blooom Launches Suspicious Activity Alerts Feature to Help Protect Your 401k
LEAWOOD, Kan., Jan. 9, 2018 /PRNewswire/ — blooom, the robo-advisor making 401k help available, simple and affordable to millions of Americans, announced a new feature, Suspicious Activity Alerts, embedded in the service as a result of continued concerns about security and data protection. Suspicious Activity Alerts are designed to continuously monitor for withdrawals or loans on an individual’s 401k or other employer-sponsored retirement accounts (403b, 401a, 457 and TSP).
In the event blooom detects suspicious activity, a client is notified via text message.
“The 401k is often a person’s single largest financial asset. blooom is committed to safeguarding your right to retire. Whether it’s exposing and minimizing hidden investment fees or identifying suspicious activity, blooom serves one person: the individual,” said CEO and co-founder Chris Costello.
In addition to now alerting clients to unwanted possible fraudulent activity in their 401k, blooom also:
- Exposes high hidden fees found in many investment fund options
- Aligns your 401k’s portfolio with your retirement goal
- Ensures you continue to have the proper diversification over time
- Lets you finally “Set it and forget it”
The new Suspicious Activity Alerts feature is included as part of a client’s $10 monthly blooom membership.
“Providing affordable financial help to hardworking Americans is our mission, and we’ll continue to add services for our monthly flat fee, including peace of mind with an extra layer of security,” said Costello.
blooom is the first robo advisor for your 401k and one of the nation’s fastest growing robo-advisors, reaching $1 billion in assets under management more quickly than any independent robo-advisor (including Betterment and Wealthfront). The company focuses on Americans with a 401k or other workplace retirement accounts. blooom is a Registered Investment Advisor with the SEC, and aims to scale fiduciary best practices on low fees, and appropriate asset allocation and diversification, to millions of Americans who have workplace retirement accounts, yet no access to a financial advisor.
The company’s use of the simple image of a flower to explain financial success and a Netflix-like monthly subscription fee are refreshing in an industry known for complicated charts and graphs, financial jargon, and opaque fees. Fast Company named blooom one of the most innovative companies in the world. blooom counts Sheila Bair, past FDIC chair under two U.S. Presidents, as an advisor. For more information about blooom and to get a free 401k analysis, visit blooom.com.
blooom relies on the ability to receive updated account and transaction information. blooom does not guarantee it will be able to provide account monitoring to all accounts. You must enable text messaging within your account to opt in to activity alerts. blooom will NOT use this for marketing purposes – only for account maintenance and security reasons.
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