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Automated investment into ETFs

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  • Automated investment into ETFs

    Does anyone know a brokerage that allows this? Specifically looking for an individual 401k and taxable account where I will contribute the same amount each month and want it invested into various funds at set proportion. The brokerages I currently use support this but only for mutual funds, so I'm curious if anyone knows a brokerage that supports it for ETFs.

    I was googling around on this topic and came across Fin Task, which apparently is third party software that claims it will do this at e trade by interfacing with it's API. No idea if that is safe or effective.

  • #2
    I recently had the same question as I've always invested automatically and wanted to start investing in ETFs. None of the major brokerages allowed autoinvesting in ETFs (TD Ameritrade, Fidelity, Chase, Vanguard).
    Vanguard does allow you to convert some mutual funds into ETFs without it being a sale/purchase (something about VG's special structure, look at Bogleheads for technical explanation if interested).
    The only 2 that I could find are M1 Finance and SoFi.
    I didn't go with either, because neither one gave me confidence to hold large amounts in. I may give them a try, but I'd be hesitant to transfer my entire portfolio there. Maybe I'm just being an old fuddy-duddy, but neither one having a phone number with a live person at the other end was a red flag for me.