I'm just about done with M1 Finance... and here is why!

  1. It’s declined because that’s not how you fix this problem. You need to recharacterize your contribution as a traditional IRA contribution then do a backdoor Roth IRA. To be mad at them for not letting you do something that will only make the situation worse is beyond silly. If you were to just pull out the money it would not be just 6k, you would also need to pull out all the gains. Call them and have the contribution plus gains recharacrerized as a traditional IRA contribution then convert it back to Roth. Make sure you do form 8606 come tax time to report your backdoor Roth and the recharacterization.

  2. I see what your saying but that isn’t what I want to do. I have other plans for the funds and want my principal + gains back so I can pay taxes on those gains and reallocate my original capital. Your assumptions would be correct if I wanted to back door Roth.

  3. Be cautious in what IRA you do this. Combining pre-tax and after-tax contributions in a single traditional IRA can complicate the accounting.

  4. Unfortunately, it did not. Transferred all my Apex Clearings accounts to TDAmeritrade today. Once it’s there they will resolve and cut me a check within a week. Lesson learned… don’t roll the dice on startup financial firms when there’s a big money on the line.

  5. I blame Govt for creating this mess by selling out our retirements to Wall Street shenanigans we had a perfectly fine system of working 20 30 year for same company and collecting pension afterward.

  6. I agree that this system isn't the best, but having to work at one place for 20-30 years and be dependent on a pension is just as far from a perfectly fine system as the current one.

  7. M1 never could figure it out. TDAmeritrade got it sorted out in one week. Never looked back. M1 isn’t ready for large clients.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may have missed