LEAWOOD, Kan., Sept. 6, 2018 /PRNewswire/ -- blooom, the independent robo-advisor making simple, affordable 401k help available to millions of Americans, announced today it has tripled assets under management to over $3 billion less than one year after reaching the $1 billion milestone.
"People are beginning to realize their employer isn't managing their 401k," CEO Matt Burgener said. "We've built a simple online solution that empowers hard-working Americans to feel confident their 401k is in good hands and hidden investment fees are being minimized, so they can focus on contributing as much as they can."
With more than 22,000 clients across the country, blooom projects it will save clients over $600 million in hidden investment fees over their working careers.*
"We've achieved this level of growth because of our hardworking, dedicated employees," says Burgener. "People choose to work at blooom because they believe in our mission: Professional 401k help should be smart, simple and available to all Americans."
Blooom serves individuals at thousands of companies across the country, from the Fortune 500 to local family-owned businesses. Anyone with a 401k or other employer-sponsored retirement account can link their account to blooom for a free look inside to see how they are doing with important factors such as stock-to-bond ratio, diversification and expense ratio.
Blooom is the first robo-advisor that focuses exclusively on Americans with a 401k or other workplace retirement accounts. It is a Registered Investment Advisor with the SEC, aiming to scale fiduciary best practices on low fees as well as appropriate asset allocation and diversification to millions who have workplace retirement accounts but no access to a financial advisor. Fast Company named blooom one of the most innovative companies in the world in 2015. For more information about blooom and to get a free look inside your 401k, visit blooom.com.
* blooom client hidden fee lifetime savings projection based on a 7.0% gross annual return, median client balance of $51,291, $5,000 annual contribution increased annually by 3.0% inflation, 27 years until retirement and median pre-blooom expense ratio of 0.463% compared to 0.183%, the median expense ratio after signing up for blooom, multiplied by the number of current blooom clients. Blooom is limited to the funds available in your employer-sponsored retirement account. There is no guarantee blooom can or will reduce your fund expenses.
SOURCE blooom, inc.