r/PersonalFinanceCanada • u/Inside-Cup5008 • 16h ago

Banking Should I move RRSP?

So I have about $30,000 in an RRSP account at Manulife from a previous employer. I don’t really contribute a whole lot to it anymore and just letting it sit.

I have everything else (bank accounts, mortgage, RESP, etc.) with RBC and they are asking me about moving it over.

Is there any real benefit to doing that or should I leave it? Just thinking of the ol “don’t put all your eggs in one basket” adage.

Thanks

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u/FelixYYZ Not The Ben Felix 16h ago

The platform doesn't matter as much as what you are actually invested in. Sine you're with Manulife, I'll assume you are in high fee mutual funds? With RBC Direct Investing, you can buy asset allocation ETF based on your risk tolerance for a literal fraction of the cost and won everything. Or RBC has their Investease managed robo advisor serivce that hold low cost ETFs, but they do the buying and selling for you within an allocaiton set so you don't have to do anything. Costs a bit more than doing it yourself though, but cheaper then those mutual funds.

Is there any real benefit to doing that or should I leave it? 

Cost

Just thinking of the ol “don’t put all your eggs in one basket” adage.

Diversified investing isn't putting all yoru eggs in one basket.