Personal Finance

Anyone with experience with Knowledge First Financial - RESP??

  • Last Updated:
  • Nov 18th, 2017 7:23 pm
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Sr. Member
Dec 5, 2005
579 posts
242 upvotes
Cambridge,Ontario
AkshayaB wrote:
Aug 10th, 2017 10:17 pm
Sorry that you've had a bad experience with the company. You are entitled to your opinion. I'm just stating what I know. My experience with them was great. No hassle, good returns great customer service and communication.
You sound like you work there.
Newbie
Aug 7, 2017
5 posts
No actually, I just recently graduated. I had my parents sit down and explain how everything worked for them financially. I had a great experience, so just like you're parading your terrible one, I'm parading my good one. Just because I had something nice to say, doesn't mean I work for the company. Some of my friends also had RESPs with KFF and when I talked to them about it, they of course had no idea so they asked about it and said their experience was fine too. :)
Sr. Member
Dec 5, 2005
579 posts
242 upvotes
Cambridge,Ontario
Sure keep telling yourself that.And how do you know you got a higher return? I'm not parading anything.I've never used them nor would I.And except for getting the money I'm sure you had no dealings with the company or how it worked.But here you are praising them.Sorry but you obviously work there and are here to defend them.
Sr. Member
Mar 10, 2010
890 posts
100 upvotes
I think that Knowledge First would be an excellent place to stick RESP money, especially if I wanted to end up with ~$10 000 to $20 000 less than what I will have with my non-group plan. As AkshayaB says *she* had a very good experience, so good that *she* probably doesn't mind missing out on $10 000+, and that's *her* choice to make after all it's only money. Sometimes you can't put a price on having a fine experience.
Sr. Member
Dec 5, 2005
579 posts
242 upvotes
Cambridge,Ontario
I'm sure a what 17 year old sat down with her friends and compared RESP returns.Um sure , ok.
"Overall, in comparison to my friends who have gotten RESPs with banks, I seem to be getting a higher return."

" Some of my friends also had RESPs with KFF and when I talked to them about it, they of course had no idea so they asked about it and said their experience was fine too. "
Again tell me that your "friends" sat down and talked all about their experiences with this company.No,they don't have a clue or care where the money came from.
Funny how you joined the forums just to say what a great experience it was working with this company.
Jr. Member
Aug 7, 2006
148 posts
29 upvotes
Toronto
Busted! I'm dying over here lol
Newbie
Aug 7, 2017
5 posts
Uh, I don't know what you did at 17 but when you're an AP student, you tend to care about more than just makeup and 'hanging out'. I graduated from HIGH SCHOOL where they taught me very well that I shouldn't be rude through a computer screen. So I hope you have a great day today. I'd like to remind everyone that just as YOU have YOUR opinion, I have mine which I am entitled to. If you have a problem, call up the company and talk to them. Kindness goes a long way. Also sorry a seventeen year old KID has to give you advice. :/
Sr. Member
Dec 5, 2005
579 posts
242 upvotes
Cambridge,Ontario
AkshayaB wrote:
Aug 8th, 2017 9:39 pm
Overall, in comparison to my friends who have gotten RESPs with banks, I seem to be getting a higher return.
Please,tell us more
Deal Addict
User avatar
May 22, 2006
1480 posts
152 upvotes
Toronto
Glad I found this thread. These scammers gave me a call and couldn't explain anything properly. My bigger question is how did these guys get my number? Who sold me out?
AkshayaB wrote:
Aug 8th, 2017 9:39 pm
So, I've looked up the company on google and immediately I'm met with many many bad reviews which I think are unfair. I feel that a lot of people were not properly educated about the RESP plan that Knowledge First offers. I recently went through all the finances with my parents and I'll be going to first year university. Overall, in comparison to my friends who have gotten RESPs with banks, I seem to be getting a higher return. I am highly satisfied with their service and I encourage all parents to invest in RESPs. It is important to invest in your childs education and I don't think you will be let down by this company. My experience with them has been highly helpful.
I'm sure you have done some calculations to back up your claims. Can you please share that with all of us? I assume being diligent, you probably did this in Excel to compare contributions, fees and returns on the money your parents have been contributing and then that comparison to your friends. In the end, numbers do all the talking, so please share.
Sr. Member
User avatar
Apr 23, 2009
795 posts
120 upvotes
You are seventeen - great! Welcome to the real world. But don't expect kindness here - people will call you out for what they see. I am happy to receive advice form anyone no matter their age. But you have hardly made your case in favour of KFF. You should read all the posts of the parents that have lost money and give your rebuttal. If you have a good argument, I will accept and will happily take an advice from a seventeen year old. There is no shame in it.

I will give you a benefit of doubt and will just assume you are too naïve and innocent that you speak so highly of KFF. Granted, kindness goes a long way. So let me suggest, you are completely misinformed. The practises of this company are predatory, their rules and polices are morally and ethically wrong. They are preying on unsuspecting parents. They have complicated rules designed to not pay you out on the slightest of excuse. With merely 5 posts and all of them defending KFF without ever providing any solid reasoning shows that you lack credibility. So back up your argument and tell us why KFF is so good. And please do comment on the stories that parents have posted here and give your rebuttal.





AkshayaB wrote:
Aug 14th, 2017 5:56 pm
Uh, I don't know what you did at 17 but when you're an AP student, you tend to care about more than just makeup and 'hanging out'. I graduated from HIGH SCHOOL where they taught me very well that I shouldn't be rude through a computer screen. So I hope you have a great day today. I'd like to remind everyone that just as YOU have YOUR opinion, I have mine which I am entitled to. If you have a problem, call up the company and talk to them. Kindness goes a long way. Also sorry a seventeen year old KID has to give you advice. :/
Deal Addict
User avatar
Jan 2, 2012
2659 posts
620 upvotes
NORTH YORK
AkshayaB wrote:
Aug 14th, 2017 5:56 pm
Uh, I don't know what you did at 17 but when you're an AP student, you tend to care about more than just makeup and 'hanging out'. I graduated from HIGH SCHOOL where they taught me very well that I shouldn't be rude through a computer screen. So I hope you have a great day today. I'd like to remind everyone that just as YOU have YOUR opinion, I have mine which I am entitled to. If you have a problem, call up the company and talk to them. Kindness goes a long way. Also sorry a seventeen year old KID has to give you advice. :/
You are not just giving your opinion, you are trying to convey facts i.e. you're seeing a higher return on your RESP vs your friends with the banks. So to back this up, please share the comparison you did to warrant this statement.

I have no doubt that many people with KFF go through the motions of paying for X number of years, and then withdrawing money with interest earned when they eventually go to school. The problem with KFF is they are a highly inflexible plan meaning people get screwed over if any life changes happen that require them to change or stop their contributions. Also if anything is not perfectly normal with going to school, they have caused major inconvenience in withdrawing money to others. Not to mention most people don't really sit down and go through the calculations to see what they actually earned over the entire investment time.

Sounds like you've only just begun the withdraw process, so hopefully you don't run into the many problems that countless other people have when it comes time to take out their money from KFF.
Deal Addict
User avatar
May 11, 2014
1656 posts
678 upvotes
Iqaluit, NT
If anyone was interest... this is what I found

https://knowledgefirstfinancial.ca/abou ... ecord.aspx

Now, with record low interest rates, these rates over the next few years are going to be even more terrible, especially if interest rates go up. With their focus on fixed income investments, it is going to be difficult to earn a decent rate of return. On top of that, this is after fees allocations, which also means that this includes money earned by Knowledge First in forfeitures with people abandoning the plan.

The flex plan last year earned a whopping 0.04% and the flex plan includes up to 30% in equities. What the heck are they investing in?

Interesting yet is that they use as an example someone starting a plan in 1995 and in 2000, times where interest rates for the most part were much higher than they are today.

So anyone wanting to have a highly restrictive plan with high penalties for not sticking with it, you get mediocre returns. With interest rates staying either near record lows, you will get less yield in the next few years to come, or there will be big capital losses should rates rise. Regardless, right now, it would be a very terrible time to get into such a plan.

Couch Potato portfolio with TD e-Series or ETFs, using the most conservative funds, easily beats this with more flexibility.

http://canadiancouchpotato.com/wp-conte ... s-2016.pdf
http://canadiancouchpotato.com/wp-conte ... s-2016.pdf
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Newbie
Oct 18, 2017
1 posts
Terrible company. Signed up years ago and too costly to back out so stuck with it over the years. Cashed in the contribution last year but the EAP payment has been a nightmare this year. Sent in application on Sep 7th and have yet to receive the cheque. Called early October and was told error with cheque processing and had been re-processed at end of September and mailed. Followed up again today and was told cheque was sent in early October. Today is Oct 19th. I do not think Canada Post is on a snail mail system. Called sales rep - a total waste of time, was told I should contact head office.

Please do not set up RESP with this company. If you still prefer this type of RESP plan, check out other company with similar plans. I actually had a similar plan with a different company and everything went flawlessly. I received a response and payment within 10 days after sending in the application.
Newbie
Sep 21, 2010
11 posts
Thornhill
Hi all. Disappointing to hear all the horror stories with this. I too got caught into signing up for this sham in 2014. Should have done my homework. Question. Am I better off cancelling now/eating the loss/starting an RESP at a bank? Or am I better off riding it out?

My gut tells me that if I cancel now I will have less money in the end but will have less restrictions and hassles working with KFF. Thoughts?
Member
User avatar
Mar 23, 2005
358 posts
7 upvotes
Toronto
Sorry to bump an old thread but do NOT believe any of the positive reviews on this thread. Notice how they're all low count post accounts. They are absolutely shill accounts. Now tell me, who would go out of their way to create an account to praise a company?? I certainly dont know any people that loyal to a company known to scam people

Again, take it from me, do NOT ever EVER give your money to these guys. They are the scum of the earth and they deserve no money. I was honestly almost out of options for paying for school in my final semester. OSAP didnt give me money, and I was ready to get a crappy line of credit after Ryerson called me I'd be kicked out the semester if I didnt' pay up soon. Thankfully my parents pitched in as a last ditch effort. I do not wish this financial stress upon anyone, I am still furious looking back and thinking how I almost didnt graduate because of these opportunistic leeches.

On a separate side note, is there any chance I can get my last installment back, even if its back to my parents and not the full invested amount? I graduated and now debt free no thanks to these dickless mf'ers but it pains me to know that they have my last installment on hold still, Should I go to Ombudsmen or something? I honestly dont remember how much it was, it mightve been a little amount but I just dont want these guys to have my money

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