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Originally Posted by DoubleF
Well, what's done is done. My wife set it up originally. She wanted to go with the big bank we used for all our banking needs and I was fine with that. I was busy, so I thought that with the advisor, and a written set of instructions, it couldn't get messed up. How wrong I was.  |
Quote:
Originally Posted by Torture
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We started saving with a questionable fund.... can't think of the name. Had a couple of people tell me it was just about a scam but we stuck with it. A few years later we went to a financial advisor and when we told him we were with that fund/plan he dropped his head and told us that we should seriously consider getting out of that plan. It wasn't actually a scam but it was very difficult to withdraw money like a normal RESP. He warned us that we won't get all our money back that we invested but we can get something out of it if we transfer it to a new RESP. I think we got a fair amount of what we invested out of it and setup a new RESP. The guy who signed us up for that plan was super upset at us and became quite unprofessional when we initiated the process to transfer to our current RESP.
My sister-in-law had the same plan and when her oldest went to school it was a pain in the butt to get money out of that fund and they lost a lot. I wish I can remember the name, but I believe it doesn't exist anymore, or there were enough complaints that they changed their restrictive rules, or something like that.