leaf check-circle cross-circle Lifted Logic Web Design in Kansas City clock location phone play chevron-down chevron-left chevron-right chevron-up facebook checkbox checkbox-checked radio radio-selected instagram google_plus pinterest twitter youtube send linkedin plus checkmark minus
Wall Street Won't Provide 401k Help

Helping You With Your Retirement Where Wall Street Won’t

Back to Blog

After about 20 years of working as financial advisors and helping people reach retirement, Kevin Conard and I knew the financial services business model was broken. No — more pointedly – we knew Wall Street was broken. Don’t believe us? Take a few minutes to learn about the Wall Street neglect that led us to create our 401k management app at blooom. We believe every hard-working American trying to save for retirement deserves to receive expert 401k help! If you watch blooom’s story, you’ll see why we are here to change the culture of saving for retirement:

Want More of the Story?

Based in Leawood, Kansas, our culture consists of Midwestern values and hard-work. We are a low-cost, online platform created to help improve the way average Americans manage their 401k retirement plans. In just five minutes, anyone with a 401k can receive a free health assessment on their current investment strategy. Then, for those that want professional Do-it-For-You 401k help, blooom can be hired manage your account for a flat, Netflix-like fee of only $10 per month. We don’t even need to move your account.

One of the battles we fight on behalf of our clients is to wage war against opaque and excessive fees. These fees are lying hidden within the majority of employer sponsored 401k plans. Compounding the problem— most people’s investments default them to the option with these higher hidden fees. Those un-necessary hidden fees could be eating away at your retirement years.

Any chance we get, we will analyze your account and work to optimize our clients’ investments towards the choices within their plan with lower hidden fees. After hiring blooom, it is not uncommon for our clients to see an immediate hidden fee reduction of 30%. Let’s put this into perspective. This kind of fee savings could literally add up to tens of thousands of extra dollars in your retirement account over your career. At blooom we call this “saving more money without YOU having to save more money!”

Want more of the WHY to blooom and the importance of 401k management? If so, read what we know around our offices as blooom’s Manifesto. For me, it’s a personal mission statement and a letter to my parents and my two girls.

Still Don’t Believe Us? See What Others Have to Say …

Our north star was to look at how Wall Street had approached financial services and do it 180 degrees different. We realized we could give people the same services millionaire clients received — and we could do it through technology.  We built blooom to help people like my parents who didn’t have enough money to gain access to a financial advisor. I know how much they needed the help. And we at blooom know how much 10s of millions of under-served Americans need this help.

Bootstrapping the business with our own savings, Kevin, and Randy AufDerHeide and I created a prototype that we launched in April 2014. After beta testing, we refined it over the summer. In the fall, we presented blooom at Finovate, a trade show that unveils and highlights the latest innovations in banking and technology.

Out of the 70 companies presenting at Finovate, we won Best in Show.

Forbes, Barrons, Business Insider, CNBC, Time Magazine, and Wall Street Journal. They have all touted blooom. And through word of mouth, we’ve organically grown our customer base. In March 2015, Fast Company named us among the world’s top 10 most innovative companies in personal finance.

Give 401k Management a Go

You hire us and we’ll be here as your 401k advisor and long-term partner. Studies have shown people using professional investment help outperform those who are not getting help.

So get smart, simple and affordable 401k help in less than 5 minutes with blooom.

Oh, and the moment you sign up, you’ll also have access to a financial advisor. You can ask an advisor any financial question you’d like via our chat functionality. Yeah, we do that too.

About blooom:

Blooom is one of the nation’s fastest growing robo-advisors. The company has a specific focus on helping any American with a workplace retirement account like a 401k or 403b. Blooom is a Registered Investment Advisor with the SEC, and aims to scale fiduciary best practices on low fees, and appropriate asset allocation and diversification, to millions of Americans who have workplace retirement accounts, yet no access to a financial advisor. The company’s first-of-its kind use of the simple image of a flower to explain financial success, and a Netflix-like monthly subscription fee, are new and refreshing in an industry known for complicated charts and graphs, financial jargon, and opaque fees. Fast Company named blooom one of the most innovative companies in the world. And blooom counts past FDIC Chair under two US Presidents, Sheila Bair, as an advisor.

Published on July 14, 2017