How much are you willing to pay for a robo-advisor? How about nothing?
M1 Finance, a Chicago-based automated investing platform, has removed fees for all of its costumers regardless of their account balance.
Previously, the startup company had a free tier for the first $1,000 in an account and then a fee of 0.25% for balances between $1,000 and $100,000. Above that level, the fee dropped to 0.1%.
But rather than making money by charging the consumer a fee, the company says that it is better off doing it on the back end by lending securities to short sellers and money like a bank.
