We at blooom wanted to write to you with some thoughts on the news you have likely seen that the Trump administration will be seeking to unwind many of the regulations put in place after the financial crisis (Dodd-Frank), as well as a more recent rule designed to protect retirement savers in this country from brokers trying to sell them high fee products, instead of always acting in their best interest (DOL Fiduciary Rule). Political administrations will come and go, lobbyists and elected officials might try to change the rules to serve special interests, but you can rest assured that we here at blooom have always — and will always — only follow one rule: acting in your best interest. In fact, blooom is already a fiduciary and has always upheld itself to the highest regulatory standard in the land. So, on our side, and for our clients – absolutely nothing will change, whether or not the rules get unwound in Washington.
We built blooom to insulate you from the predatory practices rife in the retirement space, by steering you TOWARDS low cost investments, steering you AWAY from alluring sounding investments hopelessly trying to “beat the market”, and by helping you decipher and distill the often hundreds of choices in your retirement account down to an appropriate and well diversified portfolio for your age. Straight forward, boring, non-flashy stuff that the majority of Americans get wrong.
Blooom was built to protect our clients from shenanigans that might happen in Washington or in the financial industry. The latest shenanigan will allow brokers to “sell” Americans retirement products, instead of give them the best possible advice. With blooom on your side, you don’t have to worry about this. We can only hope that fiduciary, simple, low-cost solutions like blooom can reach tens of millions of Americans. That’s the magic of technology. In these uncertain times, make sure you’re covered.