your assets. This is critical for capital gains tax reporting when you sell. Most basis information arrives within 30 days of the completion of the transfer—monitor your account history and contact M1 if anything is missing.
Your transfer proceeds through the ACATS system, regulated by the National Securities Clearing Corporation and FINRA. As an investor, you have the right to transfer your account efficiently and securely between registered U.S. brokerages.
Ready to start? Open your M1 Finance account and initiate your transfer whenever you’re ready.
