Blooom Robo Advisor Review 2024: Optimize Investments For Retirement

Bobby HallJanuary 7, 2024

Blooom Robo Advisor offers a range of investment accounts with no minimum balance and no hidden fees. You can get started from $0 and receive personalized fund recommendations based on your risk tolerance. Plus, their free insights could help you make better-informed investment decisions. 

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Features

HQ	12433 Antioch Rd. #25010, Overland Park, KS 66225
Fees	$0 – $295
Account Minimum	$0
Accounts	401k, 401a, 403b, 457, TSP, traditional IRA, Roth IRA, SEP IRA, nondeductible IRA, Spousal IRA, Simple IRA, and Self-directed IRA
Access	Website, Mobile App (Android or iOS)
Portfolio Rebalancing	Available
Tax Loss Harvesting	Not Available
Automatic Deposits	Not Available
Advisor	Available
Fractional Share	Not Available
Socially Responsible Investing	Limited
Smart Beta	Not Available
State Restrictions	Available in all States

In depth review on Blooom 

Blooom is on a mission to make retirement accounts simple, accessible, and affordable for everyone. Providing transparency over hidden fees, and supporting a range of investment accounts, Blooom helps you invest so that you can get the most out of your retirement. 

It’s important to note that Blooom is not a broker-dealer and does not offer accounts directly to clients. Your retirement account stays with your provider. Instead, Blooom provides you with a range of benefits that can help you get the most out of investing.  

Some of these benefits include: 

• Creating a personal investment strategy: After you sign up, Blooom will ask you a few questions. Based on your responses, Blooom will make an investment profile and strategy based on your risk tolerance and financial goals.  
• Provide research: It will carry out fund research based on your goals and investment strategy.  
• Place trades: The platform can place trades on your behalf. 
• Monitor accounts: As a Robo Advisor, it can help you optimize your investments according to your asset allocation, diversify your portfolio, and minimize your fees.  
• Add security: There are alerts for any unusual activity on your accounts so that your nest egg stays secure.  
• Make smart financial decisions: You can talk to a financial advisor to help you make better-informed investment decisions. 

Blooom is best for 

• Free insights: With Blooom, you can link your retirement account for free and obtain free analysis on how your investments could be performing better and where hidden fees are reducing investment gains. 
• No hidden fees: Blooom aims to be transparent about any charges associated with your account.  
• No account minimum: There is no minimum amount for your account, which can benefit investors getting started. 

Blooom benefits 

• Financial advisors: If you’re looking for guidance on financial planning, you can speak to an advisor one-on-one during a phone or video consultation.  
• Range of accounts available: Blooom supports a range of accounts including 401k, 401a, 403b, 457, TSP, traditional IRA, Roth IRA, SEP IRA, nondeductible IRA, Spousal IRA, Simple IRA, and Self-directed IRA. 
• Personalized fund recommendations: You’ll receive recommendations that help you manage your risk and build a diversified portfolio.  
• Account rebalancing: Blooom assesses your account approximately every 95 days and adjusts your asset allocation accordingly.  

Blooom drawbacks 

• Fee structure: Membership with Blooom comes at a cost, and the annual fees are not disclosed until check out. Some investors may find their fees higher relative to the size of their portfolio.  
• Limited customer support: There’s no phone number or email address to contact customer service. You’ll need to either use the contact form on the website or speak to an advisor using the chat box.  

Account opening 

5

You can get started with Blooom in a few simple steps. Click on the sign-up button on the website, and it will take you through each step.  

You’ll need to know the password and provider to link up your retirement account. You don’t need to move or transfer your 401(K) or IRA. Blooom can analyze your accounts, provided there is online access.  

It’s free to get started, and you can upgrade your membership anytime for additional benefits.  

Fees 

4

With Blooom, you can start free and pay for help if needed. A free analysis is available for everyone, regardless of the size of your portfolio.  

If you want to have Blooom manage your retirement account, you can join an annual membership and pay a flat fee. You’re free to cancel your membership at any time.  

Deposit and withdrawal 

5

As Blooom is not a broker-dealer, deposits and withdrawals from your account will go through your account provider. However, as a Registered Investment Advisor (RIA), Blooom can conduct trades on your behalf based on your instructions.  

Product offerings 

5

Blooom can help you manage several different types of accounts. These accounts can include 401k, 401a, 403b, 457, TSP, traditional IRA, Roth IRA, SEP IRA, nondeductible IRA, Spousal IRA, Simple IRA, or Self-directed IRA.  

If you’re unsure about whether Blooom supports your account, simply sign-up and see if you can connect it to Blooom.  

You can get started with the free plan, which includes setting goals for retirement, financial planning tools, analysis of current investments, improvement tips, and more. 

If you choose to sign up for an annual membership, you could receive the following benefits depending on the plan you choose: 

Personalized Portfolio	Advisor Access	Financial Consulting
$120	$165	$295
Provides recommendations that you can implement	Personalized portfolio plus:	Everything plus:
Unlimited retirement accounts	Access to advisors through chat or email	An annual advisor consult, where you’ll receive a one-on-one consultation with a financial advisor by phone or video chat.
Fund research by Blooom where they will identify the best funds for your situation	Trade assistance where Blooom will place trades with your institution
Personalized fund recommendation that matches your risk tolerance, diversifies your portfolio, and minimizes hidden fees	Withdrawal alerts. Receive a text message if there is a withdrawal.
Investment monitoring – receive notifications that keep your investments aligned with your goals
You’re in control – use recommendations from Blooom to place your own trades

Portfolio construction 

5

Blooom identifies the best funds for your investment profile and makes personalized recommendations based on your current age, estimated retirement age, risk tolerance, and goals. Typically, you’ll find more aggressive portfolios will have a higher equities allocation, and a more conservative portfolio will have a higher bond allocation.  

Portfolio management 

4.5

Blooom reviews your account every 95 days and optimizes where necessary. This means that when your target allocation swings from your desired proportion, Blooom keeps tabs on your account and will get your portfolio back to where it needs to be.  

This can involve placing trades to rebalance your portfolio. You’ll receive a confirmation email every time a new trade is executed on your account.  

Education 

5

Blooom has several educational resources available including an extensive blog where you can learn about investing and current market events. In addition, there are several calculators available to help you better plan for retirement and make informed investment decisions.  

Calculators include: 

• Fee calculator 
• Allocation calculator 
• Diversification calculator 
• Spending calculator 
• Retirement income calculator 

Customer service 

3

Get in touch with Blooom Monday – Friday, 9:00 am – 4:00 pm via the chat box on the website or send a message through the contact form. A customer service team member will get back to you during online hours.  

Outside of these hours, you can consult the FAQ page on the website, which will answer your most commonly asked questions.  

Safe and secure 

5

Blooom implements bank-level security with encrypted servers. Plus, there are alerts for any unusual activity on your accounts, such as unexpected withdrawals. This can give you peace of mind that your nest egg is safe and secure.  

As Blooom is not a broker-dealer, SIPC protection is not applicable.  

Is Blooom right for you? 

Blooom is a fiduciary. Therefore, it is legally obligated to act in your best interests. Unlike other advisors in the industry, Blooom aims to provide affordable financial advice with a real human regardless of your portfolio size. There are no hidden fees, and you can get started for free. 

However, investors with a smaller portfolio may find their fees higher relative to their portfolio size. It’s a good idea to check if you have an adequate portfolio size for the costs.