WealthBar Financial Services Inc., a Vancouver-based robo-advisor, is entering the group plan space and offering registered retirement savings plans (RRSP) for companies and their employees.
The firm is promising employers that group plan members will have access to a dedicated advisor for their group RRSPs and an individual financial plan. Like many robo-advisor offerings, WealthBar is also touting its ability to offer low fees, which will be 1% or less for the group RRSPs.
“At WealthBar, we often find ourselves advising people who come to us with traditional group RRSP plans,” says Tea Nicola, CEO and co-founder of WealthBar, in a statement released Thursday. “This has given us a lot of insight. Unfortunately, it’s a familiar story: offerings are limited, while fees are high. It’s just not necessary.”
WealthBar is also looking to make the transfer of RRSPs easy for group members who leave their company or retire by having those plans automatically convert into personal RRSPs.
Any organization with 10 or more employees can set up a group RRSP with the robo-advisory firm at no cost and can determine the amount they would like to contribute to those plans.
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