Instructions to transfer Robinhood account, stocks, ETFs, assets, money to M1 Finance app brokerage service in 2019.

How to Transfer a Robinhood Account to M1 Finance

If you want to move from Robinhood to another brokerage firm for any reason, you could transfer your account to M1 Finance. Like Robinhood, M1 Finance offers commission-free trading; although there are some important differences you need to be aware. Just follow this detailed guide:

Step 1: Take a look at Robinhood’s fee schedule

Before you take the plunge, you should be aware that Robinhood charges $75 to move an account to another brokerage firm. This fee will be deducted from your account before it arrives at M1. In the past, M1 has occasionally offered a cash bonus to help offset the old broker’s fee (it was $100 for an account of at least $20,000). M1 does not currently offer this promotion; so it looks like you’ll be on the hook for the $75.

Step 2: Consider liquidating some assets at Robinhood first

If you decide to go ahead with the transfer, be aware that some investments available at Robinhood aren’t available at M1 Finance. Options and cryptocurrencies are not available at M1; so you’ll need to sell these before starting the transfer process. You can leave the cash proceeds in your Robinhood account.

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Step 3: Open an account at M1 Finance

Once your Robinhood account is ready to go, next it’s time to open an account at M1. This new account must have the same name that is on the Robinhood account. Also, the two accounts must be of the same type. For example, they both must be joint accounts, Traditional IRA’s, or trusts. One cannot be a trust and the other an IRA, for example.

Step 4: Send M1 Finance an e-mail

When your new account is up and running, you need to send an e-mail to M1 Finance’s ACAT department. The address is transfers@m1finance.com. You must attach a recent Robinhood account statement.

At this point, you can request either a full transfer (all positions will be moved) or a partial where only certain securities will be transferred. If you go with the latter option, be sure to specify which assets you want to move, including ticker symbols and share amounts.

Step 5: Update your M1 portfolio

After you submit your request, be sure to add whatever stocks and ETF’s you want to maintain in your M1 account to one of your Pies. This will help make sure they are actually part of your account.

Because of M1’s Pie method of investing, you’ll want to verify that your securities are transferred into a Pie. If you just choose a default Pie that M1 has pre-built, your stocks and ETF’s could be liquated and reinvested in other securities.

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