RDSP / REEI now available at the Royal Bank

by Anna
(The Special Life)

At long last, another financial institution has stepped up to the plate to offer the Registered Disability Savings Plan. And not a moment too soon either, as the deadline for 2008 contributions is looming near - March 2nd, 2009.

An interesting thing about the RDSP / REEI offered by the Royal Bank is that they've partnered with the Planned Lifetime Advocacy Network (PLAN), which was the lead organization in pushing for the creation of the RDSP in the first place.

That's a good omen.

Another good omen is that the Royal Bank has done a much better job of presenting information on how the RDSP works. You can find that here:
Royal Bank RDSP Information

Based on what I've seen, this is probably the best written and easiest to understand explanation so far.

That's the good news. But....

A not-so-good omen is that there are no details as to how their particular plan works - it's nowhere to be found on their site when I looked.

Nor is there an application that I can download to review beforehand either.

If you want any more information, you need to contact an RBC Advisor. :-(

First of all, what's the big secret?

How can we, as potential buyers, investigate and compare the different plans available from each institution?

How do we know whether the terms and conditions are reasonable? How can we share the information with others - including an independent financial advisor - if we don't even have access to know how their plan operates?

And, as for this business of needing to contact an RBC Advisor to book an appointment - what were they thinking?

They seemed to have missed the point of their audience - people with disabilities often do not have the luxury of just hopping into their car and going down to a Royal Bank Branch when it's convenient for their staff.

Especially in the winter.

Assuming of course that there even is a local Royal Bank branch around.

So, what to think about this announcement?

It's hard to tell. But so far it only rates a C+.

I'd love to hear about your thoughts and experiences on this.