Blooom is a company dedicated to managing 401(k)s for its clients. Customers can review the services offered by the company by getting a free appraisal of their current employer-sponsored retirement accounts. This free analysis is able to discover hidden fees, which the company promises to eliminate and thus save its customers unnecessary costs. The website of the company provides a live tracking of the amount of collective lifetime fees saved by all of its customers. Currently, the number stands at over $617 million. In order to get Blooom to optimize your 401(k)s there is a fixed fee of $10 that should be paid to the company monthly, but that could be trivial compared to the savings the users get by reducing the unnecessary fees. Users can cancel their Blooom services at any time.
Blooom features review
Managing 401(k)s is not an easy task for individuals and there are many processes that are facilitated by Blooom. Investment selection is one of such processes. As the company explains, there is a misconception that the employers or retirement providers manage these accounts, but the truth is, this burden falls on the investors themselves, who are not always equipped to handle such investment decisions. On the other hand, Blooom, which has a team of highly qualified experts can take over the investment selection process and help out its clients this way. Like stated above, eliminating hidden fees is another advantage of using the services of Blooom. These fees include hidden investment management fees, managed account service fees and the Target Date Fund fees.
There are additional features of the services offered by Blooom that set it apart from other similar companies. For example, the customers get instant notifications on withdrawals and suspicious activity. Furthermore, there are additional levels of security that keep the clients’ funds safe. Rebalancing is another important feature offered by the company. This is important to keep management in line with the customer’s preferences. “We automatically rebalance your portfolio regularly. So next time your employer stops offering a certain fund, or your retirement goals change… we are primed and ready to get you back on track,” – states the company.