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Bloom is a fully registered and reputable Investment Advisor business that specializes in 401(k)s, some IRAs, and other retirement plans. Blooom’s robo-advisor service manages these retirement plans on your behalf. It is relatively easy to use, working with any retirement accounts you hold that provide online access.
Searching for a financial planner? Take a look at SmartAsset, which is free to use.
The 401(k) market is not overly crowded, and one of the significant benefits of what they offer is their ability to manage almost any 401(k) plan, regardless of with who or where it is held. Above all else, because Blooom is a fiduciary, they are obliged by law to always act in your best interests.
The challenge that their services resolve for clients is that the majority of employer-sponsored plans will be quite random in the range of investment options which can be a little bit challenging to understand. Investors are left confused and uninformed of what is happening with their funds. Moreover, the likes of Betterment and Wealthfront will not manage plans that are provided by employers – enter Blooom.
Blooom Get $20, Give $20 Amazon Gift Card Referral Program
Once you’re a member of Blooom, you can start making referrals to earn a $20 Amazon gift card per referral. You can receive up to $600 in referral payments in any calendar year.
- Once you sign up to become a client, you’ll get a personalized link to share with friends.
- This will guide them through an account analysis and end with a personalized investment strategy, ALL FOR FREE.
- Share your referral link wherever, whenever. Use social media, email, text, whatever floats your boat.
- After their free analysis, your friends will have a choice to become an actual client of blooom AND they get will $20 OFF their annual subscription.
- Check the the program terms for additional terms and conditions.
Here’s our referral link (thanks ahead of time!). Get your free analysis. You don’t have to become a client, but if you do, you’ll get $20 off.
Blooom Free 90-Day Trial
- To receive the “90-Day SAVE2022 Trial” promotional offer blooom service sign up must occur by 2/1/2022.
- Discount is applied to only the first 90 days of service.
- The 90-day trial cannot be combined with another promo code or offer and is non-transferable.
- All promo codes added will be applied to the renewal that happens after the 90-day trial is completed.
- Discount is not applicable to current blooom clients.
- Use promo code SAVE2022. Apply the code here.
How Does Blooom Work?
Using a combination of human advisors and automation, they work to get you an appropriately diversified allocation based on your age and years to retirement, focused on long-term growth. For clients on the Standard or Unlimited membership tier, about every 95 days they will check for opportunities to re-balance. Customers on the Standard or Unlimited membership tier of Blooom can access financial advisors at the company through a live chat function or contact them via email – you cannot contact them by phone.
Once you have signed up to the service, you retain absolute control of your account, but you give Blooom Legal power of attorney to act on your behalf. They will not be able to remove any funds from your retirement account, but they will be able to invest it on your behalf. You do not need to transfer your account or open up new ones. As long as your account has online access, they should be able to manage it on your behalf.
They will look at your expected retirement age and your current age. In the earlier stages of your retirement plan, they will weigh more heavily in favor of stocks. Then, as this plan matures and you come closer to your retirement, they will orientate this more towards bonds.
Who Is Blooom Suitable For?
- Ideal for investors who prefer a hands-off approach
- Perfect for those who have employee-sponsored retirement plans
- Those you prefer a greater than average tolerance to risk
- Those who want a specialist and comprehensive approach to employee retirement plans
Bottom Line
Blooom provides a hands-off solution for those who need help to manage their employee-sponsored retirement plan. It makes it easy to sign-up and test the waters with a free, no obligation analysis tool. They also provide clear and upfront pricing that is competitive with no surprises in terms of hidden fees or charges.
See the list of the current best Robo-Advisors here.
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Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.