YOU HAVE QUESTIONS? WE HAVE ANSWERS.
DO I HAVE TO MOVE MY ACCOUNT TO HAVE BLOOOM HELP ME?
No. Your 401k stays put. You don’t have to open up a new account or transfer it. We can work with any 401k plan as long as it has online access.
IS THERE A MINIMUM ACCOUNT SIZE?
Nope. You could just be starting out with your 401k or you can have a gazillion dollars. It doesn’t matter to us. We help all 401k participants.
DOESN’T MY INVESTMENT REPRESENTATIVE OR FUND COMPANY MANAGE MY MONEY FOR ME ALREADY?
Nope. Way back when you signed up with them, you told them what percentage to invest and where. They merely help you implement your own advice – be it good or bad.
IS BLOOOM A FIDUCIARY?
Yes. We are a fiduciary. This basically means we are required by law to act in your best interest, not ours. We wish this was the case for all advisors in the good ol’ US of A, but it’s not.
CAN A BROKER AT A BROKERAGE FIRM HELP ME?
Most of the time no. Here is why: most brokerage firms won’t allow their sales people to offer specific advice because that would mean they were acting as a fiduciary. Brokerage firms don’t want the liability of bad advice from their sales people.
HOW LONG DOES IT TAKE BLOOOM TO FIX MY 401K?
Most of the time, the account will be adjusted within 10 days. Sometimes it can take a bit longer, but never more than 30 days.
ARE THERE PEOPLE OR COMPUTERS FIXING MY 401K?
Both. While our machine (algorithm) does all the heavy lifting, our licensed advisors look over all the details to make sure everything is up to par.
HOW OFTEN WILL BLOOOM ADJUST MY 401K?
Every 90 days we will take a peek under the hood and see if we need to make any adjustments. If we need to tweak something we’ll do it for you.
WHAT KEEPS ME FROM SIGNING UP WITH BLOOOM AND THEN QUITTING AFTER BLOOOM FIXES MY 401K?
Nothing. You are free to go. BUT, 401ks aren’t a “set it and forget it” solution to your retirement savings. Having a professional making adjustments, analyzing your fund options, and adjusting your allocation as you get closer to retirement goes a long, long way to helping you hit your goals. Plus, that’s kind of like hiring a security company to come out to your house, wiring up an alarm, keeping the service for a month, and then firing them after you buy a Doberman. Some things are best left to the professionals. 401ks are one of those things.
HOW DO I CHANGE MY ALLOCATION?
Log into your account, click on the button that says ‘Adjust Allocation’, and you’ll be able to make the change. At your next rebalance date, we will make the necessary adjustments. Voila!
HOW DO I CHANGE MY RETIREMENT DATE?
Log into your account, click on the button that says ‘Adjust Retirement’, and you’ll be able to make the change. Easy-breezy.Log into your account, click on the button that says ‘Adjust Allocation’, and you’ll be able to make the change. At your next rebalance date, we will make the necessary adjustments. Voila!
CAN I TALK TO SOMEONE AT BLOOOM ABOUT A SPECIFIC QUESTION ON MY 401K?
Sure. You can hit us up on live chat (just log into your account), shoot us an email, or drop on by.
CAN I ADJUST MY 401K ALLOCATIONS WITHOUT BLOOOM’S PERMISSION?
Of course, you maintain full control of your account at all times. If you ever want to make a change in your account, just call your 401k custodian and they will follow your investment instructions.
WILL BLOOOM CONTACT ME WHEN THEY MAKE A CHANGE IN MY 401K?
Yes. Anytime we make investment adjustments we will send you an email.
WHAT DOES BLOOOM COST?
The simple answer: hardly a thing. If you have less than $20,000 in your 401k we charge $5/month. If you have between $20,000 and $500,000 in your 401k we charge $19/month. If you have greater than $500,000 in your 401k we charge $99/month. This expense can be paid via credit or debit card.
WHY IS THE COST SO LITTLE?
We know, most people are shocked at how little we charge. But we think that solid advice should be available to all – and we’ve priced our services accordingly.
ARE THERE HIDDEN FEES?
Blooom doesn’t have any hidden fees. However, the investments in your 401k have internal expenses. Blooom seeks to use the most cost effective funds in your 401k allocation.
ARE THERE ANY LONG-TERM CONTRACTS WITH BLOOOM?
None. It is pay as you go. As long as you cancel 48 hours before the end of any month, you won’t be charged for the next month. And we will sadly, but professionally, part ways.
WILL YOU TIME THE MARKET?
We don’t time the market. We believe that effectively timing the market is impossible. Study after study proves this theory. If however you believe that you can time the market, then blooom definitely isn’t for you. We suggest you head over to E-Trade where apparently babies can pick stocks too.
ARE YOU USING A TACTICAL MANAGEMENT STYLE?
We don’t use a tactical approach. Tactical is a glorified version of market timing. We believe in constructing well-diversified portfolios and then actively rebalancing them every quarter, when necessary.
HOW DOES BLOOOM DETERMINE STOCK AND BOND RATIOS?
The simple answer: math. We factor your current age against your retirement age and use an exponential glide path that moves blooom users closer to the needed bond exposure for a typical retiree. The actual calculation is our secret – much like Colonel Sanders’ 11 secret herbs and spices.
WHY USE BLOOOM WHEN I COULD JUST USE A TARGET DATE FUND?
Target date funds are a great tool for 401k participants that want a one-size-fits-all approach. Blooom Clients get customized portfolios that are monitored specifically for their retirement goal and adjusted accordingly.
DO YOU MANAGE IRAS OR ROTH IRAS?
At this point in time we do not manage those types of accounts. We all learned something from McDonald’s failed launch of the McPizza in 1990, and in that life lesson, we are going to keep doing what we do best – 401ks.
WILL BLOOOM INITIATE WITHDRAWALS OUT OF MY ACCOUNT?
No. We never will take money out of your account. You will have to call your custodian to initiate a withdrawal or a loan.
WILL BLOOOM HELP ME WITH AN OLD 401K?
Yes. We can assist you with the management of this account too.
WILL BLOOOM CHANGE MY CONTRIBUTION AMOUNT INTO MY 401K?
No. We will not change the amount that you are withholding out of your paycheck to fund your retirement. But if you want some basic advice, we’d tell you to contribute as much as you can to your 401k.
IS BLOOOM SECURE?
Yes. We take security and privacy very seriously. We recognize that before we can help you with your 401k, we have to keep your information safe and secure. To learn more about our security, please check out our entire page dedicated to security!