Technology Provides the Next Frontier in 401k plans
Did you know that of the 20,000+ individual 401(k) accounts that blooom has analyzed, over 80% were invested incorrectly? Yea, that’s right…over 16,000 people didn’t have the right investments in their account.
What that tells us is that the current system that employers have in place for plan participants is not working. Technology now has provided a solution to this problem through online investment management services, commonly referred to as Robo-Advisors, such as blooom.
Blooom is a low-cost, Registered Investment Advisory online service created to help improve the way average Americans manage their 401(k) retirement plans. In just five minutes, the blooom assesses a client’s 401(k), including hidden fees, from start to finish and provides ongoing professional management for as little as $5/month.
It is predicted that by 2020 the amount of money personal investors will invest through the use of technology will grow by 68%. In this Podcast blooom’s CEO, Chris Costello, talks about how technology is revolutionizing the 401(k) space and how important it is for employers to be at the forefront of providing this latest employee benefit to their participants.
Prior to blooom he co-founded another investment advisory firm that grew to manage over $500 million for clients. At blooom, Chris leads the company in building innovative financial services to reach a brand new audience of under-served Americans. Blooom has been named one of the world’s most innovative companies by Fast Company, and Chris was selected as “Ten to Watch in 2016" by WealthManagement.
Latest posts by Chris Costello (see all)
- How to Travel Safely Down Retirement Yellow Brick Road - October 12, 2017
- Blooom Reaches $1 Billion in Assets Under Management - September 28, 2017
- What The Heck are 401k Fees and How Do You Kill Them? - September 18, 2017