An Overland Park financial technology startup firm came home a winner this week in a prestigious competition in New York.
Blooom, which has designed an online tool to help investors better manage their 401(k) retirement accounts, was one of seven companies that earned “Best of Show” awards at the two-day Finovate fall conference.
The company was one of 71 businesses selected from hundreds of applicants to present their products at the conference, which draws new technology for the financial and banking industries.
Companies had a limited time to demonstrate their products. The awards were announced Wednesday at the conclusion of Finovate’s program.
Blooom was founded as a registered investment advisory firm by Chris Costello, Kevin Conard and Randy AufDerHeide.
According to the company, its online tool relies on an algorithm of more than 100,000 calculations to identify the ideal dollar amount individuals should invest in each part of their retirement plan. The 401(k) account and asset allocation analysis takes about five minutes, the company said.
Blooom charges a fee of $1 per month for accounts with less than $5,000 in assets, and $10 per month for those with higher balances.
“As financial advisers, we know firsthand that most Americans are confused, intimidated and overwhelmed when it comes to managing their 401(k) retirement plan,” Costello said in a news release. “Our goal is to fix the epidemic of inappropriately invested 401(k) plans we see every day with a simple” professional service.
The company, at www.blooom.com, said its management tools can be directly accessed by individual retirement plan participants, regardless of their plan’s investment choices, employer or 401(k) custodian.