The cost of post-secondary education continues to rise every year and the trend is likely to continue for the foreseeable future. To help parents save for their child's future college/university education, the Federal Government of Canada introduced a program called the Registered Education Savings Plan (RESP). In Canada, the 'RESP' is synonymous with an 'education plan'.
Someone who markets Education Plans helps a person that qualifies to open their registered accounts and collect the associated benefits.
RESPs offer a number of advantages over a regular savings account. They are:
• The Canada Learning Bond (CLB) - a $2,000 deposit made by the Federal Government of Canada for children that qualify (about 40% of accounts receive the CLB).
• The Canada Education Savings Plan (CESG) - the matching program that provides up to $7,200 in additional government funding for the child (100% of accounts are eligible to receive the Grant).
• Tax-deferred growth - the funds invested, and the growth, are not taxed until they are withdrawn, allowing increased compounding to occur.
• RRSP Rollover Option - If a child does not attend a post-secondary education, the parents can roll the savings (plus the interest on the Grant, Bond, and savings) into their own RRSP.
Saving for a child's education though an RESP, with everything else being equal, will provide the child with significantly more funds when they are ready to attend a post-secondary institution.
There are almost 400,000 births in Canada each year. This represents a very large renewing market. In addition, 46% of Canadian children who are eligible to have an RESP still have yet to open an account. This means there are millions of people who could be collecting their government entitlements, but have yet to do so. There is tremendous growth potential for companies that participate in this market space.
The following types of opportunities are currently available for companies that are marketing Registered Education Savings Plans programs:
• Part-Time (approximately 5-15 hours a week)
• Transitional (beginning part-time with the intention of moving to full-time)
• Full-Time (30+ hours a week)
Pay Structure: Commission + Bonus (high commission structure)
Potential for Career Upward Mobility: Moderate
Complementary License(s): Life Insurance
Restrictions: Must work within province of residence
Training & Development Provided: Yes
Level of Responsibility: Minimal
Required Previous Experience: None
We align Canadians with new career opportunities with leading financial organizations that promote a healthy work/life balance.
