M1 Finance: 7-10 Day Transfer of Roth IRA Balances

So what’s been happening with my portfolio has been a bit weird this past weekend. I initiated a change of brokerages from Fidelity to M1 Finance and they mentioned it would be about a 10 day process. As of Saturday all of my funds in my Fidelity account are gone. The account is now at $0 and my net worth in my Mint account went down with the funds missing.

I am a bit eerie and just kind of feel nervous inside. Luckily in the M1 Finance emails they state that this will happen for about 2 days and then everything will show up, they will pause my accounts in M1 Finance until it is set up how I like and then turn them back on. I thought this was a good note to add. It literally states, “DON’T WORRY!” and then explains the gist of why those account numbers will be gone for a couple days. I am really hoping to see them by tomorrow so I can figure out how this whole auto-investing work as well as the pie slices and having sectors.

Basically I have an okay understanding that it will place my other securities into my portfolio here and then anything else I have in these pies I have set up, it will buy those when I put in money until it balances things how I have allocated. I have not heard at all that it will sell items I have in order to get to my %s. So like, for instances, I have some REIT ETFs, one being VNQ and I placed another slice/company called Simon Property Group into my Real Estate slice. I have VNQ at about 70% of the pie and SPG at 30%. I am really hoping that it doesn’t sell my VNQ and then use 70% of that money to buy VNQ  and 30% of that money to buy SPG. From what I understand, I don’t think it will. I think it will only buy to get me to where I am balanced out. I have Telecom companies in this pie/portfolio that I don’t have in my other portfolio and I’m really hoping it doesn’t sell other items in order to buy a % portion of them.

I guess I will let you guys know later this week. Just thought I would give a short update for those of you that are thinking of doing something similar and wanted the mindset of someone who is going through it. I’ll get back into the better parts of the journey next week. Have a great weekend and remember those serving our country this Veteran’s Day!

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