If your plan is to build retirement income through dividend ETFs like SCHD, VYM, DGRO, or HDV, the broker you pick matters more than people think. You want low fees, fractional shares (so every dollar goes to work, not sitting idle waiting for a full share), and automatic dividend reinvestment. Here’s how the top options stack up.
M1 Finance — Best for Hands-Off, Automated Dividend Investing
M1’s standout feature for dividend ETF investors is the “Pie” system: you build a portfolio by assigning target percentages to each holding, and every new deposit automatically flows toward whatever is underweight — no manual rebalancing required. For someone holding a handful of dividend ETFs long-term, that kind of hands-off rebalancing is exactly the point.
The catch: M1 charges a $3/month platform fee unless you keep at least $10,000 in total assets or have an active M1 Personal Loan. Below that threshold, it adds up — on a $5,000 portfolio, that fee works out to roughly a 0.72% annual cost drag. Above $10,000, it’s free.
Best for: Investors with $10,000+ ready to deploy, or anyone willing to wait until they cross that line, who want a fully automated dividend ETF portfolio
Public.com — Best for Smaller Balances and Flexibility
If you’re starting with less than $10,000, Public.com avoids the platform-fee problem altogether. Public doesn’t charge commissions on stocks and ETFs and has no minimum investment requirement, and fractional share investing is fee-free — as a fractional owner of a dividend-paying ETF, you still receive your proportional share of the dividend payout.
The trade-off: Public’s automation is lighter than M1’s Pie system — it’s built more around individual picks and themed “Investment Plans” than fully automatic rebalancing. Public also has fewer account types than M1, with no custodial accounts, trusts, or SEP IRAs.
Best for: Beginners starting with smaller amounts who want $0 fees regardless of balance, and who don’t mind a bit more manual involvement.
Quick Comparison
| M1 Finance | Public.com | |
| Commission on trades | $0 | $0 |
| Platform fee | $3/mo (waived at $10k+) | $0, no minimum |
| Fractional shares | Yes | Yes |
| Auto-rebalancing | Yes (Pie system) | Limited |
| Best for | $10k+ hands-off investors | Smaller balances, flexibility |
Bottom line: If you’re already sitting on $10,000+ and want true “set it and forget it” dividend investing, M1 Finance’s Pie system is hard to beat. If you’re just getting started with a smaller amount, Public.com’s zero-fee structure means every dollar buys more shares from day one.
Read our full M1 Finance Review for the complete breakdown.
This review reflects our independent research and opinion. Some links on this page are affiliate links — see our Disclosure and Terms of Use for details.
A quick, honest disclaimer: I’m not a licensed financial advisor, and this isn’t personalized investment advice. It’s a framework I use and believe in, but your situation is your own — for anything specific to your finances, it’s worth talking to a qualified professional. Investing involves risk, including the potential loss of principal, and past performance doesn’t guarantee future results.