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Written by Sam Pennington on June 19, 2022
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How To Transfer From Vanguard To M1 Finance 2022

When it comes to brokerages, Vanguard may be one of the oldest and most well-known out there. The company was created in 1975 and has been a top option since.

The company has a number of great features for investors of all levels.

M1 Finance, on the other hand, is a much newer option with all the fancy bells and whistles. One of the main draws to M1 Finance is the fact that you can do so much with an account. This includes banking, loans, and investments. For some, a platform that can manage more than investments only may be better suited for them.

In this article, we highlight the steps to transfer from Vanguard to M1 Finance. Let's get started!

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Transfer From Vanguard To M1 Finance

Moving assets from one brokerage to another seems like a complicated process, but it is actually really simple.

In this case, moving assets from Vanguard to M1 Finance takes just three easy steps:

  1. Sign up for an M1 Finance Account (if you do not already have one)
  2. Gather Information From Vanguard
  3. Initiate an ACATS transfer

So, what is an ACATS transfer? ACATS stands for Automated Customer Accounts Transfer Service.

With an ACATS transfer, you are transferring your stock ownership from one brokerage to another. The key advantage is that you do not have to liquidate your positions and create a taxable event. The alternative process includes selling your assets, which creates a tax liability if you had made a profit.

M1 Finance does not charge for this type of transfer, though Vanguard does. Full transfers cost $75 while partial transfers cost $25. This amount will be deducted from your account balance.

Let's jump into each of these steps in more detail!

1. Open An M1 Finance Account

M1 Finance Robo Advisor

The first step to execute this account transfer is to open a brokerage account with M1 Finance. If you already have an account with M1, then you can skip this step!

The process to open an account 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 security number. You can actually do it all from your phone in just a few minutes.

The account you create with M1 Finance needs to be the same account type as your existing Vanguard account. Additionally, you need to ensure you use the same name. This helps the transfer go smoothly.

Once you have submitted your account application, it will be verified. This usually takes less than 48 hours.

2. Gather Information From Vanguard

Vanguard was the pioneer of low fee investing for the people.

For the next step when performing the ACATS transfer from Vanguard to M1 Finance, you will need to find your account number.

In the Vanguard app, you can find your account number by opening the app and logging in to your account. Tap on the "My Accounts" selection. There, you will see your 8 digit account number.

3. Initiate ACATS Transfer

Before initiating this transfer, you ought to be aware that M1 Finance does not support transfers with partial or fractional shares. You also will not be able to transfer any cryptocurrency into M1 Finance. If you have these assets in Vanguard, then you will need to liquidate these positions first. Be aware that selling any asset for a profit will result in capital gains tax.

Steps To Transfer Your Vanguard Account To M1 Finance

  1. From the home tab in the app, scroll to the bottom and tap on "Move Money"
  2. Select the "Transfer from another brokerage" option
  3. Choose whether you would like to perform a full or partial transfer and tap "Continue"
    • If you select a partial transfer, then you will be taken to M1 Finance's website where you will select the brokerage you are transferring from
    • You will be prompted to fill out a form that will require the account type, account number, and transfer amount
    • Selecting a full transfer will keep you in the app. You will continue to fill out the prompts as directed
  4. Search for your brokerage
  5. Enter in your account number and tap "Continue"
  6. Indicate which M1 account you would like to move the assets to
  7. M1 will cover a few details about the transfer including the estimated time (5-7 business days), assets that are supported, fees, etc
  8. Tap "Continue" when you have reviewed the information
  9. Tap "Confirm" after reviewing the details to submit the transfer

After the transfer is initiated, you will receive an email within 1 business day confirming the transfer. The funds will then be sent, which can take up to 7 business days.

Transfer From Vanguard to M1 Finance: Final Thoughts

Moving your assets from Vanguard to M1 Finance takes just three simple steps. After opening an account with M1 and locating your Vanguard account number, you are ready to initiate an ACATS transfer.

This whole process can be completed in the app in mere minutes. Once submitted, your funds should appear in your M1 account within 7 business days.

To ensure this process is completed smoothly, pay attention to the details and make sure your name and account type with M1 matches Vanguard.

If you want to learn more about M1 Finance and their unique set of offerings, be sure to check out our complete review of the platform.

vanguard transfer to m1 finance featured image
Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

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