This is cool. There is a lot of hesitation to move significant assets from my Charles Schwab brokerage account. That's going to be my main hurdle. I need to understand the safety, trust, trading mechanics, flexibility that I have with Charles Schwab, all of those things become very valuable when talking about high amounts for retirement purposes. I don't really know what you can do there to attract such clients? Will…
>> There is a lot of hesitation to move significant assets from my Charles Schwab brokerage account. I'm incredibly double-minded about this. M1 offers essentially the same service and they do it very well. I've compared M1 vs Fidelity Basket Portfolio (which also offers yet almost the same service.) Here are my takes - M1 is easy to use (mostly, though same super-strange UX choices) - M1 is a pleasure to use - M1 do…
So the good news is that M1 doesn't use apex for clearing anymore
The bad news is that... things got worse? After they swapped to doing clearing in house, they dropped like a month of incoming wires without reaching out at all, until I noticed on my monthly login. Turns out that they had changed the underlying wire instructions (makes sense), but sent an email saying that nothing would change on transfer instructions (not true).
Then the next month, they still dropped wires even with the correct instructions, because... ???? unknown reason. Again no contact, until I reached out and asked wtf. Third month, everything worked even though nothing was changed from the prior month.
So there's a reason why I won't put more than SIPC worth in M1 or any other new fintech. And yes, it's backend incompetence as the primary reason.