Quote:
Originally Posted by eddly
I tried setting up a RESP today. It was one of the most painful experiences I've gone through for quite a while. The person at CIBC that tried to do it seemed to not know what he was doing at all. After two hours of working with the CIBC guy to set it up....
SNIP
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Ya, it can be a bit of a hassle. It took me a couple of visits to get it done properly when I set one up for a niece. I have a couple of specific thoughts for you (some advice, some opinion).
1. Put up with the hassle and get it done. It is worth it in the long run.
2. Most providers will enforce a minimum initial contribution ($250-$500 typical). Also expect that your future contributions will have to be a certain size (~$50 typically) as they don't want to process a bazillion $5 deposits.
3. Being charged a management fee sucks, but that's pretty much how it's done. The banks typically charge a standard MER %.....1.5% to 4% is common.
4. If ANYONE ever tries to FORCE you to do something, take your business elsewhere. It's your money.
5. Speak with the Branch Manager about the idiot salesperson you had to deal with. Most of those fools at the bank are not qualified financial advisors in the first place and shouldn't be dispensing advice. To put up with a salesperson (which is what they really are) that doesn't know how to sell the company's product is stupid.
6. See point number 1.