Investing Simple Logo
Webull free stock promotionWebull is a free stock trading app that can allow you to earn compound interest by investing in the stock market.
Get Up To 12 Free Stocks Worth Up To $30,600!
Webull is a commission free stock and crypto trading platform. Right now, Investing Simple readers can get up to 12 free stocks with their current promotion. Open an account to receive 2 free fractional shares worth $3 to $300. Deposit any amount of money to receive 4 to 10 more free fractional shares worth $7 to $3,000. Promotion expires 10/31/2022.
Webull free stock promotion
Get Up To 5 Free Stocks From Webull
Open a new Webull brokerage account today and deposit any amount of money to receive 5 free stocks. Webull offers commission free stock, ETF, option and crypto trading.
Written by Cari Scribner on February 1, 2022
FTC Disclosure

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.

Best Free Stock Promotions

Robinhood Logo1 Free Fractional Share Worth $5 To $200, 18 Companies To Choose FromDownload
Webull LogoWin Up To 12 Free Stocks Worth Up To $3,000 EachDownload
M1 Finance Robo Advisor$10 Bonus (When You Deposit $100+)Download
Moomoo LogoWin Up To 5 Free Stocks Worth $3 To $2,000 EachDownload
Acorns LogoFree $10 Bonus When You Invest $5+Download

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.

M1 Finance Free Training

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.


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
Article written by Cari Scribner

Platform Reviews

Power Your Investing

Choosing the right product and service is essential for your investing. Here are some of the tools and services to help your portfolio grow.
Robinhood provides an easy-to-use free trading platform for beginner investors. Robinhood has $0 account minimums. Get a free stock when you open an account below.
Try Robinhood
M1 Finance
M1 Finance offers a free investing platform where users can build portfolios of stocks and ETFs. Users can also choose from a variety of pre-built portfolios offered for free.
Try M1 Finance
Passively invest in private real estate deals with as little as $10. Fundrise allows you to own residential and commercial real estate across the U.S. starting at a 1% annual fee.
Try Fundrise
Copyright © 2018 – 2022 Investing Simple LLC. All Rights Reserved.
Investing Simple is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. Investing Simple has advertising relationships with some of the offers listed on this website. The information on Investing Simple could be different from what you find when visiting a third-party website. All products are presented without warranty. For more information, please read our full disclaimer.
Website managed by Stallion Cognitive™
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram