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Written by Cari Scribner on February 1, 2022
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How To Transfer From Charles Schwab To M1 Finance 2022

Are you happy with your current online investing platform? Does it have all the features you’re looking for to manage and grow your account?

If you answer “no” to any of these questions, it may be time to give another app a try. There may be one that better checks off the boxes on your list for a solid, user-friendly way to manage your portfolio.

As an investor with Charles Schwab, one of your options is to transfer your account over to M1 Finance.

While both of these platforms are popular, each offers its own set of tools for its clients.

Here's how to transfer from Charles Schwab to M1 Finance.

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1. Gather Information From Charles Schwab

Charles Schwab Robo Advisor

In order to transfer your Schwab account over to M1 Finance, you will need some information.

The main details needed are the most recent statement (downloaded copy) which has your account number as well as your account type.

M1 Finance offers retirement, taxable, custodial accounts and more. You want to make sure the account you open with M1 is identical to the one you are planning on transferring over from Schwab.

This is also a good time to consider asset transferability. M1 Finance does not support options, OTC penny stocks and other investments such as fixed income products. If you own assets like this within Schwab, they will need to be sold off first in order to initiate a full transfer.

Be sure to consider any tax consequences before selling off assets!

2. Open An Account With M1 Finance

M1 Finance Robo Advisor

Next, you will need to open an M1 Finance account.

Here are the requirements to open an account:

  • Be a US citizen or permanent resident
  • Be over the age of 18
  • Have a current US residential address and US phone number
  • $100 minimum to open a regular taxable brokerage account
  • $500 minimum to open a retirement account

If you meet the qualifications, you can continue on to open a new M1 account.

The process is relatively straightforward and everything is handled within the app. M1 Finance will ask you for information such as your name, address, employer and social.

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We put together a free 30 minute video training that walks you through the entire process, step by step. This training will help you get up and running in no time at all.

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3. Initiate The Transfer

Once you have your M1 account opened, here's how to transfer:

  1. Log onto your new M1 Finance account
  2. Click “Transfer”
  3. Fill out the fields asking for your Schwab account info and stating whether you are making a full or partial transfer
  4. Upload your Schwab documents securely through M1’s encrypted form
  5. Once you’ve gone through this process, you will be restricted from trading with funds in your Schwab account
  6. The transfer from Schwab to M1 takes around 5 days to one week
charles schwab transfer to m1 featured image
Article written by Cari Scribner

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