I had the privilege of interviewing Chris Costello, CFP®, CEO and co-founder of Blooom. Blooom is an innovative new Financial Technology firm that offers FREE 401(k) analysis and fund selection strategies for a very low monthly fee all in hopes of helping their clients enjoy retirement. More than that, Chris and Blooom have a strong passion for the service they are providing for millions of people who simply find 401(k) investing to be confusing, and therefore, are invested in all the “wrong” places. Their goal: help their clients live the retirement dream they’ve had without having to come up with a plan b.
Everyone is always so nervous about a “robot” handling their money. Is the company secure? Is it secure to send my information over the internet?
Let me pause here for a moment. Does the name Bernie Madoff ring any bells for you? He STOLE billions and billions or dollars from people who thought they were investing their money with a reputable person. The worst part, most people will never even see a fraction of the money they worked hard to invest ever again. Gone, in the blink of an eye.
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Yes, technology can have glitches and there can be security breaches. It’s a reality of the world we live in. However, each and every day we send tons of emails with otherwise private information and never think twice about it. With a company like Blooom, or any other “robo-advisor” firm, they are working hard to make sure our information stays safe because that’s how they make money.
It’s a new concept, and robo-advising will either flourish or vanish in the hands of millennials. If I were a betting woman I would say that robo-advising is here to stay and that financial technology is going to be the majority not the minority in a short period of time. Let’s face it, technology just makes everything so much easier…and if it can now make my 401(k) investing easier…
I’m sure you will enjoy this one, which is a great conversation about why millennials need to make smart financial choices no matter where their money is invested or who it’s invested with. We’ve got time on our sides, but making good choices can really help supercharge our savings….which means mo’ money in the future for all those cool things we want to do!