There are many firms that manage non-taxable investment accounts but very uncommon to find a firm that helps manage your 401(k). Millions of people have 401(k)s through their work but lack access to professional management of those accounts. Are you prioritizing your workplace retirement benefit?

What is Blooom?

Blooom is an online registered investment advisor and robo-advisor that manages your 401(k) and 403(b) plans. They do not manage any other types of accounts – IRAs or non-taxable accounts – at this time. Blooom can manage any 401(k) plan regardless of your employer or where the plan is held.

What is a 401(k) plan?

A 401(k) is a retirement savings plan sponsored by an employer. Its name is derived from the IRS tax code that governs them. 401(k)s lets workers save and invest a piece of their paycheck before taxes. Taxes aren’t paid until the money is withdrawn from the account.

Bloom Offers

As a robo-advisor, Blooom uses its proprietary algorithm to manage your 401(k) but can be reviewed by licensed advisors to make sure everything is being maintained well. Everytime your 401(k) portfolio is adjusted, you will be notified via email of any changes.

Free account analysis: Get your account analyzed for free through a simple process. Create a Blooom account and link your 401(k) by choosing your provider. After linking the account, you'll see how your existing allocation is doing and will be offered ways to improve performance.

No account minimum: Get your 401(k)s managed regardless of the balance. This is great for beginners to optimize their contributions.

401(k) management: Get your employer-sponsored retirement plan managed by Blooom. They excel in managing your 401(k) regardless of your employer or where the accounts are held. Your employer does not need to partner with Blooom for you to use the service.

Investment expense audits: Blooom states it saves clients on average $113 in hidden fees by helping investors choose the funds with the lowest internal expense ratios.

Financial support: Blooom offers access to a financial advisor during the work week along with email and chats support. You can ask advisors to answer any financial planning questions including debt repayment or budgeting.

How Much Does Blooom Cost?

Blooom has a simple flat monthly fee for its service at $10 per month. With Blooom, you get a free analysis of your 401(k) plan and have no account minimum requirements. There are no hidden fees and you can cancel your account at any time.

How to Get Started with Blooom

There are three steps to getting started with Blooom:

  1. Open an account and get to know your options: Blooom starts by looking at your 401(k) options and eliminates funds that don't align with your retirement goals.
  2. Select ideal investments: the algorithms will choose funds that are closest to your targe allocation.
  3. Account monitoring: Blooom monitors your accounts for changes and notifies you of new options to consider. You'll have access to certified financial planners to answer any questions you may have about your 401(k)s.

Why Use Blooom to Help with Your 401(k)?

Blooom has analyzed hundreds of thousands of accounts and have found 5 common problems that investors make with their retirement accounts. They state that most investors choose the wrong stock to bond ratio, not investing all their money, not meeting employer match, paying high hidden fees, and forgetting to rebalance.

With Blooom, you get the opportunity to have a robo-advisor to help you manage and maximize your investments for a flat monthly fee. Most workers retirement funds come from 401(k)s. Isn't it about time you made sure you're optimizing your contributions?

 

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