blooom Review > Robo Advisers

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blooom Review


What is blooom & how does it work?

When you join blooom, they manage your 401k account for you, but you still maintain full control of the account at all times. You don’t even have to open up a new account or transfer the one you have. blooom can work with any 401k, 401a, 403b, 457, or TSP plan that has online access.

With blooom you can get a free analysis of your current employer-sponsored retirement plan. Understand your investments at a glance and uncover unnecessary hidden fees.

​The signup process is quick & easy, and once it’s completed, blooom will adjust your 401(k) plan within 30 days (usually sooner). They do this by factoring your current age against your expected retirement age. They then use an exponential glide path that moves your account closer to the needed bond exposure for a typical retiree. In other words, that means your portfolio will naturally be more heavily oriented toward stocks in your younger years and move more toward bonds as you get older.

Bottom line is that blooom will optimize your account by putting you in the best funds to meet your goals, with the lowest fees. 

blooom Fees & Features
​Minimum Investment
$0
blooom Fees
$10 / Month
Accounts Available
N/A (Manages current 401k)
Tax Loss Harvesting
NO
401(K) Assistance
YES
Portfolio Re-balancing
YES
Automatic Deposits
N/A
Financial Advice
Automated
Fractional Shares
YES
Social Responsible Investing
NO
Customer Service
Live Chat: M-F 8AM - 5PM CST
Promotions

blooom Summary
Is blooom worth $10 / Month? Considering how low the fee is, and that you can cancel at any time, it’s well worth giving blooom a try. This is especially true if you are among the majority of employees who have little real understanding of what’s going on inside of your current 401k plan. On the downside, if you have retirement accounts outside of your employer, blooom currently cannot assist with allocation. More advanced investors will have to look to another company.
Prosperment Recommended