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If you are interested in managing your RRSP yourself, you may consider looking into setting up a self-directed RRSP. Self-directed RRSPs are available at investment firms — both full-service and discount brokerage firms. You can hold many different investments in a single self-directed plan. If you’d like advice on how to invest and manage your RRSP savings, open an account with a full-service brokerage.

There are costs involved in managing a self-directed RRSP. First, there may be costs involved in transferring your current RRSP. For a self-directed RRSP, you may pay a set-up fee, an annual trustee fee, and sales charges or commissions for buying and selling investments. You may also pay a fee for investment advice or for managing your investments. Commissions are likely to be lower at a discount brokerage, but you’ll need to be comfortable making investment decisions on your own. Before you set up an account, ask questions and make sure you understand the costs involved.

Learn more about self-directed RRSPs.