At Investor Junkie, we reviewed over 100 investing and personal finance services. Our goal is to bring you the most honest, simple, and informative reviews. Turns out, users also want to compare specific services.
This review compares Ellevest and M1 Finance. The better service depends on your needs. So let's dive in!
According to our readers (you!), when it comes to robo advisors, people care most about the fees, minimum investment requirements, and whether or not the service supports for 401(k) plans. Let's look at how Ellevest and M1 Finance stack up against each other on these threads.
To start, we will compare the fees for trading with both robo advisors. Ellevest has a fees starting at 0.25% fee per year. To contrast, M1 Finance has annual fees of 0%.
When it comes to fees, M1 Finance wins by not charging anything to use their service.
Let's consider the minimum investment that's required to use both Ellevest and M1 Finance.
At $0, both services have the same minimum deposit.
Both Ellevest and M1 Finance have the same $0 minimum deposit.
When it comes to support for 401(k) plans, there is a clear line of division. Ellevest does offer support for 401(k) plans, while M1 Finance does not. If you are someone who wants help on your employee-sponsored retirement account, Ellevest will be your option.
Ellevest is a robo advisor investing platform that targets women specifically. It can offer custom plans that are tailored to the needs of women. A good argument can be made for the necessity for taking women's particular situations into accounts. After all, they tend to live longer yet earn less. However, is a completely separate robo advisor really needed? We'll let you be the judge after reading our review.
About M1 Finance
Combining the best of both traditional investment brokerage accounts and robo advisors, M1 Finance is dangerously close to being the perfect all-around investment platform. The only significant negatives are that it does not offer tax-loss harvesting or investment in mutual funds.
|Review||Ellevest Review||M1 Finance Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Get up to $750 Cash Back||Invest for FREE|
|Account Fees||0.25%/year; Premium - 0.50%/year||None|
|Accounts Available||Taxable, Roth IRA, Traditional IRA||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||No||No|
|Retirement Planning Tools||No||No|
|Automatic Deposits||Monthly, Bimonthly and Quarterly||Daily, Weekly, and Monthly|
|Clearing Agency||Folio||Apex Clearing|
|Socially Responsible Investing||No||Yes|
|Invests in Commodities||No||No|
|Invests in Real Estate||Yes||No|
How can you access the sevice? Website only? Via smartphone app?Access
|Website||Website, iOS App, Android App|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone; Email||Phone: M-F 9A-5P CT; Email|
|Assets Under Management||$25M||$30M|
|Number of Accounts||5K||N/A|
|Sign Up||Sign Up|