Canadian FinTech company WealthBar is offering a low-cost, group RRSP that includes online advice.
Last week, WealthBar announced the launch of its online group RRSP. The program offers the services of a dedicated advisor, individual financial plans, and investment advice tailored to each member's circumstances. The Vancouver-based financial services firm says that group plan fees will be less than 1%, and will include portfolio rebalancing.
Retirement income planning
When employees leave or retire from the sponsoring company, the worker's group savings will be converted into a personal account automatically, and the employee will be given free retirement income planning.
"We're looking to truly transform the group benefits industry," says WealthBar co-founder and CEO Tea Nicola. "If employers can have a group RRSP at a fraction of the traditional cost, with a higher level of service, transparency and better convenience, it should be a no-brainer to switch."