Looking to take control of your retirement plans with minimal fees? Blooom stands out in an increasingly crowded field of robo-advisors by narrowing its focus on one segment: workplace retirement plans like 401(k)s. By tending to Americans’ retirement assets, they offer management services that often are overlooked by other advisors.
Blooom’s model is simple and straightforward: There’s no account minimum, and management costs a flat fee of $10 a month, regardless of account size. Like other robo-advisors, they rely on automated technology and human advisors to make the most of a client’s plan offerings.
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Table of Contents
Blooom was created to bridge this gap, offering a completely automated investing solution for employer-sponsored plans. First, Blooom provides a free analysis of your retirement account(s) to help you understand your existing investment portfolio. If there are flaws, you can hire them to optimize and maintain your retirement accounts for a flat $10/month.
Blooom is registered as a registered investment advisory (RIA), which means the company is legally required to act as a fiduciary on your behalf. Blooom’s only source of revenue is the $10 monthly fee and the company earns nothing from their investment recommendations. This simple pricing structure eliminates many conflicts of interest and helps Blooom remain unbiased when making recommendations.
It’s completely free to receive a retirement account analysis from Blooom. You simply create a free Blooom account, connect your eligible retirement accounts and the service uses a proprietary algorithm to analyze and optimize your investment portfolio.
You still own and maintain control of all accounts, but you are giving Blooom legal power of attorney to manage things on your behalf. By law, Blooom is not allowed to take any money out of your retirement accounts, but they are allowed to manage your investments.
- Using your age and expected retirement date, Blooom recommends a target investment portfolio (you can manually adjust the asset allocation).
- Blooom reviews the individual investment options in your retirement account and classifies each investment into one of 14 asset classes.
- Blooom then determines which of these 14 asset classes should be included in your portfolio to achieve the target portfolio asset allocation.
- After determining the appropriate mix of asset categories, Blooom chooses the best investment option within each asset class. Blooom heavily favors low-cost index funds, but if your retirement plan doesn’t offer any index options, Blooom will recommend actively managed funds according to expenses, past performance, and management experience.
- Your Blooom advisor reviews and approves the recommended portfolio, which is then implemented by Blooom on your behalf.
Steps 1-4 are automated by the Blooom algorithm, while the last step can require manual effort. This entire process usually takes less than 10 days to implement (but never longer than 30 days, according to Blooom).
It’s important to note that you maintain control of your retirement plan, and you can request plan changes directly through your plan administrator. Blooom will advise you any time changes are made to your account, whether those changes were initiated by you or Blooom.
Blooom charges a flat $10/month, regardless of account size. The monthly fee can be paid by bank account, debit, or credit card. There are no contracts or account closure fees, and you can cancel at any time without penalty.
If you decide to pay for service, Blooom will immediately begin implementing the recommended changes in your retirement account. If you ever decide to leave, you can cancel at any time, for any reason.
Using several years of internal data, Blooom’s research team recently found that the average Blooom client saves more than $41,000 in investment fees over their lifetime, with pre-Blooom investment expenses totaling 0.56% annually, and post-Blooom investment expenses totaling 0.22% annually.
Who Is Blooom Best For?
- Investors who prefer a hands-off approach
- Those who have employee-sponsored retirement plans
- People who prefer a greater than average tolerance to risk
- People who want a specialist & comprehensive approach to employee retirement plans
Current Blooom Promotions
Get $20, Give $20 Referral Bonus
As a Blooom member , you can start making referrals and earn $20 Amazon gift card per referral. If you’re not a member yet, you can sign up here. When your referrals signup, they’ll get the first 30 days of Blooom service at no charge.
- What you’ll get: Get $20, Give $20 Referral Bonus
- Who is eligible: Blooom users only
- Where it’s available: Bloom referral program, See link below
- How to earn it:
- Once you sign up, you get a personalized link to send to your friends
- Share your referral link wherever and whenever
- Get your $20 Amazon gift card for every friends that takes Blooom’s free analysis.
- Offer terms: This promotion is not valid with any other offers and is non-transferrable. By participating in the Program, you release blooom and its agents from all liability with respect to the Program. See full terms here.
(Visit the link above to see Blooom’s referral program details)
Blooom is one of the best robo-advisor for 401(k)s because it brings much-needed investment management to employer-sponsored retirement plans. That’s a significant benefit, because such plans usually are the primary retirement vehicle for people who have them.
Few other robo-advisors have tapped this market, and those that have either require high account minimums or don’t provide the kind of comprehensive management that Blooom offers.
For the most part, Blooom’s approach is spot on. The Blooom algorithm emphasizes diversification and low-cost index investing, both of which are supported by years of investment research. The only potential downside is oversimplification, as the service fails to consider outside investment accounts.
Definitely check it out so you can start investing for your future and reach your financial goals! Find more Investment Bonuses from our exclusive list! You can also check out the best robo-advisors for you here!
(Visit to learn more about Blooom’s services)
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