Kugel
PersonalFinanceCanada
8/28/2022
awesome this is exactly the response i was looking for, appreciated. looks like i will be opening a wealthsimple account for my RRSP. i have a Group RRSP through work, which is locked into an RBC account that has very minimal flexibility. Would any broker/bank offer the ability to transfer from my RBC Group RRSP to them without paying exorbitant fees? the account is only able to be invested in a ahndful of RBC portfolios and NOTHING else. the only options they have given me are to either pay a 50$/transaction fee which is rediculous, or to transfer it to RBC direct investing which would entail opening a new account on a new web portal, and i want nothing to do with RBC but they have a locked in contract with my employer and essentially hold my rrsp hostage. ideally id like the money to transfer out of that account every week when contributions are made (which the 50$ fee basically kills) or transfer a few times a year, but it would still be 100$+ in fees and i would like more flexibility than paying hundreds of dollars to only be able to make changes every quarter. ive heard some brokers will cover those fees to get your business, and if any brokers offered that i would completely make going with that broker worth it as i would unlock 1/3 of my retirement savings.
