Our Score: 8
Minimum Deposit: $0
Annual Fees: $45 to $250 per year
Human Advisor Access: Yes
Get Started With Blooom
Best For: If you want to check the health of your 401(k) or IRA plan — and fix it — check out Blooom. This unique robo-advisor can monitor and manage your 401(k), 401(a), 403(b), 457, or TSP plan to ensure your investments line up with your long-term goals.
Blooom’s main strength is that it helps minimize fees. This is important for employer-sponsored investment plans where a lack of options often leads to investments that charge higher fees.
The basic plan costs $45 per year and gives access to a personalized portfolio and fund recommendations to help lower fees. Two other plans are available for $120 and $250 per year. These plans add in more features like portfolio auto-optimization, human advisor access, and priority support.
This isn’t the best robo-advisor for everyone. But if you want to optimize your retirement accounts, Blooom is worth considering.
Potential Drawbacks: Blooom’s flat fee pricing means small portfolios pay a steep annual fee versus percentage-based robo-advisors. And if you want a robo-advisor for a taxable brokerage account, Blooom isn’t for you.
Fees: Blooom’s annual plans cost $45 to $250 per year.
Pros:
- Simple pricing structure
- You don’t need employer approval to use Blooom since Blooom doesn’t control your account
Cons:
- Only available for retirement accounts
- Fixed-fee structure is expensive for small portfolios