First, open an RESP at Mercer Invest Wise and make sure to include all the same beneficiaries as the RESP at your current institution. Then you can follow the the usual Mercer Invest Wise online transfer process by clicking “Transfer an existing account” on your Funding dashboard.
Please note that the RESP account opening and transfer processes are not available on the mobile application just yet - we need a little more information to open and transfer an RESP than we do for a TFSA or RRSP and so it needs to be done from a web browser.
Once you've submitted your transfer request, we'll coordinate with your relinquishing institution to move the account over. This process typically takes up to 6 weeks - we wish it could be faster! - but we'll stay on top of it for you and email you once the transfer is complete or if we need anything else. When your funds arrive, we will liquidate any existing holdings and get you invested in a Mercer Invest Wise portfolio.
The process is slightly longer for RESPs because we need to first coordinate with your current institution regarding grants received and contributions made for the beneficiaries on the account. Once we have this information, we can request the transfer of your RESP account!
If you already have a Mercer Invest Wise Family RESP and are looking to add a beneficiary, please create a request for our Relationship Management team. Note that for a Family RESP, all beneficiaries must be related to you.
If you already have a Mercer Invest Wise RESP and you'd like to add a beneficiary who isn't related to you, simply open a new RESP under “Add another account” in your profile.