Blooom.com

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vm27
Posts: 40
Joined: Sat Dec 06, 2014 2:36 pm

Blooom.com

Post by vm27 »

Anyone hear of Blooom.com? (yes, three O's)

"It's a financial service that re-calibrates your retirement savings every quarter based on market developments. Think of it as a 401k butler who does it all for as little as $1 a month"

I'm weary of linking my financial information into any 3rd party website. I'm not totally savvy when it comes to investing but I'm also more inclined to be in control of my own finances/investments...so I was wondering what everyone's thoughts might be on a service like this.
mhalley
Posts: 8781
Joined: Tue Nov 20, 2007 6:02 am

Re: Blooom.com

Post by mhalley »

I can't really tell from the website whether it would be worth it. The page regarding their methodology is vague, they say they lean toward index funds, but they don't really say what their exact methodology is. They apparantly use a proprietary algorithm followed by a human double check to figure out your aa. Looks like they take your retirement date, figure out an asset allocation, analyze your funds and pick cheap funds to go along with the aa, then rebalance quarterly. I would probably say it would be better to post your 401k here and get a bogleheads adjustment for free. I am reluctant to put in my data to see what they would come up with, but it would be interesting to see. The price is certainly reasonable. For someone with no interest in managing their 401k it might be worth it. Disadvantage would be that they are only looking at your 401k so they are not taking your whole financial picture into account.

Mike
RunningRad
Posts: 328
Joined: Wed May 21, 2014 2:06 pm

Re: Blooom.com

Post by RunningRad »

Nooo, I have never heard ooof it. :oops:
Few decisions in life motivated by greed ever have happy outcomes--Peter Bernstein, The 60/40 Solution
knight_rider
Posts: 1
Joined: Thu Oct 29, 2015 11:13 pm

Re: Blooom.com

Post by knight_rider »

BUMP

It's 6+ months; is anyone using this service?
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