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Blooom
- Investment Service
- Overland Park, KS
About this business
Up to this point, the 401k industry has failed miserably in educating most Americans of the importance of investing in your 401k and how to invest (or allocate) your money once it’s contributed to your 401k. This has basically happened because big Wall Street firms don’t care about all investors, only those with a gazillion dollars. If you are just starting to invest in your 401k or you if you’re confused about how to allocate your money in your 401k you are not alone. Today, there are over 100 million peop... read more
Location details
5325 W 115th Pl, Overland Park, KS, 66211, United States
Get directions| Weekday | Schedule | Status |
|---|---|---|
| Mon | 8:00 a.m. to 5:00 p.m. | |
| Tue | 8:00 a.m. to 5:00 p.m. | |
| Wed | 8:00 a.m. to 5:00 p.m. | |
| Thu | 8:00 a.m. to 5:00 p.m. | |
| Fri | 8:00 a.m. to 5:00 p.m. | |
| Sat | Closed | |
| Sun | Closed |
I used Blooom to manage my 401k. My retirement provider offers a service automatically, but I feel like it was overly conservative. Further, when I checked the math, I wasn't able to reverse engineer its portfolio selections. Blooom used a different methodology that I think fits me a lot better. I'll check back in three years from now and let you know if it worked. Edited 6/3/19 - actually Blooom did better than my managed portfolio (Edward Jones) over the same time period. While three years may not seem like that long in th... read more
Disappointing! I signed up for the annual subscription in December and got off to a rocky start. They were unable to update my account without a text pin code each time. It's my 401k's extra security, not theirs but I think they should warn investors about which sites are not compatible. They made the initial changes to my account at sign-up, but it's now April. They haven't had access to my account since February, but they've been charging me each month. Support is only available via chat and they are fairly unresponsive. I... read more
I have been trying to cancel my service for 3 months. I have tried contacting the company, but to no avail. Nothing happened with my portfolio while I was paying for the service either. Trying to cancel is a nightmare. You can't contact anyone through a phone number. I got insturstions on how to cancel via Blooom's online help service 3 months ago, and I am still being charged. It really feels like a scam. I am so disappointed with how Blooom "does business".
Business response:
Hi Vladimer, I apologize for the frustration so far. We let our client's know how to cancel their own account but I would be more than happy to help you with that. If you can send me a direct message (or hop on our live chat) with the email address associated with your blooom account, I can get that taken care of for you!
Tried Bloom for 8 months this year. During a time of unprecedented economic growth in the U.S., I earned less that one quarter of one percent on my 401k. Cost me $80 to find out I could do better on my own.
I'm trying out Blooom for 1-2 quarters to see what they do with my horribly over-priced 401k. If Bloom can help me do better than I do on my own (or at least not worse!!), I'll stick around. It sure beats my 401k's own version of a robo-advisor.
Seems to be great so far. I did my research on the overall plan and decided it was better than me ignoring and/or mismanaging my portfolio. I've waited too long for this. The last time I let a broker manage my portfolio, I had no access to modify anything, but blooom allows me to still manage it the way I want. I think it's better off than it has been in a while. Update will come next year.
The site lacks a clear and concise feedback to the user. If it does work at all, which I don't know, I have a hard time trusting my money to a company that can't even give simple things like errors back to their users in a concise manner.
Business response:
Brandi, from our blooom team, sent you an email. Please feel free to correspond with her to get your issue resolved. Thank you again for sharing your experience with us so we can provide the best service to our clients.
Awesome, finally someone actually came up with the ideas managing 401k plan. I have little clue how to select the investments but I haven't no idea how to asset allocation. I plan to use the service as long as they stay in business.
I used Blooom to manage my 401k. My retirement provider offers a service automatically, but I feel like it was overly conservative. Further, when I checked the math, I wasn't able to reverse engineer its portfolio selections. Blooom used a different methodology that I think fits me a lot better. I'll check back in three years from now and let you know if it worked.
Frequently asked questions about Blooom
How is Blooom rated?
Blooom has a 4.4 star rating with 19 reviews.
When is Blooom open?
Blooom is open now. It will close at 5:00 p.m.
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