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