Most clients get overwhelmed that which Financial Institution I choose for RESP for my child. There are so many options.To be honest it does not really matter which institution you choose. It really does not.
What it matters the most is which Financial Advisor you choose? How experienced is the Financial Advisor? How long has he been in the industry. Most people feel comfortable dealing with Banks. But do you know that Banks do not offer their full product shelf from their Branches?
As a client you should ask yourself How much volatility you can handle in the portfolio. How would you feel if the value of your portfolio goes down by 35 to 40% as it happened in 2008 and very recently in 2020.
What rate of return should I expect?
This is a very subjective question and no one can guarantee a rate of return. Even is you invest in GIC the interest rate is guaranteed only for a specific term.Historically Equities have outperformed Bonds and Fixed Income Portfolios.But Equities do come with a significant volatility. Also Equity funds tend to have higherFees and MERs.If you want to find out the Fees and MERs in your existing portfolio click here
I have a Group RESP can I cancel it and do an individual RESP?
Group RESPs should be avoided at the first place as they come with high Fee and Low rate of returns. Even if you want to transfer Group RESP to individual RESP the fees are very high. The best thing is you should contact us and we can find out together whether it is worth moving the RESP or not.
WHAT CLIENTS SAY
REVIEWS & TESTIMONIALS
My insurance needs are very unique. I was also on a very limited budget. I had shopped around a little but all I was getting were raw quotes with no great details. I was later referred to Peel Financial Services and I got my perfect insurance.
There were so many options to choose from. Even though I am very healthy I just wanted to make sure I was starting at the right time. I'm happy with the insurance package I finally chose out of several great options presented to me.
I felt I had to reach my 40's to start considering life insurance. After doing a little research I realized the benefits of being insured even at a very healthy age. I love the rates I got. Thanks!