Canada: Nest Wealth to offer SME-focused RRSP service

Toronto based fintech Nest Wealth has announced that it will offer group registered retirement saving plans (RRSPs) for SMEs within Canada via a new online platform, called “Nest Wealth at Work”.

The new platform is being launched in partnership with Vanguard Investments Canada, Morneau Shepell, and the Canadian Western Trust.

RFi Group data indicates that 69% of SMEs are willing to apply for new banking products via digital channels, suggesting that SMEs may be receptive to this new platform.

The platform does not charge employers set-up fees or administration fees; according to Nest Wealth CEO Randy Cass, with fees of under 1% of administered assets, Nest Wealth at Work costs less than a third of the average cost of individually investing in RRSPs.

According to Cass, “RRSPs have been a very onerous process for small to medium business with a lot of cumbersome paperwork, and now we have turned that into an instantaneous digital process.”

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