M1 Finance - the best tool, but not in Canada

Hi everyone, I wanted to talk about this tool called M1 Finance. In my opinion, this is probably the best tool out there for DIY (Do It Yourself) investors.

Let's say you have identified a few ETFs, such as VFV (our good old S&P 500 ETF with a proven track record). This tool allows you to create your own portfolio of ETFs and stocks and set a given percentage for each. Next, you simply let M1 Finance work its magic and build your portfolio.

Don't confuse M1 Finance with a Robo Advisor like Wealthsimple. Unlike a Robo Advisor, M1 Finance will not provide any advice on your investing decisions. You're really on your own when it comes to building your portfolio.

If you ask me, in today's world where anyone can pick and choose a couple of ETFs, which in turn hold several hundreds of stocks, I like the idea of building my own portfolio with the assistance of a tool to automize buying and reallocation.

They call it the "pie" and each portion of that pie is referred to as a slice. Here is a screenshot of that pie from the M1 finance website:

Fees

Another great feature of M1 Finance is that it's totally free to use. There are no fees for buying or selling stocks and ETFs, and you can pretty much set it and forget it.

Features

M1 Finance allows you to trade with fractional shares. This means that you don't need to accumulate the full amount for a given stock before you're allowed to buy and own it. Some stocks are quite pricy, think Tesla at 883 USD and Berkshire Hathaway which costs a whopping 442,800 USD!

You only need to set your target percentage for each stock and ETF you want to invest in, and M1 Finance's algorithm will do the rest.

Unfortunately, M1 Finance is only available in the US right now, and there isn't something similar in Canada. It's not clear whether M1 Finance will make its way to Canada soon. Wealthsimple Trade is slowly introducing new features and my guess is that they may come up with a product enhancement that is going to resemble M1 Finance sooner or later. For now, Canadians will have to stay patient and use the available products in Canada.

Let me know your thoughts! Would you like to see a tool like this in Canada? Is there a tool out there I have overlooked?