Blooom Review 2022: 401k Robo-Advisor Worth It or Waste of Money?

Is Blooom worth the money? Does it really do all that it says it can do to fix your 401(k)? We dig deep to tell you what you need to know.

Written by Brian Meiggs

Updated February 14, 2024

Bottom Line:

Blooom manages 401(k)s and other workplace retirement plans, plus some IRAs, too. With no minimum account balance and the option to pay a reduced flat annual fee, the service offers a distinct service at a reasonable cost.

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Whether you’re deciding where to begin with your retirement investments or just need a little guidance, Blooom is here to help.

Wouldn't it make sense to optimize and improve your 401(k) if it meant you could potentially retire earlier?

You can do just that with Blooom.

GET YOUR 401(K) ANALYZED FOR FREE

(Or click here to learn more about Blooom → )

Table of Contents +

What is Blooom?

I’d heard about an online service called Blooom that’d do all the heavy lifting and optimize your 401(k) for you in minutes.

I decided to dig a little deeper on the service and wrote up this review that tells you what you need to know: Is Blooom legit? Should I use Blooom? Who created Blooom?

This video can sum it up nicely:

As we have gone over, Blooom is a service that has the option to automatically manage your 401(k) for you.

This is a great option for those who could use a little help in this space.

Featured App: Blooom

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At Blooom

About Blooom:

Your 401(k) could use some improvements. Take a minute to link up your 401(k) and analyze your investments.

How Does Blooom Work?

Blooom will analyze your 401k for free and Blooom can do all of the below:

Show you how well you are invested
Pick the best funds available in your 401(k) and give you exact percentages of what to invest where
Show you exact percentages on how many stocks vs. bonds to have
Show how much you are paying in investment fees and how to potentially pay less (average bloom client cuts their fees in half)

For someone who doesn't know how well their 401(k) is invested or would benefit from professionals analyzing it, it can be pretty powerful.

Blooom in Action

Blooom Features

Finance 101 not required. No more poring over 401(k) investments that read like they are written in a foreign language. You can toss all that in the trash. Blooom will handle all the heavy lifting.
You should be handling your nest egg with care. And if you aren’t doing it, you better find someone to do it for you… that's where Blooom comes in.

Blooom Pricing

Blooom's pricing model is simple and very easy to understand.

Here are a few examples of Blooom’s pricing at various account levels:

Personalized Portfolio: $120/year for Unlimited accounts that belong to you
Advisor Access: $165/year for Unlimited accounts that belong to you
Financial Consulting: $295/year for Unlimited accounts that belong to you

For comparison, human advisors typically charge around 1% of assets under management, and other roboadvisors like Betterment and Wealthfront typically range from 0.25% to 0.35%.

The Good and Bad

What we liked about Blooom

No account minimum— A feature because you cant start investing even if you don't have a large sum of money to start with.

What we didn't like about Blooom

Support for IRAs — Only available for employee-sponsored 401K accounts, not available for taxable accounts.

Is Blooom Right for You?

Blooom is best for passive investors who would rather have their retirement accounts handled for them. This investment platform offers individualized robo-advice for a variety of retirement plans, including IRAs, 401(k)s, 401(a)s, 403(b)s, 457(b)s, and thrift savings plans.

If you enjoy being able to contact human financial advisors, this platform also enables you to ask them questions live on the internet or by email. Even if Blooom isn't the best solution for you, the business offers free retirement account portfolio analysis as well as other perks.