How to prepare for my incoming brokerage account transfer

To ensure your account is set up for the transfer, you may add the stocks and funds you are transferring to your current portfolio. Securities will be displayed outside your Pie upon arrival. 

   

Adding stocks to your Pie   

Securities (stocks, ETFs) that you are transferring from another brokerage account may be added to the portfolio that you are transferring them into at M1.    

For example, if your current portfolio at brokerage A is:   

  • ABC   
  • XYZ   
  • JFK   

If you set up your M1 portfolio that you are transferring into to include:   

  • ABC   
  • XYZ   

JFK would need to either be added to your Pie or will display outside your pie when the transfer completes. 

The target percentages should be set at the weight that you would like the securities to be at in the future, but they will not impact the value of your incoming transfer.    

For example, if 25% of your portfolio is made up of XYZ and you set up your Pie to be 50% XYZ, the full value of XYZ will be transferred into M1. M1’s algorithm will push XYZ towards that lower percentage allocation of 25% over time.  

Keep in mind that each slice needs to be least 1% target allocation.   

Helpful links for setting up your portfolio:   

 

Liquidating securities    

Securities you transferred over will be displayed outside your Pie. Here, you may opt to liquidate the received securities instead of adding them to your Pie, if they are eligible to do so. 

A liquidation will result in those selected securities being sold in the next available trade window and the proceeds applied to your cash balance. If auto-invest is on, the funds may be allocated and re-invested into your portfolio. 

  

Securities that are not supported by M1   

M1 performs in-kind transfers, which transfers accounts as-is. We allow you to keep any supported securities you have at M1. 

Learn more about what securities we support.   

M1 has 6,000+ stocks and ETFs that are listed on NYSE, NASDAQ, and BATS exchanges. When a ticker isn't listed on M1's platform, it is most likely on a different stock market exchange or did not meet our requirements in the past.    

Received securities that are not supported by M1 will be displayed outside your Pie.  

You can put in a request for a ticker to be added to the platform. We will let you know if our Finance team approves your request. If approved, the ticker will be listed within five business days.   

 

Transferring cash   

If you transferred in cash and do not want it automatically invested, make sure that your Auto-Invest is turned off.    

 

FAQ   

Will the percentages I set for my holdings affect the value of my transfer?   

The target percentages should be set at the weight that you would like the securities to be at in the future, but they will not impact the value of your incoming transfer. Remember that each Slice needs to be least 1% target allocation.   

   

Can I change my percentages of my portfolio later?   

You can change the percentages in your portfolio later. This will not trigger any sales unless you delete a Slice or move your allocation below 1%.   

   

Can you set up my portfolio for me?   

Unfortunately, we can’t set up your portfolio for you. However, we give you all the tools to create your own Pies and add them to your account.   

     

Does M1 support mutual funds, options, or bonds?   

M1 does not support the trading of mutual funds, options, or bonds. Please review our article on what securities can be transferred for more information.

Mutual funds included in transfers to M1 will be handled accordingly:

  • Transfers including bonds or options will be fully rejected.
  • Mutual funds included in transfers to M1 Individual and Joint Accounts will remain at your previous brokerage.
  • Mutual funds received in all other account types will be automatically liquidated at the end of the day and their value will appear in your cash balance in 1-2 business days.

If the mutual fund you are attempting to liquidate is a tender fund, the liquidation request will be submitted on the tender date of your mutual fund holding. Please note, most tender funds only offer pro-rata liquidations, as such, there is the potential that only a portion of your mutual fund position will be liquidated. If you are subject to a pro-rata distribution, your tender mutual fund will be submitted on each of the following tender dates until your position has been fully liquidated.

 

When will my cost basis appear?

The cost basis of the holdings from your previous brokerage are typically transferred to M1 within 30 days. 

If it has been more than 30 days since your transfer arrived at M1, please contact your previous brokerage to obtain the cost basis document directly from them and email it to the M1 support team.

 If you transferred a taxable account from one of the following brokerages, you will need to reach out to them for your cost basis as it will not automatically update in your M1 account: 

  • Betterment 
  • Computershare 
  • AST 
  • Shareworks 
  • Any Employee Stock Purchase Plan (ESPP)

 

Why is there still cash and/or securities in my old brokerage account?

Cash and securities at your previous brokerage will be continuously swept over to M1 for around 7-10 business days. If you still see anything in your old brokerage after 90 business days, please let us know.

  

 

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M1 disclosures here.

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