Hidden Fee Savings
Which translates into
Ways we save you from wall street’s excessive fees
Exposing hidden investment management fees
Here’s the scenario: your employer decides to offer a 401k but doesn’t want to pay for it. Guess who gets to foot the fees… YOU. Hidden fees are lurking in the funds in your 401k. And you don’t even realize how much these fees amount to because they are AUTOMATICALLY deducted from your account balance every quarter/year. Instead, blooom examines the hidden fees in every fund in your 401k and moves you to the lowest cost funds available in your plan and within your recommended allocation.
Eliminating “managed” account services
Guised as “help,” many major institutions, like Fidelity, will gladly invest your 401k for you…for an additional fee. This fee is often a percentage of your 401k balance, which means it grows as your balance increases even though you may not be receiving more services. And are you concerned they might have a conflict of interest in which funds they invest you in?
Steering clear of Target Date Funds
In theory, Target Date Funds sound great! Just pick the fund that is closest to the year you want to retire and you’re all set, right? Except for one big problem, they often charge an annual fee half a percent higher than the funds blooom would invest you in. AND guess who frequently owns the funds in your Target Date Fund? Yep, the financial institution…another conflict of interest slathered in high fees.
The best way to fight fees
Now that you’ve taken a peek behind the curtain, who do you trust to manage your hard-earned dollars?! A financial institution that makes money off of the hidden fees they charge you? Or an outsider like blooom who charges a transparent, flat $10 a month and has no association with any of the funds in your 401k? Do yourself a favor and just see what you’re paying in fees with a free analysis.
If you’re a blooom client, you’re already doing your part to pry your own dollars from the grips of Wall Street… Now, do your part to spread the word. Get others to join the smarter 401k movement!
Get a $10 Amazon gift card for every friend that performs a free analysis. It’s a win-win-win situation.