No commissions, no ads, no advice. This M1 Finance profile draws only on public records, each linked so you can confirm it yourself.
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The short answer: is M1 Finance a fiduciary?
Yes. M1 Finance is a fiduciary when it acts as your investment adviser. Publicly, it files with the SEC as M1 Advisory Services (CRD #249787). As of its latest Form ADV (filed October 1, 2026), the firm reported $1.5 billion in regulatory assets under management (a firm-reported figure). Its Form ADV (Item 5.E) lists how it is paid: a percentage of assets under management. All of it sits on the public record, and confirming it for yourself takes only a few minutes.
Its Form ADV also reports that a related person is a broker-dealer (Item 7.A), and brokerage accounts fall under Regulation Best Interest instead. Ask which capacity covers each of your accounts, and get the answer in writing. Get started with Truthifi
What "fiduciary" means: a fiduciary is legally bound to place a client's interests above its own. (More on fiduciary duty)
M1 Finance at a glance
✅ Verified from public filings, last checked October 5, 2026. M1 Finance (SEC CRD #249787) is a fiduciary when acting as your adviser, on an advisory-fee basis, with $1.5 billion in regulatory assets under management. Every figure below links to its primary source.
| What | M1 Finance | Source |
|---|---|---|
| SEC CRD | #249787 | IAPD |
| Registration | Investment adviser, with a related person that is a broker-dealer (Form ADV Item 7.A) | IAPD |
| Registered since | August 11, 2015 (SEC) | IAPD |
| Fiduciary? | Yes, when acting as your adviser | SEC adviser standard |
| Fee model | Advisory fees (no commissions reported in Item 5.E) | Form ADV Item 5.E |
| How it's paid | A percentage of assets under management | Form ADV Item 5.E |
| Regulatory Assets Under Management | $1.5 billion (Form ADV filed October 1, 2026) | IAPD |
| Client accounts | 11,400 accounts, all non-discretionary (Item 5.F); clients also number 11,400 (Item 5.D) | IAPD |
| Employees | 14 | IAPD |
| Ownership | Parent-owned | Form ADV Schedule A |
| Disclosures | Form ADV answers Yes to one or more disciplinary questions. Read them on IAPD | IAPD |
| HQ | Chicago, IL | IAPD |
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M1 Finance fees: what you'll pay
According to its Form ADV (2026), M1 Finance is paid a percentage of the assets it manages, and it reports no commissions for advisory services (Item 5.E). Its filing also reports broker-dealer, insurance or other sales activity by the firm or a related company, business that can be paid by commissions. Ask how each part of the relationship gets paid. The details are in its Form ADV Part 2A. Get started with Truthifi
Advisory fees are what clients pay the adviser directly, a separate source of pay from commissions earned through a related broker-dealer or insurance business. For how fee-only firms differ, see Fee-only financial advisor: costs and how to find one.
Who owns M1 Finance, and what conflicts does it disclose?
M1 Finance is owned by M1 Holdings Inc., according to Schedule A of its Form ADV (2026). (Form ADV Schedule A)
Its Form ADV Part 2A describes the firm's conflicts of interest, including how it and its advisers are paid.
M1 Finance SEC record: disclosures
M1 Finance's Form ADV answers Yes to one or more disciplinary-history questions. A disclosure can be a regulatory, civil or criminal matter involving the firm or a related person. Read each item in context on IAPD before drawing conclusions. Because the related broker-dealer files separately, its record is on FINRA BrokerCheck.
According to IAPD, the firm has been registered with the SEC since August 11, 2015, makes notice filings in 53 jurisdictions, and reports 14 employees. If you're asking "is M1 Finance legit?", start with registration: a public CRD and filings anyone can pull. That confirms it's a real, regulated adviser, though fit for your own needs is a separate question.
Our view: read each disclosure item on IAPD yourself before you open or add to an M1 Finance account. Then ask in writing which of your accounts are advisory and which are brokerage. That one answer tells you which standard of care applies to the money.
Reading M1 Finance reviews against the public record
Star ratings and client comments describe what working with a firm felt like. They usually don't show what the firm reports to regulators. Before you weigh M1 Finance reviews, check three things this profile takes from the public record. First, how the firm is paid: it reports advisory fees and no commissions, but it has a broker-dealer or insurance connection. Second, who owns it and what conflicts it discloses. Third, whether its Form ADV reports any disciplinary history. Read reviews alongside the record, not instead of it. On fee value, see Are you paying too much? Why that might be the wrong question.
How to verify M1 Finance yourself
Here's how to confirm all of it in three steps:
- Check the SEC adviser record (IAPD): https://adviserinfo.sec.gov/firm/summary/249787.
- Read the filings (Form ADV / Form CRS): linked from the IAPD page.
- Confirm the entity: match M1 Finance (CRD #249787, legal name M1 ADVISORY SERVICES LLC) so you're reading the right firm.
What M1 Finance does and who it serves
On its Form ADV, M1 Finance reports providing portfolio management for individuals and small businesses, portfolio management (pooled vehicles), and portfolio management for businesses and institutions.
According to Item 5.D of its Form ADV, its clients break down by type, about 11,400 in all:
| Client type | Clients | Assets managed |
|---|---|---|
| Individuals | 11,400 | $1.48 billion |
Separately, it reports 11,400 client accounts, all non-discretionary, meaning you approve trades (Item 5.F). The filing gives the same figure for clients and for accounts, which suggests roughly one account per client. Its main office is in Chicago, IL.
It reports it does not itself take custody of client assets, though a related person does (Form ADV Item 9.B).
Read together, these filing details describe something closer to a self-directed platform than a traditional advice relationship. Individuals hold about 99% of the assets it manages ($1.48 billion of $1.5 billion), and none of the accounts are discretionary. The fiduciary duty covers the advice the firm gives. With non-discretionary accounts, though, the trade decisions stay with you.
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The hard part isn't checking the firm. It's seeing your whole financial life.
Confirming M1 Finance is registered takes a few minutes. Even a fiduciary adviser can only weigh the accounts it can see. An old IRA, a spouse's portfolio and fees buried below a standard statement often sit outside that view. This is where Truthifi comes in.
How Truthifi can help
Truthifi links your accounts read-only and shows what you own, how it's allocated, how it's performing and where the risk sits, including single-stock exposure, returns next to a benchmark, a fee breakdown of the fees on each account, by type, and your Truthifi Score. You can share the accounts you choose with your advisor at M1 Finance. Get started with Truthifi
Prefer your own AI? A paid Truthifi plan lets you connect an AI assistant that supports MCP sign-in, such as Claude. Truthifi Connect is the lighter membership for people who only want to use their own assistant. Questions about your fees need Monitoring or Monitoring Plus+. Get started with Truthifi · See how Truthifi keeps your accounts secure
Ask AI about your M1 Finance accounts
Once your accounts are connected read-only, you can ask in plain English:
- "What do I own across my M1 Finance accounts and everything else, and how is it allocated?"
- "What am I paying in fees across all of these accounts?"
Try it with Truthifi: start for free at app.truthifi.com and run a Monitoring Checkup (limits apply).
No commissions, no ads, no advice: Truthifi is not an investment adviser and doesn't give investment, tax or legal advice. Its access to your bank and brokerage accounts is read-only. Start free (limits apply). Monitoring Checkup is free. Link up to 10 connections, per Truthifi's pricing page. Plans and limits are on the pricing page → truthifi.com.
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FAQ
Is M1 Finance a fiduciary? Yes, when acting as your adviser. Its Form ADV reports a related person that is a broker-dealer, and brokerage accounts fall under Regulation Best Interest instead. Ask which capacity covers each of your accounts.
Is M1 Finance fee-only? Not necessarily. Its Form ADV (Item 5.E) reports no commissions for advisory services, but the filing also reports broker-dealer, insurance or other sales activity by the firm or a related company, which can be paid differently. Ask how everyone you deal with is paid. The details are in its Form ADV Part 2A.
Who owns M1 Finance? M1 Finance is owned by M1 Holdings Inc., as listed in Schedule A of its Form ADV.
Does M1 Finance have complaints or disclosures? Yes. Its Form ADV answers Yes to one or more disciplinary-history questions. Read each item on IAPD, in context. A disclosure is not by itself proof of current wrongdoing.
Is M1 Finance legit? M1 Finance is registered with the SEC (CRD #249787) and its filings are public on the SEC's IAPD site, which confirms it is a real, regulated firm. Registration doesn't tell you whether it's the right fit or what you'll pay, so read the fee and conflict sections of its Form ADV.
Can AI help me check whether I'm getting good value? Yes. Start free (limits apply): Monitoring Checkup is free and lets you link up to 10 connections. You can also connect an AI assistant you already use (such as Claude). On Monitoring or Monitoring Plus+ you can ask it, in plain English, about the fees on each of your accounts. Truthifi is not an investment adviser and doesn't give investment, tax or legal advice.
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About this profile
Truthifi built this profile from the firm's own SEC filings (Form ADV and, where filed, Form CRS). Every page is reviewed by the Truthifi Team before publishing. The Truthifi advisor fact packs are an ongoing series checking U.S. investment advisers against their public filings, one firm at a time. To compare other firms, browse the Truthifi /advisors hub.
Read next from the Truthifi blog
- What is a fiduciary?
- Fee-only financial advisor: costs and how to find one
- Are you paying too much? Why that might be the wrong question
- How to ask AI about your real investment accounts
- Robo-advisor vs. human financial advisor: which is better?
- All advisor fact packs on Truthifi
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A note on sources. The facts on this page come from publicly available documents, M1 Finance's SEC filings, each linked inline so you can verify it yourself (SEC data current as of October 5, 2026). This is general information, not financial or legal advice, and Truthifi is not affiliated with M1 Finance. Regulatory records change, so always confirm against the official sources linked above. Spot something that should be corrected? Email us at support@truthifi.com. One more thing to watch: advisers typically update Form ADV once a year, so a filing can trail the firm's current setup by months.
Disclaimer: This article is for educational purposes only and does not constitute financial, tax, or legal advice. It should not be construed as a personalized recommendation regarding any investment, financial advisor, or financial product. All calculations use hypothetical scenarios and historical return assumptions; actual results will vary. Past performance does not guarantee future results. Consult a qualified financial professional for guidance specific to your situation. Truthifi is an investment monitoring platform — not a financial advisor, broker-dealer, or tax professional. Truthifi does not manage assets, recommend investments, sell financial products, or provide personalized financial advice. Truthifi earns no revenue from advisor referrals, product commissions, or AUM fees. Statistics and data cited reflect publicly available sources current as of the article’s publication date. Sources are linked throughout.