Robo-advisor Nest Wealth announced March 27 the official launch of Nest Wealth at Work – a fully-digital, group RRSP plan for small-to-medium-sized businesses.
The service will enable employers to offer a group RRSP plan that is “low cost, easy to use and effortless to administer," said Randy Cass, Founder and CEO of Nest Wealth. "Fifty-one percent of SMBs would like to provide this benefit (group RRSPs) to their employees, but traditional financial institutions have historically made it extremely complicated and difficult for them to open and run their own group plans."
Nest Wealth says the service is free for employers – no initiation, administration, monthly or setup fee is required. “Through paperless enrollment including digital onboarding and signatures, Nest Wealth at Work's digital offering can place employees into a group RRSP plan in as little at 30 minutes. The intuitive, industry-leading software allows employers to monitor their sponsored plans and manage program options such as contributions and matching online,” says the company.
Nest Wealth says that more than 200 companies signed up with Nest Wealth at Work in the first month of its soft launch.