Last Updated: 04/18/2025
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Highlights
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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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
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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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Learn MoreSuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +100, or 5 on a 5-point rating scale.
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Blooom Investment Advisor Community Reviews
Would you recommend Blooom Investment Advisor to your friends?
CD
Cedric D.
Aug 20, 2021
May or may not recommend
Great interface, minimal investment, excellent customer service, and no hidden contracts. I recommend this to anyone ready to get their feet wet in the investment business for the first time.
SA
Samuel A.
May 21, 2021
May or may not recommend
I love Bloom investment. They are an exciting and forward-thinking company. They relate well with clients and provide great saving tools without having a minimum balance. It has always been in their culture to nurture every client and encourage everyone to live their best lives. Bloom does not charge hidden fees and offers free analysis. I'll recommend Bloom over and over again.
GI
Garbriele I.
Nov 25, 2020
May or may not recommend
I would recommend Blooom to anyone about to retire, in a market full of investment advisors, Blooom stands out by going for a not often patronized corner of the market, 401k(s) and IRAs, having seized the market, The company exclusively manages defined-contribution plans — 401(k)s, 403(b)s, 457s, TSPs and 401(a)s — as well as traditional and Roth IRAs, though limited to Vanguard and Fidelity accounts, Blooom does not offer service ...Show More
GR
Gaby R.
Nov 5, 2020
May or may not recommend
My employer offered Blooom Investment as part of their financial offerings. It was investing without actually having to do much work! It was something I didn't even really have to think about. I love how easy it made it to become an investor. I also liked that there was no minimum requirements. A lot of companies do that and it turned me off from investing.
AS
Agnes S.
Oct 31, 2020
May or may not recommend
I really had no idea how to go about my 401k. I know, I know, that doesn’t say too much about my money skills, but it’s the truth. I basically didn’t know how to manage my 401k, and it was something that was really stressing me out. Well, it didn’t stress me out anymore when I spoke with Bloom Investment Advisor. One phone call and a ten dollar flat fee ...Show More
U
Anonymous
Apr 5, 2018
May or may not recommend
Well designed and easy to use website and nice business model.
Showing 6 of 6 reviews
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