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Originally Posted by CarlW
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.
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Quote:
Originally Posted by CarlW
Maybe not front loaded fees, but i've seen a few do a darn DSC or low load on clients that are doing monthly contributions thus creating charges upon withdrawal years later.
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I was referring to account fees and things like annual fees. I completely understand your point on DSC charges, and agree. Things like those fees or fees to trade stocks though are a different animal; they're dependent on the investment and how its structured.
Quote:
Originally Posted by Ryan Coke
I know many places charge a fee to set up an resp. I ended up going to TD for this reason. They were very helpful tough.
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I can't say I'm surprised because there is a lot of paperwork if its done properly. Would you say where though, just for my own info? Thats the first I've heard of that practice.