Why I Transferred From M1 Finance To Fidelity! 📈 #Finance

welcome to think money with Benny here on the channel we talked about dividend girlfriend investing and how to build passive Income in the Stock Market the past couple of weeks have been absolutely crazy we all know what’s going on with the c19

situation we have this outbreak that’s disrupting our daily lives the economy and honestly disrupting common sense people are panicking they’re liquidating their investment accounts 401ks fighting over toilet paper yes people are fighting over TP what that’s known as stupid stupid

I mean is just insane what’s going on in the media right now however there is a real problem happening people are getting sick the situation in Europe and China it’s a serious issue events like these just don’t happen that often similar events like y2k in the year 2000 I still

remember as a child people were talking about the world ending shortly after in 2001 9/11 happened and that was a massive massive blow to New York City everyone was scared with so much uncertainty in the following months and even years we didn’t know what was gonna happen next 2008 with the

Great Recession banks collapsing everyone losing their jobs people couldn’t afford to pay for their homes those were also scary times and now in 2020 we’re facing a global pandemic causing havoc everywhere shutting down social events sports cities countries everything is getting shut

down and as of making this CashNews.co it feels like New York City is about to go on the quarantine at any minute now investors are also wondering if the Stock Market will get shut down but it appears that it will not but who knows right anything can happen we absolutely believe in

keeping the Markets open okay Americans need to know they have access to their money after September 11th the only reason why the bold; color: #1a73e8; text-decoration: none;">Markets were closed was because the technology was disrupted I’ve been on the phone with the major banks with the New York Stock Exchange everybody wants to keep it open we may get to a point where we shorten the hours if

that’s something they need to do but Americans should know that we are gonna do everything to make sure that they have access to their money at their banks to the money in their 401ks and to the money in stocks so I want to just be very clear we intend to keep the

href="https://cashnews.co/markets" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Markets open it’s times like these where you just have to take a step back and take control of the things you can’t control and instead of worrying about the things you can being

that this is a financial Channel I’m gonna talk about what I’m doing to put myself in a better financial situation when it comes to investing in this CashNews.co I’ll be explaining why I left m1 text-decoration: none;">Finance as well as Robin Hood and why I’m switching over to fidelity I’ll also take you through the transferring process mistakes to avoid and things to keep in mind I’ll also share my thoughts on fidelity so far let’s start from the beginning

January 2019 during this time I was looking to avoid trading fees and my choices were Robin Hood and m1 Finance as a new investor I began learning how to buy and sell stocks

with Robin Hood it’s the perfect platform to learn on because it’s user-friendly later in April I figured out which investing strategy works for me and that’s dividend growth investing I began my Portfolio with m1

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance because in my opinion and once interface caters to long term dividend investors a lot better Robin Hood made it easy to get in and out of stocks so I decided and once

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Financed the setup would help me stay disciplined if you’re familiar with m1 you know one of its disadvantages is that you’re limited to a trading window which means you can’t place order limits and

can’t buy Shares at the prices you want being that the market just kept going up and up all of 2019 this didn’t really bother me but with the recent downturn and crazy swings in the market lately I just realized how valuable and important it is to be able to set up

limit orders another big concern is the dependability and amount of trust you can place on these smaller Brokerages with the big influx of volume and activity in the Markets

recently both Robin Hood and m1 have been experiencing technical difficulties this had to be the last year offer me I literally watched my friends Robin Hood Portfolio get crushed as he couldn’t exit his positions in the options market I decided that it was time to move my

Assets over the fidelity I wanted to take comfort placing my Assets in a well trusted and proven Brokerage that’s been around since 1946 that’s 74 years Robin Hood and m1 didn’t even exist during the Great Recession that is why

they are being tested with this market downturn and Robin Hood has already failed miserably also I know there are a few big youtubers out there that still promote and stand by Robin Hood nm1 even with the recent shenanigans but don’t be fooled those youtubers might be affiliated with these

smaller Brokerages one way or another me on the other hand I’m just a small channel sharing my honest opinion and thoughts by the way if you’re enjoying the content please make sure you subscribe by clicking that red subscribe button down below I really believe

there’s no reason to invest in Robin Hood or m-1 when you have superior Brokerages out there with proven track records that also charge zero fees for trading and investing so the first step to making the switch was doing research on fidelity I’ve read a few articles I

saw some CashNews.cos I also went on YouTube and search this exact title although I was surprised not to find many CashNews.cos with a detailed explanation on how to move to fidelity that’s why I decided to make this CashNews.co hoping that it would help someone else that night I picked up

the phone and called fidelity I was immediately impressed with their customer service it’s nice and I can call and speak to someone regarding my account with questions or concerns that’s another big negative on Robin Hood an m1 if you need any type of customer service you have to write

them an email and wait for reply if you’re a new investor with a small amount of Capital I guess is not really important but one day your account will grow in value and you’ll want to speak to someone whenever you have a question that I can guarantee the representative

explained how easy it was to transfer over my account he filled out the transfer of Assets document electronically and emailed it to me for me to sign the next day I printed out the form and signed it I called fidelity two acts about the next steps and they explained how to send

over the form via email at this point the transfer had officially begun on March 6 so a mistake I made after starting the process was data going onto my m1 account and transferring our cash that I had sitting there since I initiated this cash transfer to my regular bank it ended up causing the

transfer to fidelity to get delayed by two or three days so make sure you don’t try to transfer cash in out buy or sell stocks while in the middle of transferring to another Brokerage after that has settled there was also another small setback if you’re using m1

Finance you probably carry fractional Shares m1 doesn’t transfer out any outstanding fractional Shares for example if you have 10.5

Shares of Apple then only 10 whole Shares will be transferred over the remaining point five or half a share will be liquidated and added to your account balance as cash now I was not aware of this and everyone doesn’t have this information easily accessible

on the site quite frankly I was annoyed they didn’t send me an email asking me if I wanted to proceed with this step they just went ahead and did it I thought that was very unprofessional of them and that just goes to show you the difference in having a low quality Brokerage

like m1 and Robin Hood I guess that’s just their way of saying you for leaving them if I knew those fractional Shares we’re gonna get sold off I would have gone ahead and purchased the remaining fraction Shares to make those Shares

whole but that opportunity was not given to me thanks a lot m1 so here’s a picture of my stocks before transferring so for example we have 80 80 hole Shares 0.97 Shares which basically means it’s almost a whole share is just missing 0.3 of a share to

become whole we have all trio of 53.4 which is missing like half a share to become whole and here’s a picture of my stocks while in the process of transferring as you can see my fractional Shares were sold only leaving me with whole Shares the sold off

fractional Shares will then appear as cash and in the activity section it will be labeled as dividend payout which is just a front and display bug as the m1 representative described it so this is something to keep in mind it will cause the transfer to fidelity to delay one or two

days which allows the sale of these fractional Shares to settle on the bright side I now have an extra nine hundred and ninety dollars in cash from the liquidation of those fractional Shares and now I can use that money to buy more Shares at a

discount of the Stock Market crash now if you’re wondering if you’ll get charged a fee fidelity doesn’t charge to take in your Assets but you will get charged a fee to transfer out of your existing Brokerage in this case m1

Finance charged me $100 but the awesome thing about fidelity is that they’ll reimburse me that fee because my Portfolio has a balance of 25k or higher

so I was very pleased with that now to be honest I was initially worried about moving over to fidelity because one of the attractions to these newer platforms like m1 and Robin Hood is the friendly user interface that is what draws in all the new investors the easy to use system so I was concerned

that fidelities platform would be tough to navigate through but that’s not the case at all I find the platform very easy to use it feels a lot safer and much sophisticated at m1 Finance

I feel a sense of safety and satisfaction knowing my Investments are in much better hands the fidelity app is also amazing I have no complaints there it is a hundred times better than M ones app in my opinion on so many levels there’s just no competition none at all not to

mention you can call fidelity any time you need help at any time during the day and it’s all free I mean do I really have to keep going here guys come on just make an account and see for yourself by the way I am recording this CashNews.co on March 17 I woke up this morning I checked the

fidelity app my stocks have been officially transferred over to fidelity I can see my account balance and all of my Shares now I just have to wait a day or two for all the data like cost averages gains losses to post and I’m just glad that’s over with already if you

have any questions regarding the transferring process leave your questions down below I’ll be happy to answer them that is all for today’s CashNews.co if it helped you out in any way go ahead and smash smash smash that like button subscribe if you haven’t already and I will see

you in the next one peace oh and by the way guys stop buying toilet paper buy stocks instead right I read a quote online said rich people are buying stocks right now poor people are buying toilet paper don’t do that stay safe out there wash those hands keep your distance don’t breathe

on anyone practice good hygiene