Are you looking to make the switch from Interactive Brokers to M1 Finance?
M1 Finance has successfully facilitated the transfer of over $2 billion in assets from other brokerage platforms to their platform.
Whether you're moving your full brokerage account, a partial transfer, or even a retirement account, this guide will walk you through the steps.
It's important to note that Interactive Brokers (IBKR) does not charge any fees for account transfers.
M1 Finance doesn't either, so this will be a cost free transition!
The first step in the transfer process is to create an M1 Finance account.
Keep in mind, the account type you are looking to transfer needs to match the account type you open with M1 Finance.
Look at your most recent IBKR statement and organize the necessary information, which includes your account number and account type.
M1 will need these details to process the transfer. In addition, they may ask you to upload a copy of the statement, so be sure to download a copy.
Before initiating the transfer process, ensure that you have an open account with M1 Finance that matches the specific account type you're transferring.
For instance, if you're transferring a Roth IRA, it must be directed to an M1 Roth IRA Account.
Once you've confirmed the compatibility, navigate to the Home tab within your M1 Finance account.
Look for the "Move Money" option and click on it to proceed with the transfer process.
Within the "Move Money" section, opt for the "Account Transfer" feature, which serves as the starting point for initiating the transfer process.
To kick off a full brokerage account transfer, select the appropriate option based on your specific needs and account type.
Choose the brokerage from which you're transferring your account - which is Interactive Brokers in this case.
Enter the account number of the brokerage account you intend to transfer into your M1 Finance account.
Ensuring the accuracy of this information is crucial for a successful and smooth transfer process.
Choose the specific M1 Invest Account that will receive the transferred funds.
After reviewing the details, click the "Continue" button to confirm and initiate the transfer process.
You'll receive a confirmation email shortly after submission.