Steer clear of high fees with this robo-advisor for your 401(k)
High 401(k) fees could cost you a fortune in the long run.
Advertising Disclosure
Here's what Blooom has to offer:
- Hands-off 401(k) investing with automatic trading assistance
- 24/7 investment monitoring by AI bots
- Lower fees by investing in low fee funds and stocks favored to grow over time
- Consultation with a financial advisor at a fraction of the usual cost
401(k) is one of the most preferred investment vehicles in the US for employed individuals. With it, you can get employee-matching options in an investment bucket of stocks, ETFs, and bonds up to an annual limit of $20,500. Once you reach the age of 59 ½, you can then start withdrawing penalty-free.
What you might not know, though, is that the money it costs you to invest in 401(k) funds, also called the expense ratio (ER), could stunt your capital gains by hundreds of thousands of dollars over time. This holds especially true if you contribute a significant part of your paycheck towards your 401(k).
A 401(k) Robo-Advisor That Gives You Control Over Fees and Investment Selection
Blooom offers an AI-powered robo-advisor designed and backed by financial advisors who follow fiduciary standards. Based on evolving algorithms, Blooom’s AI bots will:
– offer a hands-off 401(k) investing experience with tons of market information combined into proprietary technology
– monitor your investments
– make adjustments to keep your portfolio within your personalized asset allocation
– recommend good investment choices for steady growth over time
– offer a way to lower your ER or fees
Simply sign up for free and link your 401(k) to their 256-bit encrypted platform. From there, Blooom will give actual-to-ideal comparisons of how your 401(k) could look without high fees.
At the same time, Blooom offers direct access to financial advisors on live chat or through video consultation to help you manage your funds better. Since they follow fiduciary standards, they are ethically and legally required to recommend the best possible investment decisions for you. Compared to the usual expensive financial advisors, Blooom connects you with advisors at a fraction of the cost.
When you subscribe to their Financial Consulting package for $33 a month, you will also gain access to financial insights and automated trade assistance along with human assistance and a host of other features.