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Blooom Investment Advisor

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Blooom Investment Advisor

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SuperMoney Net Recommendation Score +100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

6 users recommend
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0 users don't recommend
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Highlights
Community Rating Strongly recommended
Minimum Initial Investment $0
Management Fee 0%
Number of Reviews 6

Blooom Investment Advisor Review

Blooom is a wealth management company that provides advice and fund management services to people with a 401(k). Instead of focusing on just the large players, Blooom provides its services to all types of investors. The company was founded in 2013 by Chris Costello, Randy AufDerHeide and Kevin Conard and is based in Leawood, in the greater Kansas City.

Who Is Blooom Designed For?

Blooom is designed for anybody who has a 401k and would like some advice on how to manage it better. There are no minimums or maximum account balances. 

How Does Blooom Work?

A 401(k) is a retirement savings plan that is sponsored and set up by an employer. It's a great savings tool that allows employees to invest a chunk of their paycheck in their retirement in a tax-efficient way. However, many people either don't know how or don't have the time to learn how to best invest their 401(k) savings. This results in badly managed 401(k)s that are not performing at their full potential. 

To get started investors must register with Blooom, provide the investment company and login credential where their 401(k)s are held. Blooom then analyzes each 401(k), points its strengths and weaknesses, such as the level of risk it presents and whether it's properly diversified. It then provides clear advice on how to fix any issues by showing easy to understand comparisons. Blooom can then take the reins of your 401(k) and select the funds that best fit your investor profile for you. Blooom makes these changes for you, monitors your portfolio and rebalances it quarterly.

How Much Does Blooom Cost?

Blooom offers free analysis to all users. Once users hire Blooom to manage their 401(k), it charges a a flat $10 a month fee.

How Is Blooom Better Than Other Wealth Management Companies?

Blooom doesn't require investors to have a minimum balance. It offers affordable professional fund management to all portfolio sizes. Its advice is spelled out in easy to understand language without all the mumbo jumbo only finance majors can decipher. The initial analysis is free and Blooom doesn't move your funds. Savings stay at the current institution where Blooom makes all the necessary changes and transactions. Instead of charging expensive commissions, Blooom has a flat fee, does not charge hidden fees and customers can cancel at any time.

 

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Message From Blooom Investment Advisor

We are founded on the belief that professional 401k help should be smart, simple, and available to all Americans.

Message From Our Editor

What We Love About Blooom

Blooom doesn’t just manage consumer investments. They make sure that their clients have a good mix of diversification in their employer-sponsored accounts, ensure that 401(k)s are appropriately diversified, and work to lower investment fees so that clients aren’t spending as much to have or use their 401(k) accounts. Ultimately, they are reaching out a hand to give the average consumer the million-dollar investor experience, and that’s what we love.

The straightforward pricing is another thing we love about Blooom. They will provide an analysis of accounts for free, allowing consumers to decide whether to proceed. Then, if they do, it’s a low, flat monthly management fee. There are no transactional fees, percentages, or hidden costs to worry about. Just one cost, for everyone, and no contracts are required.

What Could Blooom Do Better?

Currently, Blooom is limited in its offerings for wealth management services. They have a lot of benefits and solutions for 401(k) accounts and other employer-sponsored investments, but they could stand to expand their offerings to include additional investment vehicles and options. This would give the consumer a chance to further expand their investment opportunities beyond these few accounts.

Blooom's Backstory

Blooom was founded in 2013 by founders who realized there was a gap in the financial management industry. These founders managed million-dollar portfolios and yet weren’t in a position to help family and friends with much smaller assets. They decided to create technology to help the everyday consumer manage their wealth, from 401(k) accounts to other financial investments. To date, the company has acquired over 23,000 clients and more than $3 billion worth of assets.

The Verdict

Blooom seems to be the manager that every consumer needs. For those looking for a better solution to money management for the average person, this company delivers plenty of assistance.

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About Blooom Investment Advisor

Feature Breakdown

Accounts Supported
  • Employer Sponsored Plans

Blooom Investment Advisor Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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