| Website |
https://www.acorns.com |
https://www.m1finance.com |
| Pros |
- Easy to use - Acorns app focuses on the simple user interface.
- Free trades
- Round Up and Invest - With an Acorns debit card, you choose to have transactions rounded up and the difference invested.
- Invests in low-fee, diversified index funds.
- Automated investing approach makes it easy to contribute.
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- No advisor fee, trading fee, or monthly fee.
- Concept of “Pies” - preset portfolios you can pick with a single click.
- Automatic investing enables rebalancing your portfolio as you make new contributions.
- Borrow against your portfolio with a low-interest loan.
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| Cons |
- Monthly fees range from $1 to $5 a month.
- Retirement accounts require a $3/month fee.
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- No tax-loss harvesting
- By adding multiple pies you can easily create an overly complicated portfolio of portfolios that duplicates investments.
- Limited trading time - On a free account, all of your transactions will happen in the morning. With an M1 Plus account, you can also trade in the afternoon.
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| Promotions |
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| Fees |
- $1/month - Lite Plan (Investment account)
- $3/month - Personal Plan (Investment account, retirement account & checking account)
- $5/month - Family Plan (All of the above + kids and advice)
- Additional expenses are in the form of the expense ratio for your chosen investments.
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- No management fee - M1 Finance changes no advisor fee.
- $125/yr fee for an M1 Plus Account.
- Additional Fees for various other one-off services like wire transfers, paperwork, or account conversions.
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