US automated investing platform M1 Finance, has abolished all fees for investors, regardless of the size of their accounts.

The move enables investors to buy stocks and exchange- traded- funds (ETFs) for the first time, free of charge.

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M1 Invest’s founder and CEO Brian Barnes, said: “The future of finance is free.

“What Robinhood created for the modern trader, M1 is now doing for the modern investor.”

The robo advisor used to have three pricing categories:

  1. Zero fees for accounts with less than $1000
  2. A 0.25% fee for accounts between $1000 and $100,000
  3. A 0.1% fee for accounts more than $100,000

Barnes said: “If you’re an investor who wants to add to your portfolio over time, there has never been a better platform than M1. And now that we’re free, there’s no reason to invest anywhere else.”

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By Wednesday, had about 25,000 accounts, and their assets under management were almost $100m, WealthManagement.com reported.