• Skip to primary navigation
  • Skip to main content
Good Financial Cents®
Content is based on in-depth research & analysis. Opinions are our own. We may earn a commission when you click or make a purchase from links on our site. Learn more.
  • Make Money
    • Get Money Now
      • Ultimate Guide to Making Money
      • Need Money Now
      • Get Free Money Fast
      • Make Money Fast
      • Make $1K Per Month
      • Make $100 Per Day
    • Control Your Destiny
      • Self Employed Jobs
      • Make Money from Home
      • Hobbies That Make Money
      • How to Become a Freelance Writer
      • Small Business Ideas to Start
      • How to Become an Independent Contractor
      • Best Online Jobs
    • Passive Income
      • Passive Income Ideas
      • Multiple Streams of Income
      • Extra Income
      • Residual Income Ideas
      • Learn to Sell e-Books
      • Make Money on Facebook
      • Make Money on Tiktok
      • Best Online Survey Sites to Make Money
    • Explore More
      • Best Side Hustle Ideas
      • Make Money for Teens
      • Best Online Colleges
      • Best Jobs No College Degree
      • Become a Millionaire
      • Careers for the Future
  • Manage Money
    • Best Of
      • Budgeting Tools
      • Personal Finance Software
      • Best Cashback Cards
    • Company Reviews
      • Personal Capital vs Mint
      • Personal Capital Review
      • SmartAsset Review
    • Guides
      • Buy or Lease a Car
      • What is Liquid Net Worth?
      • Setting Financial Goals
      • How to Budget
      • Ways to Save Money
    • Explore More
      • How Much Car Can I Afford?
      • Best Auto Refinance Companies
  • Invest
    • Best Of
      • Best Short and Long-Term Investments
      • Best Low Risk Investments
      • Best Online Stock Brokers
      • Best Crypto Exchanges
      • Best Short Term Investments
      • Best Long Term Investments
      • Best Trading Platforms
      • Best Investment Apps
    • Company Reviews
      • Lending Club
      • Robinhood
      • M1 Finance
      • Ally
      • TD Ameritrade
      • Fundrise
      • Betterment
      • Etrade
      • Wealthfront
    • Guides
      • Investing for Beginners
      • Investing Small Amounts of Money
      • Investing in Real Estate
      • No Money Down Real Estate
      • Bonds vs Stocks
      • Peer to Peer Lending
      • Best Hedges Against Inflation
      • Safe Bitcoin Investing in 2023
    • Explore More
      • Bitcoin vs. Real Estate
      • Betterment vs Wealthfront
      • Investing for College Students
      • Stock Market Alternatives
    • By Investment Amount
      • How to Invest $100
      • How to Invest $1K
      • How to Invest $2k-$3k
      • How to Invest $5K
      • How to Invest $10K
      • How to Invest $15k
      • How to Invest $20K
      • How to Invest $30k
      • How to Invest $50K
      • How to Invest $100K
      • How to Invest $200K
      • How to Invest $500K
      • How to Invest $1M
  • Taxes
    • Best Of
      • Best Tax Relief Companies
      • Best Tax Software
    • Guides
      • Federal Income Tax Guide 2023
      • Taxes and Cryptocurrency
      • How to Do Your Own Taxes
      • How to Invest Your Tax Refund
      • Hiring a Professional Tax Preparer
      • Tax Tips for Freelancers
    • Company Reviews
      • TurboTax Review
      • H&R Block Review
      • Taxslayer
      • Tax Act
  • Insurance
    • Best Of
      • Best Life Insurance
      • Best Home Insurance
      • Best Auto Insurance
      • Cheap Term Life Insurance
      • Car Insurance For Young Adults
    • Guides
      • Term vs Whole Life
      • Different Types of Car Insurance
      • Average Cost of Car Insurance
    • Explore More
      • Life Insurance Over 50
      • Life Insurance Over 80
      • $1 Million Life Insurance
      • $2 Million Life Insurance
      • $3 Million Life Insurance
    • Company Reviews
      • Banner Life Insurance
      • Ladder Life Insurance
      • Health IQ
      • Haven Life
      • Policygenius
      • State Farm Auto Insurance Review
  • Retirement
    • Roth IRA
      • Best Places to Open a Roth IRA
      • Best Investments for Roth IRA
      • 7 Roth IRA Secrets
      • Roth IRA Conversion Guide
      • Roth IRA Rules
      • Roth IRA vs Roth 401k
      • Are Roth IRA Contributions Tax Deductible?
    • 401(k)
      • 401(k) Limits
      • 401(k) to Roth Rollover
      • Is 401(k) Enough for Retirement?
      • Maxed Out 401(k): What's next?
    • Traditional IRA
      • Traditional IRA Rules and Limits
      • Traditional IRA vs. 401(k)
      • Simple IRA Rules
      • SEP IRA Rules
      • How Much Do You Need to Start an IRA?
    • Explore More
      • SEP IRA vs. Roth IRA
      • 457 Plan for Successful Retirement
      • 401a Rollover Rules
      • How to Retire at 50
      • How to Retire at 55
  • Banking
    • Best Of
      • Best National Banks
      • Best High-Yield Savings Accounts
      • Best Checking Accounts
      • Best Savings Accounts
      • Best CD Rates
      • Best Money Market Accounts
    • Company Reviews
      • BBVA
      • Synchrony
      • Wells Fargo
    • Explore More
      • 9 Banking Alternatives for 2023
      • What is a Credit Union?
  • Home
    • Best Of
      • Best Mortgage Lenders
      • Best Mortgage Refinance Companies
      • Best Home Warranties
      • Best Homeowners Insurance
      • Best VA Loans
      • Best Mortgage Rates
      • Best Moving Companies
      • Best Home Security
    • Guides
      • Home Buying Checklist
      • Online Home Appraisal
      • How Much House Can I Afford?
      • First-time Homebuyer Programs
      • How to Get Approved for a Home Loan
      • Save Money When Building a House
      • How to Save for a Downpayment
      • When to Refinance Your Mortgage
    • Explore More
      • 15 vs. 30-year Mortgage
      • Home Warranty vs. Home Insurance
      • Veterans United Home Loan Review
      • Quicken Loans Review
      • HELOC vs Second Mortgage
      • DCU Mortgage Review
      • Costco Mortgage Program Review
      • USAA Mortgage Loan Review
  • Credit
    • Best Of
      • Best Credit Repair Companies
      • Best ID Theft Protection Services
      • Best Credit Report Options
      • Best Bad Credit Loans
    • Guides
      • How to Build Your Credit Score
      • How to Raise Your Credit Score in 5 Months
      • How to Dispute Your Credit Report
      • Hot to Remove Collections from Your Credit Reports
      • How Identity Theft Destroys Your Credit Score
    • Explore More
      • What is a Good Credit Score?
      • What is a Bad Credit Score?
  • Debt
    • Best Of
      • Best Debt Consolidation Loans
      • Best Personal Loans
      • Best Student Loans
      • Best Student Loan Refinance
    • Guides
      • What is Debt Consolidation?
      • How to Get Out of Debt
      • How to Get a Personal Loan Approved
      • How to Pay Off Student Loans Faster
      • Should I Consolidate My Debts?
      • Should I File for Bankruptcy?
    • Company Reviews
      • Credible
      • Sofi

Blooom Review: Fix Your 401(k)

https://www.goodfinancialcents.com/wp-content/uploads/2019/07/MG_5503-150x150.jpg
  • Written By:
    Jeff Rose, CFP®

    Jeff Rose, CFP®

    Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance...

    Read More
  • Updated: August 23, 2021
  • 5 Min Read
  • Advertising Disclosure

    Advertising Disclosure

    GoodFinancialCents® has an advertising relationship with the companies included on this page. All of our content is based on objective analysis, and the opinions are our own. For more information, please check out our full disclaimer and complete list of partners.

Quality Verified THE GFC® PROMISE
shield check icon
Quality Verified

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

shield check icon
Why You Can Trust GoodFinancialCents®

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

While many robo-advisors aim to work with investors who have taxable investment accounts or retirement accounts for the self-employed, Blooom focuses its efforts on an entirely different segment of the retirement economy — work-sponsored retirement plans and those who work for traditional employers.

Blooom manages defined contribution plans such as 401(k)s, 403(b)s, 457s, 401(a)s, and thrift savings plans to provide much-needed account management to a population who has largely gone without retirement planning services until now.

By overseeing your 401(k), the company says they can help you earn greater returns, find the right asset allocation, and reduce or eliminate fees you may not even know you’re paying.

In this analysis, I’ll go over the company’s strengths, costs involved in letting the company manage your 401(k), and the advantages of signing up.

If you have a work-sponsored retirement plan but feel you could benefit from individualized help and advice, keep reading to learn more.

My Blooom Review

Blooom LogoBefore we dive into reviewing the service you’ll get with Blooom, here are a few key considerations about working with them:

  • Blooom focuses on the management of defined contribution plans such as 401(k)s, 403(b)s, 457s, 401(a)s, and thrift savings plans.
  • There’s no account minimum to get started.
  • Plans cost a flat fee of $10 per month.
  • Your employer doesn’t need to partner with Blooom for you to use the service.
  • Anyone can register for a free 401(k) analysis.

How Blooom Helps with Your 401(k)

You may be wondering why you would need help with a 401(k) or defined contribution plan that is already administered by your employer.

After all, it’s easy to assume your workplace retirement plan is already optimized on your behalf. Interestingly, Blooom offers a wide range of services that can help you garner a greater return in your retirement account.

For example, they promise to help you uncover the biggest 401(k) mistakes you could be making — missteps such as not receiving your 401(k) match, having the wrong stock to bond ratio, not having all your 401(k) funds invested, forgetting to rebalance, and not knowing about hidden fees.

Since most financial advisors focus on taxable investment accounts, Blooom steps in to offer help to customers who have largely been ignored until now.

One big benefit of using Blooom is the fact that your employer doesn’t need to get involved for you to use the service.

Once you open an account and begin paying the flat $10 monthly fee, Blooom can begin overseeing your 401(k) or other workplace retirement account on your behalf.  Also, note that there are no account minimums to get started.

If you are thinking of using Bloom or want to get an idea of how they operate, you can start by creating an account and registering for a free 401(k) analysis.

With your retirement account linked to Blooom, the company can assess your existing allocation to see if it fits with your retirement goals and timeline.

Benefits of Blooom

Through Blooom’s free analysis, you will receive recommended changes to your retirement account that you can initiate on your own. However, you can also sign up for a monthly plan and let Blooom begin making changes for you.

With a paid account from Blooom, the company goes the extra mile to rebalance your account at least every 90 days.

As the core of its work, the company claims goes above and beyond to make sure your investments are properly allocated according to your goals. Other services Blooom offers with a paid membership include:

  • Reducing hidden fees: Blooom claims to have helped its clients save over $600 million in hidden fees until now. They do this by exposing hidden investment management fees, eliminating managed account services, and choosing the lowest cost investments that fit with your desired asset allocation.
  • Suspicious activity alerts: Once you open an account with Blooom, the company begins monitoring your account for suspicious activity or large withdrawals. If something wonky is going on with your investments, they will let you know about it right away.
  • Market guidance: Blooom wants to be the “Tonto” in your retirement journey — as in, they want to supply you with advice and guidance while you supply the power (money). As a result, they offer market guidance and tools that can help you learn more about your investments.
  • Access to financial advisors: Even though Bloom uses technology to rebalance and manage your retirement accounts, you will have access to real, live financial advisors that can help you strategize for retirement. With a paid account, you can speak with a financial advisor almost any time via live chat or email.

When it comes to cost, we already mentioned how Blooom charges a flat $10 monthly fee no matter what. However, you can save 10% off your fees if you pay for an entire year of 401(k) management upfront.

Also note that you can get access to a handful of recommendations for free, including advice on how to reduce or eliminate hidden fees and how to find the right stock and bond mix to meet your unique goals.

Where Blooom Falls Flat

The biggest problem with Blooom is the fact that it is only geared to individuals who invest in workplace retirement accounts. If you invest your money in taxable investment accounts or self-employed retirement accounts, you’ll have to work with a different robo-advisor or financial advisor.

Another potential downside is the notable lack of questions Blooom asks when you sign up for a free 401(k) analysis and open an account. Other than your birthdate and target retirement age, Blooom doesn’t dive very deep.

If you have a wide range of financial goals to achieve such as paying for college tuition, a child’s wedding, or traveling the world, Blooom isn’t set up to think outside of the box to help you come up with a plan.

The company only focuses on helping you use your 401(k) to hit your retirement number. That’s perfectly okay, but investors with broader goals may need more comprehensive advice.

The final downside that comes with using Bloom is the fact that the $10 monthly fee can be high if your retirement account balance is relatively small.

While $10 per month only represents 0.12% of a $100,000 portfolio, it adds up to 1.2% of a $10,000 retirement account balance.

Should You Use Blooom to Manage Your 401(k)?

While Blooom offers free advice you can implement on your own, it could also be worth it to pay the $10 per month to have Blooom oversee your retirement account and make important changes on your behalf.

The reality is, too many people blindly trust their workplace 401(k) without really knowing what they’re invested in or how the fees they’re paying can impact their returns over the long haul.

Further, many people who invest in a 401(k) never take the time to rebalance their accounts or make sure their portfolio of stocks and bonds still aligns with their goals.

If you focus most of your retirement savings in a defined contribution plan through your employer, it never hurts to sign up for a free analysis from Blooom to see how your plan is doing.

After all, you may find that you have hidden fees you don’t know about or an asset allocation that is outdated or out of whack for your goals.

Since finding out is free, you have nothing to lose.

On the flipside, it’s possible you may need more comprehensive financial advice if you have taxable investment accounts, self-employment retirement accounts, or complex goals that require tailored advice.

Facebook LinkedIn Twitter

About the Author

Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion - educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.


Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University - Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® - Accredited Asset Management Specialist - and CRPC® - Chartered Retirement Planning Counselor.

While a practicing financial advisor, Jeff was named to Investopedia's distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC's Digital Advisory Council.

Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

Facebook Twitter LinkedIn

You Might Also Enjoy

SaveBetter Review: The Best Place to Go for High-Interest Savings?

SaveBetter Review: The Best Place to Go for High-Interest Savings?

How to Achieve Important Long-Term Financial Goals

How to Achieve Important Long-Term Financial Goals

15 Best Low-Risk Investments for 2023

15 Best Low-Risk Investments for 2023

How to Crush Your Short-Term Financial Goals (IRL Examples)

How to Crush Your Short-Term Financial Goals (IRL Examples)

What Is The SIPC and How Does it Protect Your Investments?

What Is The SIPC and How Does it Protect Your Investments?

What Happens When Your Bank is Seized by the FDIC?

What Happens When Your Bank is Seized by the FDIC?

Leave a Reply

Cancel reply

  • Make Money
  • Manage Money
  • Invest
  • Taxes
  • Insurance
  • Retirement
  • Banking
  • Home
  • Credit
  • Debt
  • About
  • Contact
  • Facebook LinkedIn Twitter

© 2023 Good Financial Cents®. All Rights Reserved. | Privacy Policy | Disclaimer

All written content on this site is for information purposes only. Opinions expressed herein are solely those of AWM, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.

All third party trademarks, including logos and icons, referenced in this website, are the property of their respective owners. Unless otherwise indicated, the use of third party trademarks herein does not imply or indicate any relationship, sponsorship, or endorsement between Good Financial Cents® and the owners of those trademarks. Any reference in this website to third party trademarks is to identify the corresponding third party goods and/or services.

x
x