Note from the Publisher: The (fintech) genie’s out of the bottle, and that’s been demonstrated once again with Canadian Wealthbar’s entry into the registered retirement savings plan space. Can you say “fee compression”? It will be interesting to see if they move into they expand into the US market later.
“Online wealth manager WealthBar.com has introduced a new full-service, low-cost group registered retirement savings plan. Companies that want to support their employees in saving for retirement can purchase the RRSPs ‘for a fraction of the cost of traditional plans,’ WealthBar stated in a release………………Fees for WealthBar’s plans will cost less than 1%, compared to the industry standard of 2-3%, the company stated. The plans will also feature more transparency, automatic rebalancing and better investments, WealthBar said.”