Nest Wealth offers group RRSP for SMBs

Nest Wealth, a provider of financial investment technology, this week announced the official launch of Nest Wealth at Work.

“As Canada’s first, fully-digital, group RRSP plan for small-to-medium-sized businesses (SMBs), employers can finally attract, retain and motivate employees by offering a group RRSP plan that is low cost, easy to use and effortless to administer,” said founder and CEO Randy Cass said.

Randy Cass

“Over 13 million working Canadians do not have access to a group RRSP plan, yet almost every employee would want an option to help them prepare for retirement,” Mr. Cass added. “Fifty-one per cent of SMBs would like to provide this benefit 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. With Nest Wealth at Work, these companies can now easily offer their employees a path to financial well-being.”

Nest Wealth at Work 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.

Working with companies including Vanguard, Morneau Shepell and Canadian Western Trust, Nest Wealth at Work offers employees access to the lowest cost group RRSP plan in Canada for SMBs. Fees are currently under one per cent of assets administered through the plan, less than one-third the average cost for an individual Canadian to invest in a group RRSP. Solutions can also be customized to individual’s risk tolerances and time horizons.

“Business owners across Canada know that offering a benefits package that helps their employees live a happy and healthy life now, and in retirement, is critical to attracting and keeping talent,” says Idan Shlesinger Managing Partner, DC Pensions & Savings Plans. “Morneau Shepell is excited to partner with Nest Wealth to provide SMBs with an easy to administer and competitive group RRSP plan that will give their employees a chance to save for their future.”

 

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