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Toronto-based Nest Wealth Asset Management Inc. on Tuesday announced the launch of Nest Wealth at Work, a fully digital group RRSP plan for small- to medium-sized businesses (SMBs).

“Over 13 million working Canadians do not have access to a group RRSP plan, yet almost every employee would want an option to help them prepare for retirement,” says Randy Cass, founder and CEO of Nest Wealth, in a statement.

“Fifty-one percent of SMBs would like to provide this benefit to their employees, but traditional financial institutions have historically made it extremely complicated and difficult for them to open and run their own group plans,” he adds. “With Nest Wealth at Work, these companies can now easily offer their employees a path to financial well-being.

The new group RRSP allows employers to monitor their sponsored plans and manage program options, such as contributions and matching, completely online.

Fees are currently under 1% of assets administered through the plan — less than one-third the average cost of an individual Canadian to invest in a group RRSP, the firm says in a news release. No initiation, administration or setup fee is required.

Solutions can also be tailored to individual’s risk tolerances and time horizons.

More than 200 companies signed up with Nest Wealth at Work in the first month of its soft launch, the company says.

Nest Wealth partnered with Malvern, Pa.-based The Vanguard Group, Inc., Toronto-based Morneau Shepell and Vancouver-based Canadian Western Trust to create the plan.