Wealthsimple has relaunched its Registered Education Savings Plans to make them smarter, simpler and paperless.
The Toronto-based financial technology firm says new and existing clients can now open and fund an RESP online through its mobile or web app and have the money invested in a low-cost portfolio.
“Our mission is to make investing simple, and what we were hearing from our clients was that RESPs could be made a lot simpler,” said Jason Goldlist , general manager at Wealthsimple. “Our digital accounts solve the biggest pain points our clients had with RESPs, like the arduous sign-up process, inconsistent funding experiences, and the high fees charged by many providers.”
Through Wealthsimple, clients can register for an RESP digitally and e-sign their documents. RESPs are invested in diversified, low-cost ETF portfolios. Wealthsimple charges a standard management fee of 0.4-0.5% with no administrative, trading, account transferring, or rebalancing fees.
Michael Katchen, the founder of Wealthsimple, was named Entrepreneur of the Year 2016 at the last Canadian Startup Awards.