“The financial services industry has seen disruption for some time, but our incredible growth is far beyond the trend,” says Brian Barnes, M1 Finance founder and CEO. “It’s about our team’s relentless pursuit to create the best personal finance platform for building long-term wealth, meeting medium-term financial needs, and managing short-term spending. The speed at which we’ve tripled client assets is a clear example of the trust and belief people have in our vision.”
The $3 billion milestone comes during a time when more people are seeking to make smarter financial decisions. M1 is experiencing daily record numbers of new account sign-ups, signing up approximately three times more users now versus this time last year. The company is also experiencing record brokerage account transfer numbers, recently hitting over $700 million in total account transfers from competing brokerages.
According to Barnes, it’s not just new clients driving this growth. M1 is increasing wallet share with existing clients as they move even more money to M1 and grow their contributions.
“Our clients are engaged investors, but they’re not active traders. They rely on M1 to automate their positive financial habits, and our long-term philosophy makes us stand out. We’re building the tools that make smart financial decisions effortless, integrated, and consistent,” says Barnes. “There are a lot of trends in the personal finance space, but we innovate according to our values.”
This milestone follows closely on the heels of Smart Transfers, a recently launched automation feature for M1 Plus members and a key part of M1’s vision of empowering people to improve their financial well-being. Integrated with M1’s existing suite of products, M1 Invest, M1 Borrow, and M1 Spend, M1 Plus members use Smart Transfers to save time and make every dollar work harder according to their goals.
While innovating new features like Smart Transfers and experiencing record growth in client assets and sign-ups, M1 has continued to stay focused on the client experience. Since the beginning of 2020, M1 has grown its client success team by 5x and outgrown its new headquarters, among other milestones.
“We’ve grown our team to ensure we’re not just there when our clients ask for help, but to anticipate their needs and empower them to be fully self-directed in their financial wellness journey,” says Christine LaFrance, Head of Client Success at M1.
The next big area of focus for M1 will be continuing its work in building an integrated, holistic personal finance platform. The team expects to double headcount in the next year and is planning for even more in automation, seamless integration, control, and the client experience. To learn more about M1 Finance, visit www.m1finance.com.
