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In-Depth Analysis

Blooom Review

I. Mitic Image
ByI. Mitic
February 25, 2021
Fees and charges
$45 - $250 per year

Account minimum $0

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Fortunly Rating

FEES AND CHARGES
$45 - $250 per year
ACCOUNT MINIMUM
$0
INVESTMENT EXPENSE RATIO
Investment expense ratio is not rated
PRICING PLANS
Essential, Standard, Unlimited
BBB RATING
A-
MINIMUM DEPOSIT
No minimum deposit required
pros thumb up Strengths
  • Offers management for 401(k)
  • No account minimum
  • Free analysis
  • Access to financial advisors
  • Portfolio rebalancing
pros thumb up Weaknesses
  • No phone support
  • IRA management requires Fidelity and Vanguard accounts

Robo Advisor: Blooom

Investment management companies invariably promise to offer the best services in managing investment accounts. They lure you with various features and offers into choosing them over other service providers, and sometimes picking just one can be difficult because each company has its individual strengths. One of these account management robo advisors decided to look at the playing field differently and truly be unique. Its name? Blooom.

Blooom stands out from the rest by catering primarily to one sector of the investment market. Blooom reviews the retirement account sector of the market and provides fully branded services in retirement plans. It enables its customers to invest in the options they fancy at the moment, with a view to the future. In a crowd of financial advisors offering management in so many similar ways, it is a relief to see one dedicated to bridging the gap between investment and retirement.

Retirement is a big deal, one that Blooom understands, and that is why its goals, products, and services are designed to ensure users make the most out of their retirement accounts. This review of Blooom will show why so many customers are loyal to the platform.

Overview

We’ve seen many platforms attempt to diversify their products in a bid to offer something that others don’t. Some have even offered special features as incentives to make them more preferable choices for customers. Others decide to cater primarily to a segment of the market, taking into consideration aspects like gender. Blooom attempts to lump all of these together. Specifically designed to provide retirement-related services, it carves out a special niche for itself. Let’s take a look at its products and services.

Reviews of Blooom Products and Services

Blooom’s goal is to help people invest and save to meet their retirement goals. Providing the necessary financial advice to get people to greater heights, all for a better future, is all Blooom is about. All of the products and services on this platform aim to put the average person on the right track to setting and achieving those important goals. If your ambitions exceed simple account maintenance – if you are also interested in growth – we heartily agree with other reviews about Blooom products on the internet that this provider may be the right choice for you.

Blooom 401k

There is a reason Blooom is touted as one of the best 401k management companies. It is perhaps the only company specializing in 401k management services, and the quality of these services is unparalleled. Users’ review of Blooom 401k confirms that Blooom delivers on its promises.

The retirement plan is managed in such a way that the experts handling your account work round the clock to not only grow but optimize your portfolio. It’s not something you typically get with most robo advisors providing management for employer-sponsored retirement plans. As the only provider of such a service, Blooom does exceptionally well with 401K. In addition, the company also manages other retirement plans, such as 403(b), 457, and TSP.

Blooom reviews 401k plans every 95 days after prior adjustments. Should the account have drifted from the set goal, it performs an automatic rebalance where necessary. It further monitors the accounts for changes and performs adjustments to optimize the portfolio. This way, users can rest easy knowing they don’t have to go through the stress of monitoring their accounts themselves.

Blooom IRAs and Roth IRAs

Employer-sponsored retirement accounts are not the only retirement plans Blooom manages. There are also individual retirement account management plans, especially for traditional and Roth accounts. Blooom Inc. reviews for IRA plans are as favorable as those for its trademark Blooom 401k. However, Blooom only manages IRA and Roth IRA held at Fidelity and Vanguard. So, unless you hold an IRA with one of these two, you are not eligible to have your IRA or Roth IRA managed by Blooom.

As is the case with employment plans, Blooom evaluates portfolio allocation and then moves funds into exchange-traded funds with low costs that match individual’s preferences such as time, risk tolerance, and goals. When you pick Blooom to manage your individual retirement account, you do not have the choice on investments. You can alter this by changing the type of investor you want to be.
What most Blooom asset management reviews don’t mention is that you can opt to have Blooom manage just a part of your IRA fund, and you can trade on your own in Blooom stock as you please. This option is excellent for account holders who want to maintain some level of control over their investments.

“Is Blooom safe?” you might be wondering. You have nothing to worry about. Protection and maximum security are Blooom’s watchwords. Your transactions, money, information, and accounts are all under 256-bit encryption. The company implements bank-level security for all personal information and scans for viruses and hackers 24/7. There is also third-party verification when accessing accounts.

Blooom Fees and Pricing

Blooom.com reviews of prices point out that Blooom has no hidden charges whatsoever. You pay a monthly or annual fee to access the platform’s services, and that’s it. Blooom has three plans: Essentials at $45 per year, Standard at $120 per year, and Unlimited for $250 a year.

Essentials only gives access to a personalized portfolio; Standard offers a personalized portfolio, placing trades, withdrawal alerts, and advisor access, while Unlimited offers access to both plans as well as priority advisor access and unlimited accounts.

How does Blooom Compare to other companies?

Bloom Logo Bloom
Fees and charges:

Starts from $45/year

Account Minimum:

$0

Betterment Logo Betterment
Fees and charges:

Starts from 0.25%/year

Account Minimum:

$0

FutureAdvisor Logo FutureAdvisor
Fees and charges:

0.50% annual fee on assets held

Account Minimum:

$10,000

Customer Reviews of Blooom

For many people, the subject of retirement investment is a tricky one. This is because this type of investment usually requires a firm plan for contributions and portfolio management. The issue is even more pertinent because of a shortage of companies and platforms that successfully manage 401k accounts.

However, thanks to Blooom, there is a solution. Users praise Blooom’s handling of their accounts as perfect for those who aren’t too keen on managing their portfolio day-to-day. That, and the fact that it costs just about $10 a month, ranks the service highly in customers’ opinion. Blooom asset management is also another commendable feature, especially in the aspect of rebalancing. All Blooom reviews agree on this, as it seems most retirement account holders appreciate the chance to leave their accounts in safer hands than their own.

Customer Service Hours

Blooom doesn’t have phone support. Issues and inquiries are handled through live chat and email support Monday to Friday, 9 a.m. to 4 p.m. CT.

The Bottom Line

Low management costs, no hidden charges, excellent asset management, and good customer service make Blooom one of the best 401k investment companies. It is especially suitable for investors who do not want to be hands-on with their portfolios.

Blooom Q & A
Is Blooom worth the money? +

Yes. Blooom customer reviews have shown that most users are pleased that they don't have to pay an arm and a leg just to access proper management for their retirement accounts. The costs with Blooom are reasonably low and are a good spend considering the services rendered.

Is Blooom a fiduciary? +

A robo check for the best free financial advisor might bring up many suggestions. For employer-sponsored retirement accounts, Blooom is the best option. The Blooom 401k reviews are further proof, indicating a high level of satisfaction from Blooom users with its services.

Can you use Blooom on mobile? +

Unfortunately, the Blooom app doesn’t exist yet. Unlike many of its competitors, who run a mobile application or two in conjunction with their primary website, Blooom only offers its services and features on its website. There has been news of an app being developed, but no date has been set. To gain access to Blooom’s services, users will have to utilize the web platform, which all Blooom reviews agree is comfortable to use and works perfectly well on mobile devices. Now we know why they are not so keen to work on an app.

Are robo advisors any good? +

Yes, they are. Robo advisors are especially useful to newcomers in the investment scene. They act as a guide to hold beginners’ hands and show them the ropes, while helping them avoid any costly mistakes. Also, they are usually low on cost, easy to use, and charge low fees.

Is Blooom free? +

Blooom charges no fees on its analysis: Users can access educational content and expert analysis free of charge. Full access costs $45, $120, and $250 for each plan. Most Blooom reviews, ours included, consider this a fair price for the services provided.