Hamilton the Broadway musical has been the hit of the New York stage for several years now. Even before his hip-hop reinvention, we at blooom shared some sensibilities with our founding father. Here are the Top 5 Alexander Hamilton traits we live when providing 401k help:
Alexander Hamilton Was an Innovator
When there was recent talk of removing Hamilton from the $10 bill, it was no surprise that there were a number of supporters who reached out to the press to challenge the move. Hamilton is rooted in the origination of several of our country’s financial and business institutions.
In addition to serving as our first U.S. Treasury Secretary, Hamilton co-founded the Bank of New York, which still lives on today as BNY Mellon. The bank’s stock was among the first to be traded on the New York Stock Exchange. His strategies were also instrumental in the formation of interest-paying bonds, the chartering of a national bank and the first U.S. incubator.
Disruptive like Hamilton, blooom’s founders created a revolutionary online 401k app to fix the plans for EVERY American. The key distinction between blooom and other robo-advisors is that we are the only firm managing individuals’ employer-sponsored retirement accounts like 401ks and 403bs.
And, blooom clients also have access to unbiased professional financial advice beyond their 401k. Our goal is to provide access to help everyday Americans, not just millionaires who can typically afford financial advice. We do it for only $10 a month.
Alexander Hamilton Championed Transparency
In 1801, Hamilton started a daily federalist news sheet that eventually became the New York Post. At the time, Hamilton used the paper to voice his opinions publicly and attack conventional wisdom.
Transparency is no act for us, as blooom is a fiduciary. This basically means we are required to act in your best interest, not ours. We wish this was the case for all advisors in the good ol’ US of A, but it’s not. Read more about choosing a fiduciary or The “F” Word in the Financial Industry. Also, transparency and fair pricing are a focal point of blooom’s values. CEO Chris Costello says the following about the subject in blooom’s manifesto:
“I believe that basis points, or ‘bips’ pricing was engineered by the financial industry to mask the actual cost of services. Most people outside of the industry do not understand basis points pricing so we should price our services in a simple, flat fee manner. The simpler the better. We aspire to have a major role in bringing more transparency to financial services. Moreover, pricing should be so affordable that it will be possible for everyone (hopefully) to afford. Pricing should never be a barrier to entry to access financial services.”
Alexander Hamilton Was a Fighter
Alexander Hamilton finished off the War of Independence at the Battle of Yorktown. From start to finish, Hamilton kept fighting for the independence of the American people. He was truly an unsung hero who was working behind the scenes.
Much like Hamilton, blooom fights against Wall Street to get you a better financial future. Before starting blooom, two of blooom’s co-founders previously managed money for millionaires.
CEO Chris Costello pointedly identifies the problem, “But here is the sad irony that plagued me – my own Mom and Dad didn’t even come close to having enough money to ‘qualify’ to work with me. They were my parents, so clearly they received my help. But what if I hadn’t become a financial advisor? I tell you, they would have been handed that brochure. After all my years in the financial industry, it’s clear…. WE ARE DOING IT ALL WRONG.”
And we fight for more than just financial access for the underserved. We fight to save you thousands in hidden investment fees ….
Alexander Hamilton Hated Fees
Hamilton eventually left Congress to pursue a career in law so that he could give professional help to people operating under the protection of a U.S. Treaty. A famous case he worked on is Rutgers v. Waddington in 1784. By winning this case, he saved Joshua Waddington 8,000 British pounds in fees. That sounds like something we do everyday….
We hate fees!
Are hidden fees lurking in your 401k? Likely. Each investment has an investment expense represented as a percentage. The percentage is multiplied by the amount you have invested in that fund and taken out every year. The real problem is that these hidden fees can vary wildly by investments. And most people aren’t AWARE they are paying these fees. An incredible 92% of Americans have no idea how much they pay in 401k fees. 1.
Blooom works hard to lower your fees. We work to save you money every year and for the years to come.
And Yes, Hamilton is on the $10 Bill
Hamilton helped secure the U.S. financial future and found himself immortalized on the $10 bill.
For only 1 Hamilton a month, see how blooom can help you secure your financial legacy by optimizing your 401k.
- Over 90% of Americans Make This 401k Mistake The Motley Fool. May 10, 2017. https://www.fool.com/retirement/2016/12/29/over-90-of-americans-make-this-401k-mistake.aspx
Published on August 28, 2017