Bloom Asset Management Celebrates Two Milestones: 30th Year in Business, More than $1 Billion in Assets Under Management

Bloom Asset Management, a registered investment advisor in Farmington Hills has reached two recent milestones: a 30-year anniversary and growth that has exceeded $1 billion in client investment assets under management.

The firm was started in 1984 by brothers Ken and Rick Bloom with the philosophy that investors needed individualized, unbiased financial advice to help them reach their financial goals.  After 30 years in business, it is evident that philosophy has resonated with clients, as this firm has grown to exceed $1 billion in client investment accounts under management as of Dec. 31, 2013.   That same philosophy also resonates throughout Bloom Asset Management’s team, which has grown to 17 people working from an office on Northwestern Highway with the company name and logo on the building. 

 “When Ken and I started the business in 1984, we knew that people were looking for financial advice that was unbiased and not based on selling people investment products that earned the broker a commission, even if it didn't really meet the investors’ needs,” said Rick Bloom.

 “As fee-only advisors, we develop individualized plans that are geared to a particular client’s financial goals, rather than having one plan that fits everyone,” added Ken Bloom. “And we are proud that we built our business by providing investment advice for individuals in all walks of life who worked hard at their jobs and saved for their retirement.  The fact that they have entrusted us with helping them reach their financial goals is very gratifying.” 

From humble beginnings in 1984, Bloom Asset Management now provides money management and financial planning services, along with tax and estate planning through its law firm, Bloom, Bloom and Associates.  It has seen the funds it manages grow annually and is consistently ranked on Crain’s Detroit Business’ list of Largest Money Managers in Metro Detroit. 

 “Our money management services are still the biggest part of our business,  but we want to provide our clients with the legal, tax and estate planning services they may need to help them protect and grow their assets,” said Ken Bloom.  

The company’s growth has also been due in part to another of the brother’s philosophies—the willingness to share their financial knowledge with the community.  Since 1984, Ken and Rick Bloom have given hundreds of free, educational seminars at area libraries and community organizations on a variety of financial, tax and legal issues to help people better understand how they can reach their financial goals and put more money in their pockets.

In addition to the seminars, Rick Bloom has helped expand the reach of Bloom Asset Management as a twice weekly financial columnist for the Observer & Eccentric newspapers. He also hosted a financial advice radio show for more than 25 years on local radio stations.

“It is our philosophy that it’s better for us if the client understands the investment process, and our seminars and efforts in the news media give investors an opportunity to learn more about how to reach their financial goals,” Rick Bloom said.   

 Bloom Asset Management is a registered investment advisor that provides professional money management services for individual investors and businesses.  The company helps investors establish and manage retirement plans and IRAs, including 401(k) and 403(b) plans.  The firm also provides legal and taxation services for its clients through Bloom, Bloom, & Associates. For more information, visit the firm’s website at www.bloomassetmanagement.com.