Upon setting up an account for the first time, users can decide how they want their money allocated, or they can choose a pre-designed balanced portfolio. When the user makes new deposits and withdrawals, M1 will automatically adjust their investments to ensure that the portfolio stays balanced. The startup’s target audience is millennials with $10,000 or more in savings who are interested in getting more involved with their finances. M1 charges a 0.35 percent annual fee, with unlimited trades, deposits and withdrawals included. With the option to build out one's own portfolio and relatively low fees, M1 is carving out a niche between passive investment products a la Vanguard and actively playing the markets. Founded in 2015, the company officially announced its debut at the FinovateFall 2016 fintech conference in New York City on Friday. M1 currently has 17 employees.

http://www.builtinchicago.org/2016/09/09/new-fintech-startup-9m-funding