Nest Wealth launches digital group RRSP offering for SMBs

Source: Nest Wealth

Nest Wealth, a leader in financial investment technology, today 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 Randy Cass, Founder and CEO of Nest Wealth.

“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,” added Mr. Cass. “Fifty-one percent 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.

“As a small but fast-growing company, every individual at 500px is critical and we must give them the benefits they need to succeed at work, and in life,” said Becky Weir, Operations Manager at 500px. “Nest Wealth at Work provides our employees with the option to plan for their future in a simple and stress-free manner through a solution developed by Nest Wealth, an amazing Toronto startup.”

Working with established industry leaders 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 1% of assets administered through the plan, less than 1/3 the average cost of 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.”

Over 200 companies have signed up with Nest Wealth at Work in the first month of its soft launch - the most successful launch of a group savings product aimed at SMBs ever. 

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