How well do you think you’re investing the savings from your employer-provided group RRSP savings program?
When I asked my network of friends this question, the answer was quite clear - not very well.
We talked about some hindrances and common concerns they had. These were some of the more popular reasons:
- I don’t know what fund(s) I should buy. There are a lot to choose from and it’s overwhelming.
- I don’t know how much it costs to participate in the program.
- I don’t know what changes I should be making, if any, from time to time.
- My current provider offers a tool that says my asset allocation isn’t right for me. I’m not sure how to fix this.
- I don’t know how my investments fit with my other financial goals.
- I have a few different balances from previous employers that are being held at various financial institutions, and I’m being charged fees to maintain them. How do I consolidate these accounts?
While these concerns aren’t anything new, the industry and regulations haven’t found a way to address them in a way that benefits employees and encourages them to participate in the group retirement programs offered by their employers. Why shouldn't employees have access to professional investment management services, too?
What’s the solution?
Online advisors like Invisor are going to change this. Invisor@Work now offers a group retirement savings plan that helps employees get their savings managed by investment professionals, rather than having to decide how they should invest to reach their goals. Included in the program is access to InvisorGPS™, our new goal management tool, to set and track their financial goals. These services, along with access to an investment advisor, are available at a fraction of the cost of traditional group retirement plans.
How do we do this?
It’s simple: we use technology to create a client experience that’s simpler, faster, cheaper, and more convenient for all investors; not just for institutions and wealthy investors. Our approach to manage a personalized, well-diversified portfolio in accordance with an investment plan, while minimizing the costs of investing, lets our clients stay focused on their goals.
If you’re an employer currently offering an employee savings program, consider enhancing it in the coming new year by adding fully managed portfolio services. The addition can help your employees manage their finances, give them peace of mind, and improve their productivity. Or if you’re not currently offering a program, consider Invisor@Work. It's simple and easy to implement, and we do most of the work for you!
If you’re an employee with or without a current employee savings plan, let your employer know about how programs like Invisor@Work are making group retirement savings plans simpler, faster, cheaper and more effective. We'd be happy to come in and present to you and your employer to tell you more about our services.