A former chair of the FDIC has become the first board member of an ex-Goldman banker's 401(k) startup

Sheila bairBrendan Hoffman/GettySheila Bair has joined startup blooom as its first advisory board member.

Sheila Bair led the FDIC under two US presidents.

She was named the second-most powerful woman by Forbes in 2008 and 2009, and currently serves as the president of Washington College.

Now, she is adding to her resume: Bair is joining startup blooom as its first advisory board member.

Robo-adviser blooom identifies and then improves any problems with your 401(k) or other employer-sponsored retirement account, such as high fees or incorrect asset allocation.

“Bair has decided to join blooom as the first advisory board member, and we see that as a big endorsement of what we’re trying to achieve,” blooom president, cofounder, and ex-Goldman Sachs banker Greg Smith tells Business Insider. “She’s uniquely on the side of the consumer, and I think she believes our type of innovation — bringing fiduciary advice to millions of Americans — is a great model. We’re really grateful that she saw the promise in what we’re doing.”

Here’s how blooom works: For $15 a month if you have more than $20,000 in your account, and $1 a month if you have less, it will determine the most advantageous mix of available investments for you, adjust your 401(k) appropriately, and monitor and rebalance it every 90 days.

“I am very glad that blooom is doing its part to restore the good name of innovation and financial services by serving an overlooked segment of retirement savers,” Bair said in a press release. “Blooom is an incredible tool that brings transparent pricing and un-conflicted advice to the millions of Americans who now, more than ever, need help keeping their costs low and choosing appropriate investments.”

The Kansas-City based company has grown from 100 users in October 2014 to 3,300 today, and raised $4 million in Series A funding in October 2015.

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