I have no idea where to start looking and what to look for. Where did you start saving and why? Thanks in advance for all your info and advice!!
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We contribute to an RESP mutual fund with our bank - I believe it was a Target Education Fund. It starts off super aggressive now and gets more conservative as you get to the maturity date.
It really depends on what kind of investor you are. Do you have a financial advisor you can consult?
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No, I have no idea where to find/choose a financial advisor. I feel like simply walking into a bank and asking for one might not be the smartest choice. I have no idea how to make an informed decision on this front.
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@stiletto_mom: we have an RESP through our bank. There are many shady companies out there that try to get your business, then there are huuuge penalties when taking the money out early, moving to another investment company etc. There was one around here who would call new moms and convince them to sign up in their sleep deprived state and it had a horrible reputation for really inflexible terms so do your research!!
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We do the same thing as @freckles with a plan through our bank (in this case RBC). We have it set up with two target dates (one for each kid) based on their age. I just like it because I trust the bank, I have seen good growth, and I don't want to have stuff all over the place--keeping things through the bank is easy. I'm all about easy.
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Ours is with Gluskin Sheff. DH invests with them and felt comfortable keeping everything together.
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@stiletto_mom: we do ours through our bank - CIBC. I would never have investments with anyone who wasn't a bank or part of a large established investment firm because they cann run off with your money with no real recourse. Even investment companies that have independant brokers are risky.
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Thanks for your advice. Did you guys research the different RESP options between major banks? I do mine through TD, hubby is CIBC. Wondering if someone made a spreadsheet or something somewhere that compares the investments between the major banks.
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