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Blooom Robo-Advisor Review


ConsumersAdvocate.org Rating: 4.8 / 5 (Excellent)
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Blooom is an online investment company based in Leawood, Kansas, that operates a robo-advisor for investors. The company focuses on restructuring customers' 401k plans in order to minimize the impact from fees and optimize their performance. It also provides users with market guidance and financial advice from experts.
 
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How is Blooom rated?

Breakdown

5.0/5
Features
4.6/5
Pricing and fees
4.7/5
Reputation

Overall Rating: 4.8 / 5 (Excellent)

Blooom's provides customers with a highly secure, and easy, hands-off approach to investing that makes it an excellent robo-advisor alternative. Because Blooom is designed to work only with employer-sponsored retirement plans, those without a 401(k), 401(a), 403(b), 457, or TSP account are, unfortunately, not eligible to receive the company's services.

For those that do have an employer-sponsored retirement plan, Blooom's remarkably affordable price, strong security features, and automatic portfolio rebalancing are sure to benefit their investing as a whole.

Blooom Account Features

Features - 5 / 5

Blooom is designed to create—and maintain—the ideal investment portfolio for each customer's retirement goals. A fully automated robo-advisor, Blooom does not require a minimum investment to open an account. Its main feature is rebalancing retirement account securities.

The company's algorithm takes a variety of factors into consideration and then determines what mix of stocks and bonds would be most appropriate for its customers. It does this automatically but always notifies account owners when changes are made.
Robo-advisor Type
Fully Automated
Account Minimum
None
Goals
Save for Retirement
Integration with Other Accounts
401(k)
Types of Assets
Stocks
Bonds
Access to Financial Advisors
Yes
Automatic Portfolio Rebalancing
Yes
Tax Loss Harvesting
No
Direct Indexing
No

Investment Focus

Blooom focus is improving the output of employer-sponsored retirement plan. Specifically, Blooom optimizes the investment customers have in plans such as 401ks, 403bs, and TSPs.

Blooom Fees & Commission

Pricing and fees - 4.6 / 5

Blooom does not make money off the funds in your account. Instead of confusing percentages or basis points, the platform offer three options of plans and only charges an annual fee for the use of its services. That means users pay no commission whatsoever.
Billing Frequency
Monthly
Commission
None
Discounts
Special Promotions
Fees
Account Management

Blooom Reputation & Customer Service

Reputation - 4.7 / 5

Blooom is a relatively young company—it was founded just a few years ago in 2013. Therefore, it is not out of the ordinary to see little presence in online review and complaint aggregators. Because Blooom is not a bank, ratings across credit agencies and other institutions that evaluate financial strength are hard to find.

Blooom does not have a mobile app and does not appear to be a SIPC member. It is, however, an SEC Registered Investment Adviser. Blooom is also a fiduciary, which means it is legally obligated to always act in the best interest of its clients. The funds it recommends cannot have any hidden motives or financial incentives tied to any them.

Blooom members are provided unlimited access to financial advisors for any questions beyond their 401k. This includes advice regarding topics such as debt, mortgages, and savings.
Year Founded
2013
Consumer Financial Protection Board (CFPB) Complaints
0
SIPC Membership
No
Contact Methods
Phone
Email
Chat
Social Media
Mobile App
No
Date Collected
2018-11-08

Free Customer Support

Blooom can be contacted via live chat or email through its website. Customers can also reach service representatives via social media and phone call.

Company Profile

Full Name
Blooom Robo-Advisor
Company Website
https://www.blooom.com
Headquarters
5325 W. 115th Place, Leawood, KS, 66211

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Our Partner
  • Free analysis of your current employer-sponsored retirement plan
  • Regularly rebalances your portfolio
  • Secure servers with 256-bit encryption and bank-level security
  • Simple, flat annual fee—regardless of account size
  • Cancel at any time
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