# Transfer Great-West Life RRSP to Questrade?



## camerono (Mar 5, 2016)

I currently have about $14.5k in Great-West Life funds held in an RRSP after deferring my bonuses the past two years. Overall, my return has been negative and I am wondering whether it would be better to transfer this RRSP to Questrade where I hold MAW104 and ETFs following the Couch Potato strategy. I am 30 years old. The PDF in the below link has info about my current allocations/funds and GWL fund options available to me, including fees. There is no company match on contributions.

Any advice/ opinions are appreciated.

https://drive.google.com/file/d/0Byv1IeRZnjBOZ2Z3QzNoeFhvNTA/view?usp=sharing


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## Spudd (Oct 11, 2011)

I would move it; I don't see anything in the GWL options that would beat your couch potoato portfolio in Questrade.


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## Beaver101 (Nov 14, 2011)

^ +1


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## rl1983 (Jun 17, 2015)

I would transfer ASAP out of GWL. The company I was working for was doing a RRSP match program through them. Once I saw the poor results I was getting, I transferred out and into TD e-series.


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## james4beach (Nov 15, 2012)

Yes, definitely transfer it out. Your basic couch potato, MAW104, or RBC Monthly Income will beat the pants off your GWL funds.

Even my friend who _works_ for GWL doesn't keep his investments with them.


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## fstamand (Mar 24, 2015)

In the same boat. Not trying treadjack but please let me know how you did it


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## Eclectic12 (Oct 20, 2010)

Review this article ...
http://www.canadiancapitalist.com/h...sfer-your-account-from-one-broker-to-another/

The main difference that I can think of is that the receiving broker may not allow the GWL MFs so likely one would need to liquidate some, if not all the funds. 

Depending on the fund type, there may be penalties for cashing out, where the holding period has not elapsed.
http://www.morningstar.com/InvGlossary/back_end_load_definition_what_is.aspx


Cheers


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## Tawcan (Aug 3, 2012)

If I were you I'd transfer the fund to Questrade and manage my RRSP myself.


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## djkelly (Feb 18, 2016)

Check to see if there are any fees at GWL for transferring and if there are not or they are low DO IT. The MER difference alone will make it worth your while to manage it yourself outside a mutual fund and in an ETF.


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## Eclectic12 (Oct 20, 2010)

^^^^

A good point on the transfer or withdrawal fees from GWL. As the article in post # 7 talks about negotiating the receiving financial institution to pay the transfer fee, anytime one has not locked onself into a transfer .... the idea of stealing customers from other companies tends to open the wallet to cover the expense or at least partially cover it.


Cheers


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## rl1983 (Jun 17, 2015)

Eclectic12 said:


> ^^^^
> 
> A good point on the transfer or withdrawal fees from GWL. As the article in post # 7 talks about negotiating the receiving financial institution to pay the transfer fee, anytime one has not locked onself into a transfer .... the idea of stealing customers from other companies tends to open the wallet to cover the expense or at least partially cover it.
> 
> ...



There wasn't any fees when I did it. If there was, they were so low, they weren't noticeable. The MER wasn't the problem with GWL, it was the poor results.

Transfer in-cash to a brokerage firm of choice.


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## Eclectic12 (Oct 20, 2010)

I personally like having the full range of investment choices so the only reason I'd use a company like GWL is if the employer is matching or the pension forces me to.


Cheers


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## digitalatlas (Jun 6, 2015)

transfer to QT and do it yourself. you can find way lower cost investments available to you going self-directed. i transferred out of Manulife and SunLife immediately after leaving employers on 2 separate occasions. i think i almost initiated the transfers before the ink on my resignation letter was dry. 

the fees were outrageous, though i was being told that "2% isn't very expensive, right?" the only reason to stick with the company funds was because they were matching contributions. transfer-out fees are usually only $100 or so, don't sweat it. it'll be worth it to switch to more efficient investments.


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## camerono (Mar 5, 2016)

Thanks to all who have replied. I have initiated the transfer from GWL to Questrade. Now the question... what do I invest in?? More ETFs following the Couch Potato strategy? More MAW104? Perhaps add $5k in MAW150 to diversify (I don't own any currently)?


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