M1 customers were more likely than Wealthfront customers to appear at active-trading and crypto venues
M1 customer activity rate divided by the Wealthfront customer rate, August 2024–August 2026; 1.0× means equal likelihood
Likelihood versus Wealthfront customers
Source: YipitData U.S. e-receipt panel. M1 customers n=1,157; Wealthfront customers n=4,050. Activity means at least one observed record and does not measure balances or trading value.
Chart data
| Series | Likelihood versus Wealthfront customers |
|---|---|
| Webull | 1.94× |
| Robinhood | 1.34× |
| Coinbase | 1.34× |
| SoFi | 1.27× |
| Charles Schwab | 0.94× |
| Fidelity | 0.74× |
How often did M1 customers also appear at another brokerage or crypto venue?
Among 1,157 established M1 customers, 69.6% also appeared at another tracked brokerage or crypto venue, compared with 64.1% of Wealthfront customers. Robinhood appeared among 34.1% of M1 customers, Webull among 26.8%, and Coinbase among 23.1%. These are same-window activity rates, not evidence that an account started before or after M1.
Could the M1 and Wealthfront customer profiles explain the difference?
The age mix was similar: about 23% of M1 customers and 25% of Wealthfront customers were under 35, while about 24% and 22% were 55 or older. M1’s cohort was more male, at 76.9% versus 67.8%. The within-panel comparison reduces, but does not eliminate, the possibility that customer composition explains part of the venue gap.
Does outside brokerage activity show where M1 customers held more money?
No. Activity means at least one observed receipt or notification from a venue during the window. It does not measure balances, assets, trading frequency, or dollars moved between platforms. The analysis also does not establish which account was primary or whether M1 customers would shift outside activity into M1.
Assumptions & Methodologies
We compared established, recently active U.S. e-receipt panelists with M1 activity against an identically paneled Wealthfront cohort from August 1, 2024–August 17, 2026. M1 was identified from validated vendor and notification-email signals. Venue activity required at least one record during the window. The ratio divides each M1 activity rate by the matching Wealthfront rate. M1 notification templates changed during the period, so we used user-level presence rather than trends. Betterment was not cleanly observable. The M1 cohort is modest, and results show cross-platform presence, not balances, sequence, substitution, or causality.