We've reviewed many investing and personal finance services. We want to help you make the best decision of which service best suits your needs.
This comparison we review M1 Finance and Ellevest.
From our research, annual fees, minimum deposit, and 401(k) support the most important
features which choosing a robo advisor. Let's look at how M1 Finance and Ellevest stack up against each other on these features.
To start, we will compare the fees for trading with both robo
advisors. M1 Finance has
annual fees at 0% fee per year. In
contrast, Ellevest has annual fees of 0.25%.
M1 Finance wins because their service is free to use.
Let's consider the minimum investment that's required to use both M1 Finance and Ellevest.
At $0, both services have the same minimum deposit.
Both M1 Finance and Ellevest have the same $0 minimum deposit.
When it comes to supporting 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 input on your employee-sponsored retirement account, Ellevest will be your option.
|Review||M1 Finance Review||Ellevest Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Invest for FREE||Get up to $750 Cash Back|
|Account Fees||None||0.25%/year; Premium - 0.50%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts||Taxable, Roth IRA, Traditional IRA|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting|
|Retirement Planning Tools|
|Automatic Deposits||Daily, Weekly, and Monthly||Monthly, Bimonthly and Quarterly|
|Clearing Agency||Apex Clearing||Folio|
|Socially Responsible Investing|
|Invests in Commodities|
|Invests in Real Estate|
How can you access the sevice? Website only? Via smartphone app?Access
|Website, iOS App, Android App||Website|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone: M-F 9A-5P CT; Email||Phone; Email|
|Assets Under Management||$30M||$91M|
|Number of Accounts||N/A||12K|
|Sign Up||Sign Up|
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.
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.