Blooom Review

Blooom Ratings at a Glance

Overview of Blooom

Blooom is a perfect example of how figuring out that one thing you’re really good at and putting your all into it can benefit everyone. Equal parts SEC-registered financial advisor and robo-advisor, Blooom offers standalone financial management for your retirement accounts. It acts as your fiduciary, only making suggestions or rebalancing your retirement investment portfolio when it's in your best interest. 

With its targeted focus on retirement, Blooom ensures your portfolio is making the most of your investments with customized strategy, ongoing optimization and targeted financial expertise from professional financial advisors.

In its quest to deliver world-class digital retirement planning, Blooom combines robo-advisor technology with personalized portfolios designed to meet your retirement goals. When you sign up, you’ll answer a few questions that will help Blooom determine your financial goals and risk tolerance. 

Once you link your retirement accounts, it’ll do a side-by-side comparison of your estimated risk tolerance and investment horizon and the funds you’re currently invested in. With a quick look, it can judge how your current portfolio ranks in diversification, fees and allocation and where adjustments need to be made. 

At this stage, you’ll decide if you’d like to hire Blooom as your financial advisor. If so, Blooom carefully scrutinizes your retirement accounts, such as your 401(k) or IRA, to formulate a personalized portfolio. It’ll focus on diversifying your portfolio and tailoring it to your current life stage while striving to minimize high investment management fees. 

Your Blooom investment strategy will be optimized and will automatically adjust to more conservative allocation as you near retirement. This will insulate your portfolio from unnecessary risk in the years directly before you retire, adding a level of insurance to your retirement income.

As time goes on, Blooom keeps an eye trained on your portfolio. And, it’ll keep you up to date on any investment adjustments made to your accounts. You can authorize Blooom to make automatic trades on your behalf and it’ll be there to offer financial advice.

Your personalized retirement strategy is designed to fit into the rest of your financial life.

Because Blooom is aimed at every kind of investor, it doesn’t set any account minimums. You can use Blooom to invest for your retirement, whether you’re years into saving or just starting out. 

Blooom charges its clients 1 flat-rate yearly subscription fee for its retirement planning and robo-advising services. Depending on the level of financial planning you need, you can choose from 1 of 3 Blooom subscription tiers. 

If you need some guidance on your portfolio but can do without a robo-advisor making trades on your behalf, Essentials can cover the basics for you. The Standard package is mostly all-inclusive and will get the job done if you only have 1 retirement account to link for investment management.

The Unlimited tier allows you to connect multiple accounts and also gives you direct priority access to a human financial advisor via live chat (during regular business hours) but you can email an advisor at any time. 

Blooom may not be the best for investors with very low account balances.

Essentials: $45 per year per account

• Personalized Portfolio

Standard: $120 per year per account

•  Personalized Portfolio
•  Placing Trades
•  Withdrawal Alerts
•  Advisor Access

Unlimited: $250 per year unlimited accounts

• Personalized Portfolio
• Placing Trades
• Withdrawal Alerts
• Advisor Access
• Priority Advisor Access**

How to Open a Blooom Account

With its moderate flat-rate subscription fees, Blooom is relatively accessible. Signing up for a Blooom account is simple. You’ll create an account here by answering a short series of questions. 

Once you’re set up, connect your retirement accounts to Blooom. Blooom supports a wide range of retirement accounts:

• 401(k)
• 401(a)
• 403(b)
• 457 Plan
• Thrift Savings Plan, more commonly known as a TSP
• Traditional IRA
• Roth IRA
• SEP IRA
• Nondeductible IRA
• Spousal IRA
• Simple IRA
• Self-Directed

Blooom analyzes your accounts for free and maps out the best investment strategy. If you like what you see, you’ll hire Blooom as your fiduciary and financial advisor by selecting the subscription tier that best suits your retirement planning needs. 

Blooom Investment Style: The 3 O’s of Blooom

The 3 o’s in Blooom isn’t a happy accident. They represent Blooom’s investment style: “on target, on track and on your side.” Blooom keeps your retirement planning on target by customizing a robo-managed portfolio that will meet your goals. They keep it on track by trading on your behalf, riding the market rollercoasters for you and fine-tuning your portfolio as needed. And Blooom is on your side with its flat-rate fee structure, fiduciary obligation and unbiased financial advice.

Once your retirement accounts are linked to Blooom, it’ll get to work. After blooom analyzes your retirement accounts, it’ll form a personalized investment strategy. Its main priorities are diversification and fee minimization Your strategy will be structured around several factors, like your risk tolerance, investment horizon and more. 

Planning for your retirement is too important to leave up to chance. Blooom provides expert retirement planning at affordable prices.

Visit Blooom here to get started. Answer a few quick questions and you’ll be on your way to solid, secure retirement planning.

** During normal business hours.

Frequently Asked Questions