Heritage Education Funds has found a quicker and easier way for you to sign up for an RESP, offering a new RESP client sign-up app for the iPad, the first of its kind.
Starting March 5, 50 field reps armed themselves with iPads and started using this new paperless app option, called RESPxpress, to sign up new clients—eliminating the reams of paper produced when using the traditional paper-based new business application process.
After the new client’s information is entered, the client signs the required documents on the iPad and their information is electronically submitted to Heritage’s administration system, new business team and compliance review team.
As early as last year, Heritage had already started accepting business electronically via their RESPXpress PC Signature Pad program.
Currently, 10% of its new business is done electronically using the signature pad program and, following the introduction of the new iPad app, the company hopes this number will grow to 40% of new business.
The iPad application process is expected to be faster, and will include interactive sales tools such as presentations, animated graphs and videos that will help explain the benefit of an RESP to the new client.
In addition, the security and accuracy of the sign-up process will be enhanced.
“From a supervisory and compliance standpoint, the software does not allow for submission of business until it is error free,” says Jason Maguire, president and director. “The application will enhance the consumer experience, and [helps us] equip our advisors with industry leading technology and tools.”
When beginning the RESP sign-up process, clients will have the choice of using the iPad version, the PC-based RESXpress program, or the traditional paper-based application.
Heritage is also developing a version of the app for the Android operating system.
MaGuire said that due to the popularity of devices such as the iPad and of online apps, “younger families are used to the technology and Heritage’s business is growing through its use.”