Institution-Independent 401k Advisor, Blooom, Expands to IRAs
Blooom furthers its mission to make professional financial management available to everyone.
LEAWOOD, Kan., January 8, 2020 (Newswire.com) - Blooom, an SEC-registered Investment Advisor that previously focused solely on managing accounts for individuals through their employer-sponsored retirement plan, has added IRA management to its offering. Similar to Blooom’s existing 401k management service, IRAs will be optimized where they are currently invested, without requiring clients to move their money. “This is another big step in Blooom’s expansion and desire to reach even more overlooked and underserved individual retirement savers,” said Chris Costello, co-founder of Blooom.
Since its start in 2014, the company has grown quickly to more than $4 billion in assets under management. While the traditional industry measure of AUM validates Blooom’s widespread impact and rapid growth, Blooom remains focused on the clients for which it can make an impact on instead of the size of their accounts—charging a low, flat annual fee, regardless of account balance. “The traditional model of basis points pricing inevitably creates conflicts of interest and further incentivizes traditional financial services firms to cater to larger and larger clients. Blooom has consistently stood to serve anyone with a retirement account, regardless of the size of the account. In a world where nearly everyone is comfortable paying subscription pricing for services (Netflix, Amazon Prime, etc.), Blooom’s transparent, flat annual pricing is a natural evolution in the financial services space as well," said Costello.
Today, around 97 million Americans have access to an employer-sponsored retirement plan (like a 401k, 403b or TSP) and 46.4 million households are invested in an IRA. Blooom’s technology and team of human advisors are currently supporting optimization for almost any employer-sponsored retirement plan at most institutions and all types of IRAs at several of the Industry’s top IRA providers. Blooom’s plan for the future includes expanding its services to further its mission to reach more under-served retirement savers in this country. “Blooom was started with the sole intention to help the huge segment of the population that has traditionally been overlooked by Wall Street and traditional financial services institutions.”
Blooom is a digital financial management service bringing affordable retirement advice to the masses. The retirement analysis is complimentary. Connect your IRA, 401k, 403b, 401a, 457 or TSP today for a free check-up of your investments.