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 SigFig and M1 Finance.
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 SigFig and M1 Finance stack up against each other on these features.
To start, we will compare the fees for trading with both robo advisors. SigFig has annual fees at 0.00% fee per year. In contrast, M1 Finance has annual fees of 0%.
When it comes to fees, both SigFig and M1 Finance are equal in annual fees.
Let's consider the minimum investment that's required to use both SigFig and M1 Finance.
At $0, M1 Finance requires a smaller minimum deposit.
Unfortunately, neither service offers assistance with your 401(k) and you will have to find another service if this is a requirement for you.
|Review||SigFig Review||M1 Finance Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||None||Invest for FREE|
|Account Fees||First $10k managed free; 0.25%/year for $10k+; 0.50% for Diversified Income Portfolio||None|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, SIMPLE 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||Yes — All Taxable Accounts||No|
|Retirement Planning Tools||No||No|
|Automatic Deposits||Daily, Weekly, Monthly, Bimonthly and Quarterly||Daily, Weekly, and Monthly|
|Clearing Agency||N/A||Apex Clearing|
|Socially Responsible Investing||No||Yes|
|Invests in Commodities||No||No|
|Invests in Real Estate||No||No|
How can you access the sevice? Website only? Via smartphone app?Access
|Website, iOS App, Apple Watch, Android App||Website, iOS App, Android App|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone: M–F 6A–6P PT; Live Chat: M–F 6A–6P PT; Email||Phone: M-F 9A-5P CT; Email|
|Assets Under Management||$120M||$30M|
|Number of Accounts||3K||N/A|
|Sign Up||Sign Up|
SigFig is a robo advisor service that offers asset management, diversified income, and portfolio tracking. Altogether, SigFig itself isn't a bad service, and its Portfolio Tracker is free. But the recommendations it makes seem simple at best. There are other robo advisors available with more functionality.
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.