Author Topic: Wealthbar.com for RESP? #Canada  (Read 1623 times)

hickstead

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Wealthbar.com for RESP? #Canada
« on: May 29, 2015, 12:52:30 PM »
I just came across an ad for wealthbar.com. I've been looking for an easy way to set up an RESP for my son. We're still on the course of paying down family debt, so I haven't looked into exact ways to sock money away for future saving yet, but I'd appreciate something low fee, ETF, and extremely easy. We need to set up the RESP in the next few months to take advantage of government money matching programs and also because the grandparents want to contribute.

So when I saw wealthbar.com, it looked like it might be an easy way to do that.... anyone have any suggestions on if this is a good way to go?

RichMoose

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Re: Wealthbar.com for RESP? #Canada
« Reply #1 on: May 29, 2015, 03:38:49 PM »
As far as I know, no one on the forums has used a Canadian auto-advisor service yet. I notice its free for the first $5,000 but they won't invest it in anything but a money-market fund (comparable to GIC). After that they will use ETF, but the MERs that they provide are considerably higher than what's available in the market right now.

If you are investing just once or twice a year in lump sums, I think you are best using TD Waterhouse e-series funds or Vanguard ETFs in a Questrade account. Follow a CCP strategy so you know how to plan your purchasing.

hickstead

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Re: Wealthbar.com for RESP? #Canada
« Reply #2 on: June 06, 2015, 02:44:45 PM »
Thanks for the answer! I'm looking into TD e-series funds...