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Blooom is a new breakthrough 401K Robo-Advisor
Read 100% Free Blooom Review by Scamorno Team
FULL REVIEW OF Blooom
Do you want to find out more about Blooom and whether or not you can really trust your money with it? Firms that manage your 401(k) for you are uncommon, but they should be. After all, millions of people hire 3rd parties – such as traditional advisors or robo advisors – to manage their non-taxable investment accounts. Why not get professional management for what will most probably be the single largest investment account that you possess?
Headquartered in Leawood, Kan., Blooom was founded in 2013 to address this issue. The firm’s researchers analyzed more than 89,000 401(k)s, which included over $3 billion in total assets, and discovered that 83% of 401(k)s are managed incorrectly!
What Types of Accounts Does Blooom Manage?
Blooom only manages employer-sponsored retirement plans – there are no taxable investment accounts or even IRAs. One of the biggest advantages to this robo-investing platform is that they have the ability to manage any 401(k) plan, no matter where the plan is held or who the employer is. You do not even have to have your employer enter into a partnership arrangement with the service. And just as important, Blooom is also a fiduciary, which means they’re required by law to act in your best interest, not theirs.
Feature of Using Blooom:
- Assets Under Management — Blooom has more than $3 billion in assets under management. NOTE: Remember, Blooom does not make any money off the funds in your account as they charge a flat fee only.
- ETFs and Mutual Funds Used — Based on investment selections that are available in your 401(k) plan.
- Payment — Monthly fees are paid using credit or debit card; your retirement account balance is never touched.
- Expanded Questionnaires (New) — Blooom has increased the number of questions it asks members in order to tailor advice to their unique situations.
- Give Blooom (New) — You can now gift a year of Blooom to a deserving friend or family member.
What Can Blooom Do For You?
When you sign up with Blooom, the app will manage your account for you, but you still maintain full control of the account at all times. You won’t even have to open up a new account or transfer the one you have. Blooom works with any 401(k) plan that has online access.
The signup process is simple, and once that is completed, Blooom will adjust your 401(k) plan within 30 days. It does this by taking into account your current age against your expected retirement age. It then uses an exponential glide path that moves your account nearer to the needed bond exposure for a typical retiree.
How Does Blooom Manage Your 401K?
Blooom uses a 4-step process to analyze your 401(k):
- It looks at the options inside your 401(k) and eliminates the funds that don’t make sense for you to own.
- It leans toward using index funds, but occasionally it makes sense to use actively managed funds to gain investment exposure where needed.
- Once Blooom has identified the appropriate funds that will get you nearest to your target allocation, its algorithm will select the ideal investments based on expense and manager experience.
- A Blooom advisor double-checks your results and cross-references with your recommended 401(k) allocation.
As is typical of robo advisors, Blooom utilises an algorithm to handle most of the work involved in establishing and maintaining your portfolio. However, your portfolio is also subject to review by licensed advisors to ensure that everything is operating the way it should.
Review Verdict: Blooom is a legitimate platform that works
Consumer Fraud Alert Regarding Blooom
The success of Blooom has given rise to many frauds who try to sell their own fake platforms in its name. This is a big issue as many customers have lost their money in buying from such fake sites. It is advised that customers should be really careful when they are purchasing and should do some research before they buy from any website. To spot these, watch out and avoid sites that claim to write about Blooom, yet the write-up is completely garbage as they are created by software and spammed all over the internet. It is always better to avoid buying from any other site other than the official one. Therefore, it is highly advised that consumers do careful research, or only buy from the site from the official website here – http://Blooom.com/Official (link opens in a new window). The official website that they have includes the legitimate platform.
Conclusion about Blooom
Considering how reasonable the fee is — and that you can cancel at anytime — we think Blooom is certainly very well worth trying This is especially true if you are among the majority of employees who have little real understanding what’s going on inside of your 401(k) plan. On the flipside, if you have retirement accounts outside of your employer, Blooom will not be able to assist with allocation. On the other hand, if your accounts are within your employer and you are looking for a quality 401K management service for the other, we highly recommend you to learn more about Blooom at the button link below!