January 5, 2018 13:30
Photo : Freepik
The First financial knowledge, a provider of registered education savings plans (RESPS), is acquiring from Heritage education Funds, also a RESP provider in canada. The first is a non-profit organization with 3,72 billion dollars (G$) in assets under management, then that Inheritance is a private company with$ 2.5 billion of assets. Together, the two companies represent assets under management of$6.2 billion.
«We believe that the size and scale combined these two organizations will enable us to respond to a growing need to find specialists in the RESP that are dedicated to helping families to maximize their education savings,» stresses George Hopkinson, president and CEO of The First financial knowledge. The RESP make a huge difference for canadian students and it is our only goal. «
Only 50 % of canadian households have a RESP
«Only 50 % of canadian families have an RESP, and the majority of these savings are not enough to take full advantage of all the government grants to which an RESP gives the right, precise Scott McIndless, chairman of the board of directors of Heritage education Funds. A strong national presence is an important strategy for raising awareness among the population about the benefits of an RESP. «
Jason Maguire, currently president and CEO of Legacy, will join The First financial knowledge as the general manager. Plans Legacy will continue to be distributed and managed as they are today. The two companies will operate under the name of The First financial knowledge.