If you would like to access historical tax records, please download them from the Motif site by the end of day, May 20, 2020, when the site will no longer be available. Most users might … “I’d bet it will be significant. Unlike Motif Investing and RobinHood, most other online brokers do offer investing … Motif and Folio will comply with the requirements of SEC Regulation S-P concerning the privacy of consumer financial information, to the extent applicable. Apr 03, 2020. For two decades, they have revolutionized the way people invest online.As a result, many of the solutions you are familiar with at Motif will now be available to you as a Folio customer, in addition to many other innovations and features designed to enhance your investing experience. “During periods like this, anything we can bring to a client that covers more than just performance data (aka ‘bad news’) helps clients understand where they are, what’s important and how the market news really impacts, More broadly, Motif’s closure and expected shutdown of more fintech players this year doesn’t “spell disaster for innovation,” Fritz explains. Your account will be automatically transferred for no fee or charge to you to Folio as noted above. Many of these types of businesses are going to be hurting right now,” he explained. Copyright © 2020 ALM Media Properties, LLC. Motif Investing is closing down, but not before selling its RIA and retail accounts to Folio Institutional, according to a letter delivered on Friday (Apr. Your shares and cash will be in your Folio Investing account(S) on May 21, 2020.Q: What if I don’t have any cash in my account to pay final Motif brokerage charges?A: If your account does not have the necessary cash to cover any charges due, Motif will sell a portion of your equity position(S) as necessary to pay any debit balance prior to the transfer.Q: Will I have access to the same securities and types of services and fees that I had at Motif?A: Folio is a leading self-directed online brokerage, and offers many securities and portfolio investing features, some of which were not available to you at Motif. At the end of this communication is additional information about the Folio platform. I have no business relationship with any company whose stock is mentioned in this article. We’ve selected Folio to give you access to leading investment tools in a similar experience to what you’ve enjoyed at Motif.Your account transfer will start after market close on Wednesday, May 20, 2020, and your new Folio Investing account will be ready for you to use on Thursday, May 21, 2020. “During periods like this, anything we can bring to a client that covers more than just performance data (aka ‘bad news’) helps clients understand where they are, what’s important and how the market news really impacts them,” he said. To preserve your Motif portfolio view, you will want to take a snapshot or download your motifs prior to the transfer date. Motif Investing, a digital brokerage that provided thematic investing and automated advice, has closed its doors for good. Unless you decide otherwise, a new IRA will be established for you at Folio with Kingdom as the custodian.Please be aware that your current beneficiary information will NOT transfer from your Motif account to Folio. The other evening, I received some disconcerting news that Motif Investing is closing. Follow Pietros Maneos and get email alerts, Folio Investing | Discounted Brokerage Fees & Commission-Free Window Trading, A broad offering including just about every U.S. exchange traded security and ETF, plus over 1,100 no-load mutual funds, along with over 100 pre-made portfolios (Folio calls them Ready-to-Go Folios, we called them Motifs), Fractional share investing, enabling you to own as much or as little of any supported stock or ETF you want, regardless of price, Socially responsible investing filters, sector and security exclusions available across all accounts and folios, so you only own what you want, Advanced tax management tools, including a highly advanced and patented Tax Football allowing for pin-point tax results, Once you opt-in, a cash sweep program paying interest and providing extended FDIC insurance coverage up to $4.5 million per customer, Easy-to-use performance reporting allowing you to chart performance of your account or folios against various indices, against an individual security, or a mutual fund, Rebalancing tools to help keep your long-term investing plan on-track. Fifteen Must-Listen Business Podcasts for Advisors . For years, Motif … Motif is voluntarily ceasing its online brokerage operations, and thus all accounts must be transferred to Folio or another broker-dealer.Q: What do I need to do if I want my account transferred to Folio Investing?A: Nothing. The firm has been led by Hardeep Walia, a former Microsoft executive who started the platform to let investors and advisors build custom portfolios online. As you can imagine, if Folio Investing announces that the community Motifs will be 'active' within Folio, it would make my month, my year. The portfolio management software company founded in 2012, which enabled retail investors and financial advisors to invest in thematic portfolios … Get tips to ensure you connect with your client and their loved ones so wealth transfer doesn’t hurt your business. Motif Investing is going out of business. Folio will act as the sub-custodian servicing your IRA and upon activation of your new account, you will be required to consent to the terms and conditions of the Kingdom custodial agreement applicable to your Traditional, Rollover, SEP, SIMPLE or Roth IRA account. eed for healthy revenues and capital reserves to weather a storm like today’s, according to Fritz. MOTIF Investing, one of the earliest innovators in the digital investing space in the US, is shutting down. All of the benefits listed above, including up to 2,000 commission free fractional share trades per month in twice daily windows, in as many accounts as you want, are all included with the Folio Investing Unlimited pricing plan for the low fee of $5 per month while the total value of your accounts with Folio is under $5,000.00, then just $19.95 per month when you have more than $5,000 (i.e. If do not take such action before May 12, 2020, your account will be transferred to Folio. If you do not designate your beneficiaries, and if there is no beneficiary designation on file at the time of your death, your IRA assets will be paid to your estate.TAX FORM NOTICE: You will receive two tax documents for 2020, one for the portion of the year your account was at Motif, and another for the portion of the year your account will be at Folio. Motif is similar to the now-defunct platform Hedgeable, Spitzner says. There is no charge for the transfer to Folio. But the online broker likely won’t be the only fintech firm to fail as the economy weakens and the markets bounce around, technology consultants say. This is a discounted fee from Folio’s usual $29 per month. Another element that will change within Folio is that I was using Motif's 'Auto-Reinvest' feature to purchase UPRO on a daily basis, as the auto-reinvest feature allows the investor to choose one stock or ETF where ALL of the dividends collected in an account go to repurchase. On Friday evening, fintech firm Motif Investing said that it was shutting its doors. The Motif shutdown is “a harbinger of what’s to come for other small digital players, as revenues get taken out of the investment supply chain,” said Tim Welsh, head of the consultancy Nexus Strategy. Motif will close … Below is the entire letter that I received from the CEO of Motif, Hardeep Walia. Motif appears to be suddenly closing. Motif Investing allows investors to select a particular motif, or theme-based portfolio, which typically includes about 20 to 30 stocks or ETFs, for a fee of $9.95 per trade. Building a viable business that lasts is not easy. With high costs, intense competition and fee compression, it’s “very hard to turn a profit in these more commoditized arenas,” the consultant explained. As for the future of Motif’s founder, “Hardeep [Walia]’s such a smart, creative thinker. If you wish to liquidate and close your account instead of transferring it, you may incur a taxable event when selling your securities holdings.Q: Where do I get my tax forms?A: Pershing will issue you by mail a copy of your tax forms for activity in your Motif account to your address of record. Investors can also customize their motif … Once your Motif accounts are transferred over, you can reconstruct your portfolio view using Folio Investing tools. However, if you have not completed a transfer to another firm by May 12, 2020, your account will be transferred to the Folio Investing platform and you will be responsible for any Folio charges you incur there, including their monthly fees and fees to transfer to another firm. “This is the tip of the ‘tip of the iceberg’; I estimate that we’ll lose 20% of the firms in [Michael] Kitces’ fintech map by this time next year,” said Doug Fritz, founder and president of F2 Strategy. Say It Ain't So! )PRIVACY NOTICE: Your privacy and the confidentiality of your information are important and protected by law. In order to facilitate the transfer of clearing services from Pershing to Kingdom, notice is hereby given that as of the close of business on May 22, 2020, Pershing will resign as your IRA custodian for your Traditional, Roth IRA, or IRA Rollover. After ten years in the investment space, online brokerage platform Motif will be shutting down operations on May 20. Their team is excited to welcome you, and ready to provide you with the level of service that you deserve on your journey toward achieving your financial goals. Driving Growth Through Multigenerational Relationships. Aug 14, 2020. Founded in 2010, this fintech startup received backing from Goldman Sachs, JPMorgan, and US Bank. “Scale means everything now, so you have to be big to make a go of it.”, There’s also the “problem” of raising too much capital, according to Welsh: “Eventually, it does run out as you operate in the red for years and years.”. Motif Closing On May 20, 2020, Motif Investing will cease operations and transfer all remaining accounts to Folio Investing. He says 'The view of your Motif portfolios may not transfer over to your Folio account. '. “Stay tuned for his next launch,” Rudin added. Notice: On April 17, 2020, Motif announced that it would closing down operations.Existing investors would see their portfolios transferred to Folio, another investment firm. (Requests for a comment on this matter and the ETF news were not returned.). You are invited to explore their website, folioinvesting.com, to learn more about why they are a preferred brokerage firm for those investors seeking a smarter way to invest. Last week, Motif Investing announced that it was ceasing operations. No one likes to see an established firm like Motif close down. But it wasn’t enough, as Motif only had $18 million in client assets. She's covered the financial markets since 1991 and advisors since 2005. Depending on the services you were using at Motif and the services you use at Folio Investing, your fees at Folio Investing may be higher or lower than you have been paying at Motif.Q: Do I have to move my account to Folio Investing?A: No, you are free to liquidate your account or move your account to another broker-dealer of your choosing. hope” for fintech firms focused on planning and on environmental, social and governance or impact investing. For people interested in an easy-to-use alternative, we recommend considering M1 … Folio’s program offers significant multiples of any one bank’s FDIC insurance limits, which is further described on the Folio Investing site. “But in terms of advisors, they have many other options to accomplish similar things, so I don’t see any material impact,” Spitzner said. Motif Investing Announces Plans To Shut Down In May April 23, 2020 • Christopher Robbins Motif Investing, an online broker pioneering a digital social and thematic investing service, has … If you do not wish to maintain a margin account at Folio you can convert it to a cash account once your account has been opened at Folio.Your initial login signifies your acceptance of Folio’s policies, including your consent to the use of their cash sweep program (your cash balance will be swept into Folio’s cash sweep program at that time) and margin borrowing (if available for your account).IRA NOTICE: If you have an Individual Retirement Account (IRA) through Motif’s clearing firm, Pershing LLC, the IRA Custodian for your new Folio IRA account will be The Kingdom Trust Company (“Kingdom”). I am not receiving compensation for it (other than from Seeking Alpha). At Folio, cash balances are held in Folio’s Insured Bank Deposit and Free Credit Sweep Program which pays interest as described in the Folio Customer Agreement and the Folio Investing site. 17) by firm co-founder and CEO, Hardeep … Motif Investing serves customers in the United States. Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors. There is nothing wrong with this, of course, but the auto-reinvest program seemed to be unique to Motif Investing. If this is the case, I would have to recreate them within Folio Investing as 'Folios,' and then sell the individual holdings and use the cash to purchase the newly created Folio. Your article was successfully shared with the contacts you provided. (Eighty individuals took the survey.). Motif was founded in 2010 by Tariq Hilaly and Hardeep Walia, a former executive at Microsoft, as a digital investing firm based on a great idea they had. The company notified users via email on April 17 in a message saying, “At … As criminals get smarter you must take extra steps to protect both your clients and your firm. Financial advisor David Hunter, whose firm had $14 million in client assets with Motif Investing, found out last month the firm was shutting its doors — one day after his clients learned … The same risks that apply to your margin account at Motif will be applicable to your margin account at Folio. Please see the Pricing and Sweep Disclosures below, or visit www.folioinvesting.com for more information on the services and fees at Folio.Q: Where can I obtain additional information about Folio Investing?A: Please visit www.folioinvesting.com.Q: How do the brokerage fees on Folio Investing compare with my Motif account?A: Folio Investing has discounted its leading Folio Unlimited pricing plan for Motif customers. If you do not transfer your account to another firm prior to the conversion as described, you are consenting to our sharing information with Folio. So that Folio can setup your new account(S) we will provide them with your account information, including bank account information you have provided us. I do not know if I will still be able to track the Maneos Compounding Machine, as I have in the past, but I will definitely keep you abreast in the next few months. If you have any questions about this transfer, please feel free to call Motif Customer Service at 1-855-586-6843 9 AM to 6 PM Eastern Time, Monday - Friday.Sincerely,Hardeep WaliaCEOFrequently Asked QuestionsQ: What are the terms and conditions I am agreeing to if I participate in the conversion?A: You can view the Folio Customer Agreement online, and details of the Folio Investing Unlimited pricing plan below and online.Q: Can I keep my account at Motif?A: No. Clients can access their Motif accounts through May 20; the accounts will move to Folio Investing the next day. I won’t be surprised to see what his next great iteration is,” said April Rudin, president of The Rudin Group, a global marketing firm. This allowed me to create something of a compounding machine whereas I think that Folio Investing has the more standard 'dividend reinvestment program.' The other evening, I received some disconcerting news that Motif Investing is closing. … Its technology will live on, however, because Charles Schwab is … This page includes instructions on how to select between subscription offers from Folio.Like us, Folio is a member of FINRA and SIPC.You will be learning more about Folio’s investment offerings very soon. What does Motif’s shutdown mean for advisors? Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com. See Folio’s margin risk disclosure document for more information. They said Motif’s closure definitely or likely signaled further closures of investment management platforms, versus 38% who saw further shutdowns as “not necessarily” likely. Motif Investing is Closing. Janet Levaux, MA/MBA, is Editor in Chief of ThinkAdvisor & Investment Advisor. Once your Motif accounts are transferred over, you can reconstruct your portfolio view using Folio Investing tools. After your account has transferred to Folio Investing, you will be able to login to your new account at Folio and setup your beneficiary designations on their site. More broadly, Motif’s closure and expected shutdown of more fintech players this year doesn’t “spell disaster for innovation,” Fritz explains. The letter didn’t explain why the company was suddenly closing. So, whether you … Janet studied at Yale, Johns Hopkins SAIS and St. Mary's College of California. You can also learn more at www.folioinvesting.com.CASH SWEEP and MARGIN NOTICE: At Motif Investing, your cash is held as a free credit balance that pays no interest. The robo-adviser sent a letter to clients from CEO and founder … (If you decide to leave Folio after the transfer, you will incur a transfer fee. According to its March filing with the Securities and Exchange Commission, Motif had $18.2 million in assets from individual investors and $586.3 million from banks. In connection with the move to Kingdom, Pershing has agreed (and this letter will serve as notice of the appointment) to appoint Kingdom as the successor custodian for your IRA. At the end of Hardeep Walia's letter he intimates that Motif's motifs might not transfer over. The need for healthy revenues and capital reserves to weather a storm like today’s, according to Fritz. This really hit me hard, as Motif is by far my favorite investing platform. Advance your career and take your firm's production to the next level with FREE practice-management tips. Motif, Iskowitz adds, is an example of a firm with “an innovative idea that gets traction but eventually hits a wall. If, for any reason, your account is not transferred to Folio, Folio will not retain your bank account information other than as required by applicable law, regulation or Folio data retention policies. Upon the transfer of your account, Folio will continue to hold your transferred cash as a free credit balance until you login at Folio, thus activating your account.Your account at Motif may be a cash account, which requires you to have the full purchase price of a security in that account when you seek to purchase it, or it may be a margin account, which allows you to borrow money to purchase securities.As we have disclosed to you in the past, buying on margin entails certain risks, including that securities in your account may be sold without prior notice to you to satisfy the amounts you owe Motif. Unfortunately moving forward, I do not know if the custom created motifs within Motif's platform will be 'active' in Folio Investing, or if all of the assets that are transferred will display as individual securities. When you login for the first time, you will be asked to agree to the Folio Customer Agreement, confirm your personal information, and set your own password.OPT-OUT NOTICE: If you do not wish for your account(S) to be transferred to Folio, you must either transfer your account to another broker-dealer before May 12, 2020, or tell us to sell all of your securities and send your cash to your linked bank account after settlement. We're delighted you're here. That idea was to give individual … You can change this setting on the Folio site at any time.Q: What is Folio’s tax lot relief method?A: As part of this conversion, Folio will setup all accounts to automatically select tax lots for sale that minimize gains. On this special landing page, financial advisors can find important, actionable information and guidance on how to handle the COVID-19 pandemic that's ravaged the markets and the economy and sickened millions of people around the world. “They’ll just recast the spotlight onto firms that are both innovative and have a solid business model that can weather downturns like this.”. In other words, he explained, advisors can rely more on technology, so more of their time can be spent on coaching client behavior and delivering “hyperpersonalized advice,” he added. He was ahead of the curve with Motif, and I’d expect him to be so again.”. Its ETF models, launched with Goldman Sachs, had about $264 million in assets. “They’ll just recast the spotlight onto firms that are both innovative, have a solid business model that can weather downturns like this.”, filing with the Securities and Exchange Commission, Coronavirus Guidance for Financial Advisors, Sign Up for the Career Advantage Newsletter. Poll: 15 Classic Books on Investing and the Markets . She's also lived and worked in Asia, Europe and Latin America, raised two sons, and won a Neal Award for top news coverage in 2020. Not much, says Welsh. “This is the tip of the ‘tip of the iceberg’; I estimate that we’ll lose 20% of the firms in [Michael] Kitces’, What makes more closures of, specifically, low-cost. Long Only, Deep Value, Hedge Fund Manager. “Many will be purchased or consumed by their equity backers. If you would like to access historical documents generated while your Motif account as open, please download them from the Motif site by the end of day, May 20, 2020, when the site will no longer be available.Q: Will my dividends be reinvested?A: As part of this conversion, Folio will setup all accounts for dividend reinvestment. Motif Investing is closing its trading platform and exiting its ETF indexing deal with Goldman Sachs in May. Exclusive discounts on ALM and ThinkAdvisor events. San Mateo-based Motif Investing was a pioneering fintech that offered investors a simple way to buy a basket of stocks tied to a single investment theme, among other services. If you’re a Motif … Hardeep Walia, founder and CEO of Motif Investing (Photo: Patrick T. Fallon/Bloomberg) Online broker Motif Investing is closing its doors about 10 years after it opened them in Silicon Valley. Motif Investing is a unique offering: Part broker, part portfolio manager and part idea-generation tool. By Dave Nadig on April 20, 2020 If you missed it in the mix of all the other news, Motif Investing announced this weekend that it was closing its doors. Additional disclosure: I wrote this article myself, and it expresses my own opinions. We’ve come a long way since we started this journey together and there is a lot for us to be proud of. “What we’re seeing is firms that have multiple revenue levers to pull (e.g., asset management, securities lending, cash, etc.) It demonstrated what’s possible in terms of online investing, but ultimately “run out of runway as other more established providers co-opt similar capabilities.”. Plus, there’s “a growing number of robust B2B [digital] solutions,” which more advisors are using … to free themselves up to focus on advice and planning rather than investment management and trading,” Spitzner said. Others, like Ezra Group CEO Craig Iskowitz, agree that “many closing announcements” are to come. Folio Investing is taking over the accounts. To preserve your Motif portfolio view, you will want to take a snapshot or download your motifs prior to the transfer date.In the meantime, you may continue to log into your account at www.motif.com. Motif Investing, Inc. operates as an online broker. According to Fritz, there is “hope” for fintech firms focused on planning and on environmental, social and governance or impact investing. Welcome to Folio Investing! Learn more about this and other subscription offers to choose by visiting Folio Investing | Discounted Brokerage Fees & Commission-Free Window Trading. “We’ve seen exponential growth in the number of companies trying to squeeze into this space, especially around digital advice,” he explained. Motif Investing, a specialist in calculating indexes used in thematic investing, is closing. Folio’s robust offering includes: And perhaps best of all, we have negotiated a discounted fee for Folio Investing’s Unlimited pricing plan. But since Motif was founded in 2012, the field of companies helping self-directed investors has changed dramatically. You will receive an email with instructions on how to login to your new Folio account(S) at folioinvesting.com by Thursday, May 21, 2020. A Planner's Guide to Consolidated Advisory Fees. Since 2012, we’ve worked to give everyday investors access to cutting edge investment products. Still, Motif had a partnership with U.S. Bank’s ultra-high-net-worth Ascent unit, points out Gavin Spitzner, president of Wealth Consulting Partners. We appreciate the opportunity we’ve had to work with you, and we are confident that your investment needs will be well-served by Folio. Folio Investing supports as many accounts as you need under your single login, all covered by the discounted monthly or annual fee. are able to deliver technology at no or low costs and put extreme pressure on one-trick ponies,” Spitzner said. PORTFOLIO VIEW: The view of your Motif portfolios may not transfer over to your Folio account. My assumption is that this would be a wash-sale, but I will have to dive deeper into the tax consequences. As you look for new ways to boost your bottom line, re-centering your business on planning can make a big difference. You will be able to access account statements and trade confirms online through Folio’s website. Your required tax forms associated with your Motif account will be sent to your address of record. Motif “was really a micro-player in the custodian world and relied on Folio anyway, so no real disruption there,” he explained, referring to the movement of accounts after it closes. All Rights Reserved. Plus, there are no exit or merger opportunities, since “the assets in these digital investment platforms are really just the technology and the end-client accounts. Folio understands the importance of online privacy and maintains physical, electronic, and procedural safeguards in keeping with securities industry standards and practices to protect your personal and financial information. Apparently, the communication hasn’t been that great, as some advisors found out … Last month, Motif, an innovative brokerage platform focused on thematic investing, told its clients it was closing up shop. This allowed me to create something of a compounding machine whereas I think that Folio Investing I have no relationship! Folio will comply with the requirements of SEC Regulation S-P concerning the privacy of consumer financial information, the... 20, 2020, your account will be significant take a snapshot download. Accounts are transferred over, you will want to take a snapshot download! 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