This Company Will Give Your 401k A Free Checkup & Let You Know How Much Money You’re Throwing Away

This Company Will Give Your 401k A Free Checkup & Let You Know How Much Money You’re Throwing Away

We partner with brands to bring you things we think you’ll like. We link to our affiliate partners on this page which earns us a commission.

Fabian Blank on Unsplash

You've probably been told that enrolling in your company's 401k plan was a great idea. That's true. But if you're like most people, you turned your back on it once you enrolled, hoping the magical finance fairies would monitor it and make your money grow. Those fairies don't exist, but there's a service that's almost as good.

That service is Blooom. It was founded by people who used to make money for millionaires, but wanted something more. Now they help the people that Wall Street won't – everyday people without mansions or private planes. People who just want to make smart decisions and retire comfortably.

The experts at Blooom offer unbiased, personalized advice which can be invaluable when it comes to making sure your dollars are working hard for you. Their knowledge spans into a number of areas, allowing you to have the best 401k portfolio you possibly can.

Ditching the duds.

The financial professionals who work at Blooom begin by learning about you and your goals. Once they understand your current financial situation and your long-term plans, they analyze your 401k. They get rid of anything that's dragging your portfolio down and stopping you from achieving what you want to achieve.

Much of what Blooom eliminates are hidden fees that you didn't even know existed. That's because they've been quietly deducted from your account balance on a regular basis since you've had your 401k. Blooom flags those fees in every single fund in your 401k, and moves you to the lowest cost funds available in your plan and within your recommended allocation.

It also identifies and eliminates any fees that exist under the guise of so-called management costs. These fees often increase as your balance increases – a slippery slope because it could mean that your current 401k manager is looking out for his or her best interest instead of yours. You'll never have to worry about that with Blooom, because the service charges a low, flat monthly fee. There are no commissions and no hidden fees.

Blooom also looks out for target date funds, which sound great in theory but often come at an annual fee that's higher than the funds Blooom would invest you in. Not to mention that most target date funds are owned by financial institutions that probably care more about their own success than yours.

Ideal investments.

Once the dead weights are eliminated from your 401k, Blooom will use an algorithm to select your ideal investments. Those results are then double checked and cross-referenced, so you can be certain that the selections make sense for your personal financial situation.

The best part about Blooom is that its employees are experienced in helping people of all ages, from those who are just starting out to those who are quickly approaching retirement age. They help guide each individual to a best suited plan, often suggesting that younger clients focus on stocks and older ones invest in bonds.

While you might think your 401k is currently well managed, it probably isn't. Most people with a 401k are responsible for picking and managing their portfolio. If this idea fills you with anxiety, just lean on Blooom. Most of their clients admit they're not confident in their investment-picking skills, so there's no need to feel embarrassed if you're totally clueless.

Monitoring your money.

After your 401k is tweaked and improved, Blooom will continuously monitor your account for any changes, including withdrawals and suspicious activity. If it detects something strange, you'll be alerted via text message or email. This service is completely free with your regular monthly Blooom account.

Blooom will also do its best to shield your portfolio from market swings. Although no one can time the market, the experts at Blooom have the knowledge and experience to help you make smart choices based on a level of risk that you're comfortable with.

You'll also benefit from data encryption, bank-level security, secure servers, 24/7 hacker virus scans, and third-party verification. In other words, your information is totally safe with Blooom.

All this monitoring means you can sit back, relax, and focus on enjoying life. If questions arise, you'll have access to a financial planner who can answer them. It's as easy as sending an email or heading to Blooom's website for a live chat.

Do you have 5 minutes?

You're probably thinking Blooom sounds pretty great. If that's the case, head to the website and receive a free analysis of your 401k in under five minutes. From there, sign up for a monthly plan for just $10 a month. That's pocket change compared to the money that Blooom will save you in fees.

Remember – Blooom is in the business of helping everyone make the most out of their 401k. That means there's no minimum account size. You'll get personalized attention, regardless of your age or income status. Blooom is currently managing over $2 billion in assets, with portfolios ranging from less than $500 to $5.8 million.

Click here to sign up for Blooom and enjoy all the great perks that come with it. There's no obligation and you can cancel anytime.

 


THE LATEST