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.
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!
Next, you will need to open an M1 Finance account.
Here are the requirements to open an 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.
Once you have your M1 account opened, here's how to transfer: