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

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

Overall rating

FeatureInsider rating (out of 5)
Fees3.25
Investment alternative3.75
Access4.70
Ethics5.00
Customer service3.50
Overall ranking4.03

Is Blooom correct for you?

Blooom Automated Investing is best for passive merchants who want their retirement accounts managed for them. This funding platform offers custom-made 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 allows you to ask specialists questions by reside chat or e mail. And even in case you are not 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 investing), $100,000 (Premium Investing)

Fees

$120 to $295

Fees

0.25% (Digital Investing)

0.40% (Premium Investing)

Investment alternatives

Index funds

Investment alternatives

Stock ETFs, bond ETFs, and crypto

Blooom Automated InvestingBetterment Investing

Blooom and Betterment every have automated investing selections for people who preferring expert portfolio management. But Betterment is a stronger choice in case you are making an attempt to automate every regular funding accounts and IRAs.

It’s moreover a wide variety for crypto-minded merchants as a result of it offers 4 completely completely different crypto portfolios. Each portfolio offers merchants publicity to 20-23 completely completely different cryptocurrencies.

Blooom strictly helps retirement accounts, so it’s primarily greatest 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 alternatives

Index funds

Investment alternatives

Stocks and ETFs

Blooom Automated InvestingSoFi Invest

Compared to SoFi, Blooom falls temporary within the case of expenses. Both present entry to human advisors, nevertheless, as quickly as as soon as extra, Blooom’s merchandise are strictly for these with retirement belongings.

SoFi is a larger chance for merchants of each sort. The platform offers every self-directed shopping for and promoting and automated investing, and its funding alternative choices shares, ETFs, and cryptocurrencies.

Ways to take a position 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 offers custom-made 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 dimension requirements, and it charges flat annual expenses for its advisory suppliers. Blooom’s three pricing selections — 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 within the case of IRAs, there’s a catch.

While Blooom says it would most likely present funding solutions for Vanguard, Charles Schwab, and TD Ameritrade IRAs, it solely manages IRAs held by Fidelity. If this brokerage is your IRA provider, Blooom helps typical 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 get hold of portfolio management for regular brokerage accounts. However, Blooom nonetheless allows you to hyperlink brokerage and other accounts to your dashboard to take care of observe of your normal progress.

Blooom: Is it dependable?

Blooom Automated Investing has acquired 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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