Personal Finance

RRSP consolidation strategy

  • Last Updated:
  • Feb 13th, 2013 9:33 am
Newbie
Feb 1, 2013
95 posts
17 upvotes

RRSP consolidation strategy

Hi folks.

We have our RRSPs currently with 3 different vendors ... different employers in the past. We are thinking to consolidate that altogether and perhaps be able to get some form of personalized guidance best suited for our situation. We don't have lots of experience with financial planning so would like to hear views on what is the best strategy to move forward with? The best case scenario we think would be to move to a larger bank :confused: that can even help us bring our business together with our personal savings.

Look forward to some great inputs here.

Cheers!
1 reply
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
RRSPs can be consolidated using a transfer form to the bank of your choice. You need to watch out for:

1) DSC fees - are your current investments mutual funds? If so, you may have these fees that you'll get hit with if you transfer/sell.
2) Transfer fees (typically $150) and these might be covered by the institution you transfer to. You'll need to ask them.

If you have sizable RRSPs, you should talk to an independent fee-only financial planner. They can help you better than anyone on this forum. Here is a list:

http://www.moneysense.ca/2012/10/01/whe ... l-planner/

Whatever you do, do not trust the "financial planners" at the banks. They'll get you invested in crappy Mutual funds so they can get their points.

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