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Blooom investing consider: Automated management for 401(okay)s, IRAs, and other employer-sponsored plans

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Blooom logo on Personal Finance Insider background.
Blooom presents automated portfolio management for employer retirement plans and further.

Overall rating

Feature Insider rating (out of 5)
Fees 3.25
Investment selection 3.75
Access 4.70
Ethics 5.00
Customer service 3.50
Overall score 4.03

Is Blooom correct for you?

Blooom Automated Investing is best for passive consumers who want their retirement accounts managed for them. This funding platform presents personalised robo-advice for an array of retirement plans, along with IRAs, 401(okay)s, 401(a)s, 403(b)s, 457(b)s, and thrift monetary financial savings plans.

If you need the idea of accessing human financial advisors, this platform moreover lets you ask consultants questions by keep chat or e-mail. And even for those who occur to aren’t sure that Blooom is true for you, the company gives free investment analysis for your 401(k) and other retirement accounts.

Blooom vs. Betterment

Blooom Logo
Betterment
Betterment

Min. Investment

$0

Min. Investment

$0 to open ($10 to start out out investing), $100,000 (Premium Investing)

Fees

$120 to $295

Fees

0.25% (Digital Investing)

0.40% (Premium Investing)

Investment choices

Index funds

Investment choices

Stock ETFs, bond ETFs, and crypto

Blooom Automated Investing Betterment Investing

Blooom and Betterment every have automated investing decisions for people who preferring expert portfolio management. But Betterment is a stronger choice for those who occur to’re attempting to automate every frequent funding accounts and IRAs.

It’s moreover a good selection for crypto-minded consumers as a result of it presents 4 completely completely different crypto portfolios. Each portfolio gives consumers publicity to 20-23 completely completely different cryptocurrencies.

Blooom strictly helps retirement accounts, so it’s primarily best possible for these with IRAs or employer-sponsored plans.

Blooom vs. SoFi Invest

Blooom Logo

SoFi Logo on Personal Finance Insider post.

Min. Investment

$0

Min. Investment

$0

Fees

$120 to $295

Fees

0%

Investment choices

Index funds

Investment choices

Stocks and ETFs

Blooom Automated Investing SoFi Invest

Compared to SoFi, Blooom falls fast in relation to expenses. Both provide entry to human advisors, nevertheless, as quickly as as soon as extra, Blooom’s merchandise are strictly for these with retirement property.

SoFi is a larger selection for consumers of every kind. The platform presents every self-directed shopping for and promoting and automated investing, and its funding selection choices shares, ETFs, and cryptocurrencies.

Ways to take a place with Blooom

Retirement accounts

Blooom Automated Investing helps every IRAs and employer-sponsored plans, and it executes trades in your behalf. The automated advisor moreover presents personalised management for 401(okay)s, 401(a)s, 403(b)s, 457 (b)s, thrift monetary financial savings plans, and IRAs.

In addition, the investment broker has no minimal account measurement requirements, and it costs flat annual expenses for its advisory corporations. Blooom’s three pricing decisions — Personalized Portfolio, Advisor Access, and Financial Consulting — have expenses ranging from $120 to $295. According to Blooom’s website, each plan incorporates evaluation and portfolio design, hazard allocation and management, fund diversification, and minimized funding expenses. 

But in relation to IRAs, there’s a catch.

While Blooom says it would in all probability provide funding recommendations for Vanguard, Charles Schwab, and TD Ameritrade IRAs, it solely manages IRAs held by Fidelity. If this brokerage is your IRA provider, Blooom helps standard IRAs, Roth IRAs, spousal IRAs, nondeductible IRAs, SIMPLE IRAs, and self-directed IRAs.

Brokerage accounts

Blooom Automated Investing primarily manages retirement accounts. This means you’ll not acquire portfolio management for regular brokerage accounts. However, Blooom nonetheless lets you hyperlink brokerage and other accounts to your dashboard to keep up monitor of your common progress.

Blooom: Is it dependable?

Blooom Automated Investing has obtained an NR (“Not rated) status with the Better Business Bureau. The bureau says it doesn’t enough information to issue a rating on the company.

However, it’s important to note that the BBB says its ratings don’t guarantee a company’s performance or reliability. For this reason, it’s also best to do your own research before choosing an investment app.

Blooom’s record is currently clear of any major lawsuits or scandals. BBB data shows that the company doesn’t have any complaints. 

Blooom — Frequently asked questions (FAQ)

What does Blooom do?

Blooom offers automated portfolio management for a vast suite of retirement accounts. These include IRAs, 401(k)s, 401(a)s, 457(b)s, 403(b)s, and thrift savings plans. In addition, the platform gives you easy access to human financial advisors who can help with any of your investing questions.

Does Blooom work with Fidelity?

Yes. Blooom only manages IRAs offered through Fidelity, but it also provides recommendations for IRAs held through Vanguard, Charles Schwab, or TD Ameritrade.

Does Blooom have an app?

Yes. Blooom has an iOS mobile app that Apple users can utilize to access their investment accounts. Unfortunately, the company doesn’t offer an app for Android/Google Play users at this time.

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