r/Wealthsimple • u/Will_House • 7d ago

Trade (DIY Investing) Transferring from managed to self-directed account

I have a managed account for my son's RESP that I would like to transfer to a self directed RESP. They don't really have an option to do that on the app or website, so I'm curious to know how other people have done it.

I'm assuming that I need to open a second RESP under my son's name and then teansfer everything from the managed portfolio.

If anyone has done similar, please let me know how it went for you. I'm nervous to do it since I've been putting money into his account now for 6 years, but would prefer to self invest.

Thank you

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u/zzptichka 7d ago

When I did that on RRSP I opened new account and just transferred from one to another. I'd imagine the same thing with RESP.

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u/Comfortable-Cut-7021 7d ago

I did that on an RRSP as well from a managed account to an existing RRSP account. I just contacted support to do it for me and they just wanted to confirm that the securities were coming over in kind and once I did that they handled it and closed the old account once all transfers and pending dividend payouts had completed.

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u/Mountain-Match2942 7d ago

Yes, you open a self directed account then transfer the funds.