Helping Canadian Disabled Community Communicate

[FastMike]

I have just recently switched my Registered Disability Savings Plan (RDSP) from one of the banks to a mutual fund advisor.

If you need to open an RDSP don't go to the major banks 99% of the people who work there will not know anything about RDSP and / or give you wrong information.

[Cris]

Pls HELP!!!
I'm new in all of this.
What is the difference between bank and other companies, do they have any hidden fee or payments?

[Jeremy_87]

I would use an independent FInancial Advisor. The same advisor who deals with mutual funds and works directly with you.
You might find this information useful:

For big banks I like TD, Scotiabank, and CIBC as they all have index funds.
- TD is primarily self-service and, when you do need something (for example; LDAP payments or collapsing the plan) the phone agents are competent and friendly.
- Scotiabank has highly competent and dedicated CSR's in Montreal who I've heard only great things about. You have to have a Scotiabank bank account to setup a Scotiabank RDSP.
- CIBC has the most index funds to setup Pre-authorized contributions for and then forget about. They do not offer a CDIC safe "cash" or cashable GIC option - if you want cash safety, they'll drop your money into a Money Market fund. The training they have is average - so it's better for you to know your plan in advance.
- RBC seem incompetent from the stories I've heard. RBC has spread themselves too thin by allowing too many branch advisors to service RDSP's - they are complex plans that should have dedicated staff supporting them or have "specialists" (eg: only one person in an area who specializes). I hate saying the previous as they support PLAN who helped bring RDSP's into existence though.
- BMO seems to provided next to no training on RDSP's. They were the first to offer RDSP's and they also have the worst track record for "transfer out's" from what I've heard. I hate saying the previous as one of BMO's CEO's (Hugh McKee) is a huge advocate of disability issues - hopefully, things will change (if they haven't already).
- If you're dealing with an independent advisor I'd recommend one that uses MacKenzie over BMO. MacKenzie funds are quite reasonable and they have great dealer/advisor support - if you have a dedicated or knowledgeable advisor, your advisor will have the best success with MacKenzie.
- I don't like Investors Group - they're rates are ridiculously for GIC's and their funds (if they offer them) perform horribly.

I should also say, most people I speak with go with "safe" options and I usually agree with them. If you do go with TDW, make sure you go with "safe" stock choices (such as dividend paying financials) and go for the long-run; remember, the funds are to support your sons future, not yours.

[radjid]

[quote][/quote]
Actually I checked TD Waterhouse has a bit of flexibility for investing into RDSP.

[seema_tan]

[NathanD]

Here is the list of all the financial institutions that offer RDSP in Ontario.
The list is quite big!
http://www.rdsp.com/where-do-i-get-it/