[CarlW]

Originally Posted by Jimmy Stang

I'm going to bump this thread as opposed to starting another. I need to set up an RESP now as well, and I am trying to decide between setting one up through a bank, a financial advisor, or through a self-directed sort of thing.

Primarily, I'm looking to avoid fees. I do my daily banking with PC Financial, with a little bit of savings at ING Direct, with some modest stocks and funds through Questrade, etc. So I like the self-directed idea, obviously. That being said, I'm not opposed to walking into a bank and setting one up there, but I haven't had a need for a branch in years. CIBC also said that I would need an account there in order to have an RESP there, which isn't something I'm interested in. And finally, I suppose that one of these days I should talk to a proper financial advisor about my "goals" and all of that fun stuff, but at the moment I am only interested in getting the thing set up as easily and efficiently as possible with no strings attached to other products, obligations, fees, etc.

Does anyone have any experience with Questrade (or a similar online brokerage) for an RESP? Can anyone talk me into seeing a bank/advisor?

If you do get an RESP through an Advisor into mutual or segregated funds, please make sure to triple check that they are "No Load" if you are doing monthly contributions so that you don't get dinged with deferred sales charges when they have to withdraw for education. I've seen clients that had RESPs with others and then we find out it was sold with sales charges, even though it might only be around 1 or 2 percent of the withdrawal, I don't believe in losing a single dollar in sales charges on something like an RESP.