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Written by Cari Scribner on January 23, 2022
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How To Transfer From TD Ameritrade To M1 Finance 2022

If you are currently investing with TD Ameritrade and want to transfer your assets to M1 Finance, there are several steps you will need to take.

Still on the fence? Check out our article comparing TD vs M1 Finance!

First of all, take a look at which assets you can transfer from TD Ameritrade to M1 Finance:

  • M1 supports only NASDAQ/NYSE listed stocks and ETFs.
  • However, TD Ameritrade supports options as well as OTC stocks and fixed income investments, which are not supported by M1.
  • If you are making a full account transfer out of TD and into M1, you will need to sell off these assets that M1 won’t accept, then transfer the cash.

If you earn a profit on this sale, it may result in capital gains taxes.

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1. Gather Information From TD Ameritrade

Log in to your current TD Ameritrade account for info you’ll need for the transfer.

This includes your most up-to-date statement and your account number.

You should download a copy of your most recent statement to send over to M1 Finance.

In addition, make note of what type of account you have with TD. You will need to open the same type of account with M1 to initiate the transfer.

2. Open An Account With M1 Finance

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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3. Initiate The Transfer

When it comes down to funding your new M1 Finance account, you have the option of transferring money from your bank or transferring another brokerage account.

At this point in the process, M1 may ask for the information from your most recent TD statement. You will need to upload these documents via a secure online form on M1.

You will be charged a $75 transfer fee by TD Ameritrade. This is deducted from your trading account balance.

Article written by Cari Scribner

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