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A Detailed Blooom Review 2023: Most Affordable Robo Advisor

Most Affordable Robo Advisor

A Detailed Blooom Review 2023: Most Affordable Robo Advisor

$120 to $250 annually

Annual Management Fees


Minimum Investment


Platform Fees


Underlying Investment


Funding Options

Between 5% to 12%

Expected Annual Return

Blooom is among the most affordable robo-advisors in the market, making it easy for you to manage your 40(K) and other retirement accounts. While other robo-advisors can only manage an IRA, Blooom can also manage your employer-sponsored retirement accounts. However, Bloom’s fee structure is very high for low account balances and has a limited capability for direct IRA management.

All details

  • No account minimum: Manage retirement accounts from the start.
  • Equity-focused: Asset allocation favors higher equity exposure.
  • Flat fees: No hidden investment fees, choose the level of service you need.
  • Management fees: Starts from $120 per year per account, personalized or Advisor Access package available. The $165 per year tier allows access to the Advisor Access package, which allows priority advisor access via email or chat and automatic trades.
  • Enjoy a $10 discount when you use the code REEETIRE10 when you sign up.

Blooom has its advantages and drawbacks as well. Here is a look at the advantages and disadvantages of investing with Bloom.


  • Blooom has niched down to managing employer-sponsored retirement plans.
  • The robo-advisor has many retirement accounts that do not require an account minimum.
  • You have access to human, financial advisors with the Advisor Access and Financial Consult tier
  • The management costs of using Blooom are much lower than other robo-advisors.


  • Blooom is only limited to retirement accounts such as 401(K) and similar accounts.

General Information

Blooom allows you to choose between three different plans. They include:

  • Personalized Portfolio: $120/year. This plan included plan research, a personalized portfolio and fund recommendation.
  • Advisor Access: $245 per year. This plan adds withdrawal alerts, trade capabilities and advisor access.
  • Financial Consulting: $395/year. This plan allows you to have one annual session with a financial advisor over the phone or via video consultation.

Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.

How Does Blooom Compare with Other Robo-Advisors in Singapore?

Here is how Blooom compares to other robo-advisors:


Management fees

Account Minimum


Blooom $120- $295 $0 $10 with code REEETIRE10
Sofi- Automated Investing 0% $0 Free career counselling and loan discounts with qualified discounts
Betterment 0.25% with a balance over $20k or a qualifying deposit of $4 per month $0 Up to 1 year of free management for all new clients
Wealth Front 0.25% $500 $50 bonus when you fund your first taxable investment.

Blooom – Our Verdict

Blooom is the perfect solution for anyone who wants to ‘set and forget’ their 401(k) or other retirement contributions. However, the robo-advisor could diversify its asset classes and allow clients to customize their holdings. If you are looking for socially responsible investing, you might want to look past Blooom.

How Do I Create An Account?

Getting started with Blooom is pretty easy forward and completely free. Here are the steps you will need to follow:
  1. Go to the Blooom website.
  2. Answer the questions about yourself: These will be questions about your personal information.
  3. After that, create a Blooom profile by providing your email and a chosen profile.
  4. You must then answer simple questions about your 401k, IRA, 401a, 403b, TSP and 457.
  5. After that, your IRA, 401k, 401a, 403b, 457 or TSP will be securely linked to your Blooom account. The Blooom team will then give you feedback and let you know the necessary steps to take next.

Final Thoughts

Blooom is the perfect robo-advisor for a beginner investor with no extensive investment portfolio and no idea what you are doing with a 401k plan. While many robo-advisors deal with taxable accounts, Blooom helps you to manage your retirement account when normally you would need to manage them by yourself.

Key Takeaways

  • Blooom charges management fees from $120 to $250
  • The robo advisor does not require you to have any minimum account balance.
  • Blooom features automatic balancing to help you reach your investment goals.

If you are looking for a loan to fund your goals, Loan Advisor got your back! Contact us now, and we will respond promptly with different loan quotes from top licensed moneylenders in Singapore that match your needs – free of charge.

Read Also: Collateral vs Non-Collateral Loans and SRS Account


Blooom is a good investment, especially if you want to manage your 401(k). They are still the only robo-advisor in the market to manage these accounts.

Yes. The Blooom investing app is legit. It is owned by an American company based in Leawood, KS. However, the Securities Investor Protection Corporation (SIPC) does not insure it.

Blooom company is shutting down due to its obsolete business model. The company has failed to pivot over Time. Investors no longer want to outsource the management of their 401(k) plans.

Blooom ceased operations in November 2022, as stated on its website.

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