Automated Management – Is It Good?

Best for Bloom 401k:

  • Retirement account management
  • There is no minimum investment
  • Reasonable fees
  • A more hands-off approach

Advantages – Disadvantages


  • Manages your 401k
  • No account minimum
  • Free analysis on your profile
  • Manages most types of retirement plans
  • Professional management with access to advisors


  • More restrictions on IRA plans

Who is Bloom 401 – What is it?

Bloom 401k is a robo-advisor that specializes in retirement plans – even corporate-sponsored ones. Bloom can work seamlessly with what your company is going through and is the only platform that can do it.

Bloom has gradually expanded its reach to include IRA accounts. Once you’ve signed up for your account and filled out the relevant information, you’ll need to log in to your retirement account. Bloom will then conduct a free analysis of your investment profile and advise you.

Free analysis is very helpful because it can help unravel any hidden fees you may have paid and eliminate or at least reduce them. The results of your analysis will consider your age, the age at which you plan to retire, and your risk tolerance to determine the best investment method.

Bloom 401k features

What exactly does Bloom Leisure Management offer?


There is a fee in mind for the service and you will be happy to know that Blooom’s fee is quite affordable compared to some other Robo-Advisory plans. Instead of charging a percentage of your assets annually, Bloom only charges a flat fee. How much it will cost depends on the plan you choose.

You get 3 different plans of your choice – Required, Standard and Unlimited at $ 45, $ 120 and $ 250 respectively.

Naturally, what you get with each plan is different. The Unlimited plan opens access to all Bloom features, including personalized accounts, auto-optimization, and priority advisor access.

The Standard Plan has everything from Unlimited Plans except Priority Advisor Access – regular service only. After all, the Essential Plan is the most basic, giving you only a personalized portfolio.

Available accounts

Blooom 401k supports a variety of accounts. There are 401k, 403b, 457, 401a and TSP in terms of employer-sponsored accounts.

For IRAs, Bloom’s available IRA accounts include traditional, ROTH, SIMPLE, SEP, spousal, and non-deductible IRAs.

Financial advisor

Bloom is a robo-advisory platform that gives specific clients access to real-person financial advisors. There’s no denying the benefits of being a robo-advisor, but getting advice from a real person will give you a level of interaction with an AI.

You will not get access to advisors with the Essential Plan, but you will get access with the Standard and Unlimited plans. However, you will only get priority services with unlimited plans.


Don’t worry, Bloom has no direct control over your retirement account. The power is still with a parent. Bloom is merely loyal and has a duty to put your interests first.

Automated rebalancing

One of the most reliable ways to offset market volatility is redistribution. The automatic rebalancing feature will monitor your investments so that you stay focused.

What’s great about Bloom is that they take an active approach. The platform will review your account every 95 days to make sure such changes are needed.

Customer support

If Bloom 401k has an error, we must say it is customer support. Why? Because Bloom doesn’t support phones. Compared to other platforms, many of which have 24/7 customer service over the phone, it really sheds light on the platform’s accessibility.

Even without phone support, Bloom still offers efficient email and live chat options during their business hours, from 9am to 4pm Central Time Monday to Friday. Hopefully, Bloom will integrate phone services in the future


As one of the only services offering 401k management, Bloom’s reviews are very favorable. If you don’t know how to manage your own leisure account, Bloom is for you. It is compatible with many types of accounts and may allow you to take a hands-off approach. Learn more about Bloom here.

We do not recommend Bloom if you have less than 20K in your account because the annual management fee (depending on the plan) may not work for you.

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