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Blooom Robo-Advisor Review – Low Fee Manager for Your Retirement Account

*Please read affiliate disclosure below.

Blooom – Robo-Advisor For My 401(k)

Blooom was founded by a few investment management guys who want to democratize your retirement investment accounts, so that you get professional help with your 401(k). They combine their expertise to manage your 401(k), 403(b) or TSP while it remains in your employers plan. Fast Company named Blooom one of the world’s most innovative companies and CEO Chris Costello was selected as one of “Ten to Watch in 2016” by WealthManagement.

This Blooom robo-advisor review fairly evaluates the pros and cons of this retirement account manager.

Typically a robo-advisor manages all of your investments either in their affiliated account or within your brokerage account. Blooom niched their robo-advisor to manage only your workplace 401(k), 403(b) or TSP. You keep your account where it is, with the employer, pay Blooom a small monthly fee, and they optimize your account.

I had my retirement account analyzed in minutes, for free and you can too. Just click below. 

Blooom even offers access to financial advisors, for your finance related questions. And the question doesn’t even need to relate to your 401(k)!

Blooom Robo-advisor Features at a Glance

OverviewAutomated investment management robo-advisor for your 401(k), 403(b) or TSP.
Minimum Investment AmountNo minimum. Manages the existing money in your work retirement account.
Fee Structure$10 per month.
Top FeaturesDigital access to human financial advisors. Low Blooom investment management fees regardless of AUM.
Free ServicesFree retirement account analysis with general insights.
Contact & Investing AdviceAvailable by email, live chat, or phone.
Investment FundsManage the existing funds available through your employers retirement plan.
Accounts AvailableManage your existing 401(k), 403(b) or TSP.

What Differentiates Blooom Robo-Advisor from its Competitors?

Bloom Manages Only Your Retirement Account

Blooom is designed to give professional investment management to anyone with a workplace retirement account. The firm is laser focused on helping you build the best retirement nest egg possible by supervising the and adjusting investments within your 401(k) or other workplace retirement account.

Blooom doesn’t handle IRA’s, brokerage accounts or any account other than your workplace retirement account.

Blooom Uses Fixed ‘Netflix’ Pricing Model

Regardless of your account size, you pay only $10 per month for access to Blooom’s 401(k) or 403(b) account management. Unlike other robo-advisors who charge a percentage of assets under management (AUM), Blooom’s pricing model is transparent and simple.

Blooom Offers Digital Financial Advice for Any Money Question

Are you considering buying a dog, or a house  or paying off debt? Ask your Blooom financial advisor how that decision will impact your finances. Your financial advisor can respond to any of your finance related questions.

Who Benefits from the Blooom Robo-Advisor?

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Most investors with a workplace retirement account can benefit from giving Blooom a try. Unless you enjoy digging in, reviewing your asset allocation, comparing the fees for your available fund choices and periodically rebalancing your 401(k), you will likely benefit from Blooom.

Blooom is ideal if your retirement account is your primary investment account. The investment manager does a good job of diversification. If you have many other investment accounts, the Blooom model might not work as well for you.

The $10 monthly fee makes Blooom a tough offering to pass up. And if you want to make any changes or adjustments, you’re always free to do so, as you own the account.

Blooom Robo-Advisor Review – Drill Down

Retirement account investment manager Blooom manages your funds for the best diversification and lowest fees available within your plan. Blooom strives for diversification based upon the number of years until your retirement and your personal risk preference.

The Blooom diversification model considers the following asset classes:

Stock Asset Classes:

  • US large cap
  • US mid cap
  • US small cap
  • International developed market
  • International emerging market
  • Real estate
  • Commodities
  • Other stock asset classes

Fixed/Bond Asset Classes:

  • Corporate
  • Treasury
  • International Developed Market
  • Emerging Market
  • Treasury Inflation Protected
  • High yield
  • Money market
  • Stable value
  • Other

You can access a quick retirement account analysis with the Blooom web app in less than 5 minutes. Sign up for ongoing account management is equally fast.

Before committing to the Blooom service, click below to try a free retirement account analysis.

Blooom regularly monitors and rebalances your account. Bloom uses technology and humans to maintain your investment account. So, the automated algorithm does the heavy lifting while licensed financial advisor occasionally check to ensure your account is balanced appropriately.

Free Blooom Robo-Advisor Sign-up Process

The sign up process couldn’t be easier. Answer a few questions:

  • Name
  • Birth date
  • Anticipated retirement date

Set up and account with email and password.

Link your 401(k), 403(b) or TSP.

After completing the sign up steps Blooom provides feedback on your asset allocation, fees, diversification and how their management could improve your account.

Blooom Robo-Advisor Review Pros and Cons

Blooom Retirement Account Robo-Advisor Pros

  • Fees are low and you can discontinue service at any time.
  • The sign up is fast.
  • Blooom does one thing only-manage your workplace retirement account. This simple approach is ideal if you have only one investment account.
  • The access to a financial advisor at this price point is outstanding.
  • There’s no long term commitment and you’re not moving your assets, so it’s easy to give Blooom a test drive.

Blooom Retirement Account Robo-Advisor Cons

  • Blooom isn’t great if you have many investment accounts. When creating your asset allocation, Blooom’s account analysis doesn’t take into consideration assets outside your workplace retirement account. This can lead to an unbalanced asset allocation.
  • The initial free account review is general and doesn’t factor in the actual funds and their fee structure offered in your plan. Thus their recommendations and overview are not specifically targeted to your particular situation.
  • For smaller account sizes, the $10 per month fee represents a greater percent of AUM than for larger accounts.

Blooom Robo-Advisor Review Wrap Up

Blooom’s DIFY or do-it-for-you retirement investment account management is a well-needed service for the the 90 million 401(k) and other workplace retirement account holders. As of July, 2017, Bloom has more than $1 billion in assets under management and 8,600 clients.

This Blooom review recommends the robo-advisor to manage your 401(k) or other workplace retirement account, particularly if it’s your sole investment account. With Blooom, you can maximize your retirement account returns for a few bucks per month. That could lead to thousands of additional spendable dollars in retirement. Finally, consumers without investing experience or interest could benefit from this time-saving financial manager.

Click below for a free quick retirement account analysis:

Disclosure: Please note that this article may contain affiliate links which means that – at zero cost to you – I might earn a commission if you sign up or buy through the affiliate link. That said, I never recommend anything I don’t believe is valuable.

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Barbara A. Friedberg, MBA, MS

Barbara A. Friedberg, MBA, MS

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