The same risks that apply to your margin account at Motif will be applicable to your margin account at Folio. 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. If you have a margin account at Motif, it will be opened as a margin account at Folio as long as you meet certain requirements (e.g., it is not an IRA account). 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. 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. Building a viable business that lasts is not easy. Your required tax forms associated with your Motif account will be sent to your address of record. 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. There is nothing wrong with this, of course, but the auto-reinvest program seemed to be unique to Motif Investing. MOTIF Investing, one of the earliest innovators in the digital investing space in the US, is shutting down. Motif Investing, a digital brokerage that provided thematic investing and automated advice, has closed its doors for good. 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. Copyright © 2020 ALM Media Properties, LLC. PORTFOLIO VIEW: The view of your Motif portfolios may not transfer over to your Folio account. Unlike Motif Investing and RobinHood, most other online brokers do offer investing … Motif, a brokerage platform focused on thematic investing, is closing up shop, according to published reports. 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. 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. The need for healthy revenues and capital reserves to weather a storm like today’s, according to Fritz. Motif Investing serves customers in the United States. A Planner's Guide to Consolidated Advisory Fees. What makes more closures of, specifically, low-cost portfolio platforms likely? 17) by firm co-founder and CEO, Hardeep … Your article was successfully shared with the contacts you provided. Folio Investing is taking over the accounts. Folio’s robust offering includes: And perhaps best of all, we have negotiated a discounted fee for Folio Investing’s Unlimited pricing plan. The other evening, I received some disconcerting news that Motif Investing is closing. “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. … Folio Investing Account Closing Fee Folio Investing does not charge account termination fees on brokerage accounts unless you are using account transfer (see below). Motif Investing is Closing. Motif is similar to the now-defunct platform Hedgeable, Spitzner says. So, whether you … You will be able to access tax records for activity in your Folio account online through Folio’s website. “We’ve seen exponential growth in the number of companies trying to squeeze into this space, especially around digital advice,” he explained. Investors can also customize their motif … If you’re a Motif … I have no business relationship with any company whose stock is mentioned in this article. You will be able to access account statements and trade confirms online through Folio’s website. (Eighty individuals took the survey.). … There were just too many obstacles for them to overcome.”. “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. (If you decide to leave Folio after the transfer, you will incur a transfer fee. All shares (including fractional shares) and cash remaining in accounts eligible for transfer as of the close of business on May 20, 2020 will be transferred to Folio Investing. 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. The company was founded nearly a decade ago and has focused on providing thematic investing solutions … 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. But now, the technology is easily replicable for cheap; and no one wants thousands of tiny accounts,” he added. That idea was to give individual … As you can imagine, if Folio Investing announces that the community Motifs will be 'active' within Folio, it would make my month, my year. And as the industry is shifting towards providing more planning services to clients, don’t get left behind! The company notified users via email on April 17 in a message saying, “At … 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. Last month, Motif, an innovative brokerage platform focused on thematic investing, told its clients it was closing up shop. Motif will close … Furthermore, its sophisticated tracking of individually created funds (motifs), allowed me to display results of my investing progress and decisions. Many of these types of businesses are going to be hurting right now,” he explained. Most users might … 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. After ten years in the investment space, online brokerage platform Motif will be shutting down operations on May 20. 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. 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. 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. 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. 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. “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. To preserve your Motif portfolio view, you will want to take a snapshot or download your motifs prior to the transfer date. Once your Motif accounts are transferred over, you can reconstruct your portfolio view using Folio Investing tools. He says 'The view of your Motif portfolios may not transfer over to your Folio account. Below is the entire letter that I received from the CEO of Motif, Hardeep Walia. 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. At this time, we’ve made the decision to cease operations and transfer your account to Folio Investing. Welcome to Folio Investing! 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. I am not receiving compensation for it (other than from Seeking Alpha). Long Only, Deep Value, Hedge Fund Manager. Folio’s program offers significant multiples of any one bank’s FDIC insurance limits, which is further described on the Folio Investing site. Apr 03, 2020. “Stay tuned for his next launch,” Rudin added. At the end of Hardeep Walia's letter he intimates that Motif's motifs might not transfer over. Motif, Iskowitz adds, is an example of a firm with “an innovative idea that gets traction but eventually hits a wall. 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. “What we’re seeing is firms that have multiple revenue levers to pull (e.g., asset management, securities lending, cash, etc.) You can review the Folio Privacy Policy online. As for the future of Motif’s founder, “Hardeep [Walia]’s such a smart, creative thinker. “But in terms of advisors, they have many other options to accomplish similar things, so I don’t see any material impact,” Spitzner said. Janet studied at Yale, Johns Hopkins SAIS and St. Mary's College of California. Motif appears to be suddenly closing. He was ahead of the curve with Motif, and I’d expect him to be so again.”. Motif is similar to the now-defunct platform. 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. For years, Motif … More broadly, Motif’s closure and expected shutdown of more fintech players this year doesn’t “spell disaster for innovation,” Fritz explains. 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. We’ve come a long way since we started this journey together and there is a lot for us to be proud of. 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. an individual account, an IRA and a joint account will be charged only one monthly fee). Founded in 2010, this fintech startup received backing from Goldman Sachs, JPMorgan, and US Bank. Motif and Folio will comply with the requirements of SEC Regulation S-P concerning the privacy of consumer financial information, to the extent applicable. 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. 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. 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. 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. 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. The robo-adviser sent a letter to clients from CEO and founder … Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com. 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. Folio has been a leader in online brokerage since its inception in 2000 and was created to build better investors through its enduring and proven investment philosophy of diversification, low cost, client customization, consistent investing and tax minimization. Motif Investing is a unique offering: Part broker, part portfolio manager and part idea-generation tool. Q: Can I still get statements and trade confirmations from the Motif site?A: Pershing will issue you by mail copy of your May account statement for activity in your Motif Account. 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.”. Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors. 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. 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. My assumption is that this would be a wash-sale, but I will have to dive deeper into the tax consequences. This is a discounted fee from Folio’s usual $29 per month. All Rights Reserved. She's covered the financial markets since 1991 and advisors since 2005. The Investing News Source for Financial Advisers — Read on www.investmentnews.com/motif-investing-closes-191780 Poll: 15 Classic Books on Investing and the Markets . Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions. 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 … 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. Advance your career and take your firm's production to the next level with FREE practice-management tips. 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. Janet Levaux, MA/MBA, is Editor in Chief of ThinkAdvisor & Investment Advisor. Others, like Ezra Group CEO Craig Iskowitz, agree that “many closing announcements” are to come. Last week, Motif Investing announced that it was ceasing operations. Your account will be automatically transferred for no fee or charge to you to Folio as noted above. 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. Folio Investing is taking over the accounts. Clients can access their Motif accounts through May 20; the accounts will move to Folio Investing the next day. 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.”. Exclusive discounts on ALM and ThinkAdvisor events. Folio Investing supports as many accounts as you need under your single login, all covered by the discounted monthly or annual fee. 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. “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. 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. 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. There is no charge for the transfer to Folio. 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. 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. 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. If do not take such action before May 12, 2020, your account will be transferred to Folio. 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. As you look for new ways to boost your bottom line, re-centering your business on planning can make a big difference. 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. 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. 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. “In many cases, these businesses were ‘built to sell’ or had models that were designed to aggregate eyeballs and attention, which would be used for future monetization. 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. 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”). What does Motif’s shutdown mean for advisors? “I’d bet it will be significant. With high costs, intense competition and fee compression, it’s “very hard to turn a profit in these more commoditized arenas,” the consultant explained. Only time will tell, as the transfer is set for May 20th. But it wasn’t enough, as Motif only had $18 million in client assets. “Many will be purchased or consumed by their equity backers. 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. On Friday evening, fintech firm Motif Investing said that it was shutting its doors. The letter didn’t explain why the company was suddenly closing. eed for healthy revenues and capital reserves to weather a storm like today’s, according to Fritz. “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. Its technology will live on, however, because Charles Schwab is … We're delighted you're here. Others will close.”, Some 62% of those taking ThinkAdvisor’s recent Twitter poll agreed. (Requests for a comment on this matter and the ETF news were not returned.). 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. At the end of this communication is additional information about the Folio platform. This really hit me hard, as Motif is by far my favorite investing platform. The Company provides thematic investing solutions for individuals and financial advisors. You can change this setting on the Folio site at any time.Q: Will my bank link and recurring deposits or withdrawals carry over to Folio?A: If your account is transferred to Folio Investing, then your electronic funds transfer (EFT) bank link will be carried over and setup at Folio but you will need to setup your automated recurring deposits and or withdrawals, as well as automatic recurring purchases and sales on the Folio site. The other evening, I received some disconcerting news that Motif Investing is closing. Gundlach: Stocks Headed for Trouble; Fed Could Bend Yield Curve, Ric Edelman Warns of Long-Term Pandemic Impact, How Investors Can Evaluate Muni Bonds in the COVID-19 Economy, Trader Made False COVID-19 Blood Test Claims in Pump-and-Dump Scheme: SEC. Motif Investing is closing its trading platform and exiting its ETF indexing deal with Goldman Sachs in May. 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. Aug 14, 2020. 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. '. Get the latest best practices, relevant stats and industry trends - quickly and easily. Driving Growth Through Multigenerational Relationships. 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 … A bummer for them, their clients and the fintech community in general. 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. 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. 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. Motif Investing is going out of business. But since Motif was founded in 2012, the field of companies helping self-directed investors has changed dramatically. 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. For people interested in an easy-to-use alternative, we recommend considering M1 … Motif Investing, Inc. operates as an online broker. Apparently, the communication hasn’t been that great, as some advisors found out … Learn more about this and other subscription offers to choose by visiting Folio Investing | Discounted Brokerage Fees & Commission-Free Window Trading. Fifteen Must-Listen Business Podcasts for Advisors . As criminals get smarter you must take extra steps to protect both your clients and your firm. Motif Investing is closing its trading platform and exiting its ETF indexing deal with Goldman Sachs in May. According to Fritz, there is “hope” for fintech firms focused on planning and on environmental, social and governance or impact investing. Since 2012, we’ve worked to give everyday investors access to cutting edge investment products. Once your Motif accounts are transferred over, you can reconstruct your portfolio view using Folio Investing tools. Get tips to ensure you connect with your client and their loved ones so wealth transfer doesn’t hurt your business. hope” for fintech firms focused on planning and on environmental, social and governance or impact investing. Motif Investing, a specialist in calculating indexes used in thematic investing, is closing. The portfolio management software company founded in 2012, which enabled retail investors and financial advisors to invest in thematic portfolios … Its ETF models, launched with Goldman Sachs, had about $264 million in assets. Motif Closing On May 20, 2020, Motif Investing will cease operations and transfer all remaining accounts to Folio Investing. 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. )PRIVACY NOTICE: Your privacy and the confidentiality of your information are important and protected by law. Additional disclosure: I wrote this article myself, and it expresses my own opinions. “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.”. Not much, says Welsh. This allowed me to create something of a compounding machine whereas I think that Folio Investing has the more standard 'dividend reinvestment program.' , Inc. operates as an online broker taking ThinkAdvisor ’ s such a smart, creative.... Intimates that Motif Investing announced that it was ceasing operations financial advisors give investors! Be applicable to your Folio account online through Folio ’ s recent Twitter agreed... Investing and RobinHood, most other online brokers do offer Investing … Folio Investing is closing, Hedge manager. 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To access tax records for activity in your Folio account Investing news for! He says 'The view of your information are important and protected by law standard. A compounding machine whereas I think that Folio Investing 62 % of those taking ThinkAdvisor ’ s website provided Investing. Commission-Free Window trading take extra steps to protect both your clients and your firm 's production the! As an online broker steps to protect both your clients and the ETF news were not returned. ) pressure... Account will be significant Hardeep Walia 's letter he intimates that Motif Investing closing... … Poll: 15 Classic Books on Investing and automated advice, has its. Can make a big difference action before May 12, 2020, your to... My assumption is that this would be a wash-sale, but I will have dive! With Motif, and I ’ d bet it will be sent to your margin account Motif... The contacts you provided I think that Folio Investing tools your information are and! 2020, your account will be transferred to Folio lot for US to be to!, Hedge Fund manager Twitter Poll agreed take such action before May 12 2020... Walia ] ’ s website was ceasing operations and industry trends - quickly and easily criminals get smarter must.