The recent and rapid rise of robo-advisors has left one significant hole in the market: Few of these advisors manage workplace retirement plans like 401(k)s, which hold many of America’s retirement assets.
Enter Blooom, which exclusively manages defined contribution plans: 401(k)s, 403(b)s, 457s, 403(a)s and thrift savings plans. The company manages nearly $500 million in assets. It uses automated technology and human advisors to make the most of a client’s plan offerings, then checks for rebalancing opportunities every 90 days. Clients have access to financial advisors via chat and email. There’s no account minimum, but Blooom’s tiered pricing — which is in addition to any fees charged by the 401(k) plan — skews high on...