Review of Blooom

blooom is a web-based robotic advisor for investment accounts, specifically those for retirement.

They focus on retirement accounts, such as 401(k) and 403(b). blooom also happens to be a fiduciary, so they are legally obligated to ensure your best interests are first.

blooom was founded in 2013 and has analyzed over $1.6 billion in assets over the years. Being that they are a robo-platform, blooom has the privilege of managing any account, no matter the employer.

Blooom advises the user on the performance of their accounts and gives advice on improvements that could be made.

Since the account is robotic, the investments are based on statistics and the user’s input.

How blooom Works

bloom works in conjunction with the user’s already existent retirement account.

When registering for an account, blooom has users link their retirement account to blooom. Once connected, blooom analyzes the account and compares it against over 25,000 different accounts in their system.

Once the analysis is complete, a user will be presented with a flower. The health of the flower will indicate the health of the account.

blooom will break down the reasoning behind the health. For example, the user in the photo below does not have a healthy account and is being presented with some points on the side.

After the user’s investment account has been analyzed, the next step is Blooom’s advice on how to improve your account.

This includes a breakdown comparison of your current account status and what blooom suggests it can improve for you with their service.

As shown below, the breakdown is quite comprehensive and easy to read and understand.

After the user is presented with their recommendations, they are then asked to give their preferences on how they prefer their account to be managed. The user can select their preference between heavy stocks or bonds.

Once that is finished, the user’s main part is finished and booom will take over from there. The account will be self-managed by blooom and you can sit back and watch your account grow from your desk at home.

However, you can take a more active role on the account if you wish. You can choose to change both your investment mix and your retirement date if you so choose.

blooom also does a portfolio review, or rebalancing, every 90 days to ensure it is on track for what you wanted. blooom will make automatic adjustments if necessary.

blooom Terms and Fees

blooom’s services come with some completive terms. First, blooom does not charge for an account analysis. So, for those who are curious about the service, you are not obligated to pay money right out the door.

blooom does not have an account minimum as well. So those who are just getting started on their account have the same privilege as those with a few years. For managing the account, blooom charges a flat $10 monthly charge.

Although blooom does have a flat management charge, their fees as percentage of assets vary. They are as follows:

  • $2,000 – 6%
  • $10,000 – 1.2%
  • $25,000 – .48%
  • $50,000 – .24%
  • $100,000 – .12%

Using blooom

The interface for bloom is simplistic, yet intuitive. The main page presents the user with a preview of their accounts. On the left are tabs with accounts, their balances, and a total account amount at the bottom.

As seen above, blooom is linked with three accounts, totaling $27,200. The user has the option of looking into the details of the selected account. Let’s see how Blooom presents that.

So, on the left is an easy-to-read ratio pie chart of the account. On the right is an in-depth breakdown of every dollar amount in the account.

Perks of Using blooom

While there are many different options out there for managing or analyzing your retirement accounts, blooom has some nice perks that may be of interest.

Probably the most prominent is the ease of use and passive nature of the service. Because it is a robo-account, blooom is mostly self-running, with little need from the user after the initial set-up.

blooom also comes in at a fairly competitive price, with low fees and a flat monthly subscription rate.

bloom also works with multiple accounts and can seamlessly connect with your already established retirement accounts.

Creating an Account with blooom

Now that you’ve read our blooom review and how they work, you probably want to know how you can get started. Well, it’s fairly simple.

  1. Head over to blooom’s site using our link above.
  2. Click the get started button
  3. Put in your details.
  4. Follow the prompts from there.

Reviews of Blooom

Blooom is rated 13 out of 215 companies in total rating and got an average review score of 4.3 based on 6 reviews. Their weakness is Interest & Costs and their strength is Support & Service.
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Mandey Calir 1 review | April 30, 2021
General Review
Upsides
the best one company need you r every intention, so pleas do your diligent background check on this company
Downsides
nothing much to say but greatness
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akler bygorn 1 review | April 29, 2021
General Review
Upsides
all the best stuff here
Downsides
been with them for so long don't have anycomplains
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Chia lee cen 1 review | April 29, 2021
General Review
Upsides
should sell a lot on the first year
Downsides
just try the free trial better
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spencer 1 review | April 28, 2021
General Review
Upsides
very caring and awesome company
Downsides
the fee should be lower
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Taha Altun 1 review | April 27, 2021
General Review
Upsides
Very nice and caring company
Downsides
Nothing...
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abriel santos 1 review | April 8, 2021
General Review
Upsides
Investment is the best
Downsides
Nothing to say
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