Online Financial Advisor, Blooom, Hits $5B AUM as It Finds New Ways to Help the Average Investor Save Smarter

Blooom's product expansion to include brokerage accounts is focused on the company's mission of providing expert retirement help to those previously overlooked by traditional financial advisors, while the company's Assets Under Management (AUM) validates Blooom's widespread impact and rapid growth.

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Blooom, an SEC-registered Investment Advisor reached $5B in assets under management. This milestone occurred prior to the company opening up its free platform to additional investment types tied to retirement goals. 

Blooom's technology previously allowed only IRAs and employer-sponsored accounts (such as 401k, 403b, 401a, 457 and TSP accounts) to be linked, viewed and analyzed through the platform. Today, certain brokerage accounts are now linkable to the free, unmanaged version of blooom's tool. 

While the traditional industry measure of AUM validates Blooom's widespread impact and rapid growth, the product expansion is focused on the company's mission of providing expert retirement help to those previously overlooked by traditional financial advisors. The new feature gives users a more holistic view of their investment accounts beyond those directly manageable by blooom's paid service. 

The blooom platform helps people set retirement goals and look for ways to potentially improve their investment strategy. With a free, short analysis, users can see into their existing accounts and identify unnecessary hidden investment fees, ideal diversification and investment risk. Unlike traditional advisors that charge a percentage of your account, blooom charges a low flat annual fee to then fix and manage those accounts. 

Chris Costello, CEO and co-founder of blooom, said, "People want to understand what their retirement will look like, and a 401k is just one piece of the puzzle." 

A recent study conducted by blooom shows that even among Americans with some type of retirement account, only about half are confident that they will be able to retire comfortably. Costello hopes that expanding the view on each retirement situation will have a bigger impact on clients' retirement. He said, "Understanding your whole retirement situation will help us analyze your specific position and goals, then determine what you can do to possibly improve it. This step brings us even closer to our goal of making professional financial services once only afforded to the wealthy, accessible to all." 

Blooom is an online financial advisor leveraging technology to bring confidence and peace-of-mind to retirement planning. The retirement planning tool is complimentary. Connect your existing retirement accounts today for a free check-up of your investments.

Source: Blooom Inc.

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Tags: 401k management, brokerage, financial advisor, financial management, investment, IRA, robo-advisor, startup


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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.

Blooom Inc
5325 W 115th Pl
Leawood, KS 66211
United States