Momma always said, “If it seems too good to be true, it probably is.” So, we understand why people are skeptical of blooom’s free analysis and insights. That, coupled with decades of unscrupulous Wall Street behavior are sure to scare anyone away from seeking help with their investments. It seems as though the financial industry makes things confusing ON PURPOSE so we’re all left assuming we can’t do anything about it on our own. Well, this is exactly why blooom was created—to break down the wall between Wall Street and Main Street and give everyone access to professional financial advice.
Our team at blooom has been working its hiney off for years to help get people on the right track with their retirement assets. These are some frequent questions we get about our business from friends and family.
Is the analysis really free?
Yes. We do not ask for your credit card. We do not sell your information. You do need to provide some basic information on your account and retirement goals. But you do not pay a dime for our analysis.
How does blooom make money?
Off annual subscriptions to our service. A percentage of people who receive our free analysis decide they’d like help researching and implementing the recommendations we uncover.
But why is blooom so inexpensive compared to other financial advisors?
We have created a technology that helps us automate much of the work. Once our Financial Advisors do the initial research, we apply our technology to that plan. This allows us to help more people at scale. By keeping our (human) team small, and working smarter, we’re able to bring professional advice to the masses.
Are there real people or robots managing my account?
Both! We have Financial Advisors, tech developers and retirement experts all doing their part to back our proprietary technology.
Why can’t blooom manage my account?
Some institutions are not compatible with blooom’s technology, others have yet to be built out! We are working hard to bring the best blooom experience to the most people possible.
How is blooom different from a traditional financial advisor or robo advisor?
- Cost. Blooom charges a transparent annual price. Traditional advisors and other robos often charge a percentage of your assets. As your assets grow, so do their paydays, even though the workload often stays the same. That’s why we charge the way we do.
- No need to move your money. Many traditional and robo advisors require you to move your money to their funds. Blooom can manage your retirement account right where it is! If you’re considering a rollover, we can help you by answering your questions about the process.
- Unbiased advice. Since blooom doesn’t make a commission off of the funds we recommend, you can trust that we’re giving you unbiased advice. As a fiduciary, we are both legally and morally bound to giving advice that is in the best interest of you, the client!
Where can I sign up?
Investing involves risk. Your investments are subject to loss of principal and are not guaranteed. Blooom is limited to the funds available in your retirement plan.
Published on February 25, 2021