• Resources
    • Grant Calculator
    • Glossary
  • Connect with Us
  • Français
Knowledge First FinancialKnowledge First Financial
  • Education Trends
  • Saving for Education
  • Company News
  • Child Development
Knowledge First Financial to Acquire Heritage Education Funds to Create the Largest Canadian RESP Provider

Company News

Knowledge First Financial to Acquire Heritage Education Funds to Create the Largest Canadian RESP Provider

KFF Heritage Education Funds, Knowledge First Financial, RESP Provider 0 Comment 4 January, 2018

57
SHARES
Share on FacebookShare on Twitter
MISSISSAUGA, ON (January 3, 2018) – Knowledge First Financial and Heritage Education Funds today announced that Knowledge First has entered into a binding agreement to acquire Heritage Education Funds. The two companies will create the largest RESP provider in Canada with approximately $6.2 billion in assets under management.  Knowledge First is owned by a not-for-profit Foundation, while Heritage is privately held.
Each company brings more than 50 years of helping Canadians across the country save for post-secondary education through RESPs.  With complementary strengths and multiple national sales channels, the two companies will be well positioned to achieve their common goal of assisting Canadians to prepare for the continued rising cost of education.
“We are very pleased to bring together these two strong, long-standing RESP financial institutions,” says George Hopkinson, President and CEO, Knowledge First Financial. “We believe the combined size and scale of these two organizations will enable us to meet a growing need for RESP specialists who are dedicated to helping families maximize their education savings. RESPs make a huge difference to Canadian students and this is our single focus.”
“Only 50% of Canadians have an RESP and the majority of those families do not save enough to benefit fully from all the government grants that an RESP provides,” says Scott McIndless, Chair of the Board of Directors, Heritage Education Funds. “A strong national presence is an important strategy to raise awareness of the benefits of an RESP.”
While historically known for selling group plans, Knowledge First Financial changed its path with the introduction of the Flex First individual plan in 2012.  The Flex First RESP is now the flagship product of choice for new Knowledge First customers.  A unique offering from a scholarship plan dealer, the Flex First RESP is a flexible, dollar-based investment that provides an individual versus pooled approach for Education Assistance Payments.  A goal in combining Knowledge First and Heritage is to build on this success by expanding the distribution of the Flex First RESP across Canada with a sales force of more than 1,600 licensed representatives.
Through market research, consumers contributed to the development of the Flex First RESP as a solution that aligns with the changing education landscape.  “The way students will access post-secondary education will continue to evolve,” said Donald Hunter, Chair of the Board of Directors, Knowledge First Foundation. “As a leader in the RESP category, we have the important task of ensuring Canadians have continued access to education through innovative product choices.”
The Heritage Plans will continue to be distributed and managed as they are today. The combined business will operate under the name Knowledge First Financial Inc., which will continue to operate as a wholly-owned subsidiary of the Knowledge First Foundation. The Foundation is a not-for-profit Canadian corporation that reinvests its net revenue in initiatives that support student success. For example, since 1965 the Foundation has provided students with nearly $50 million in additional discretionary top-up payments and has awarded more than $1 million in post-graduate scholarships.
George Hopkinson will continue as President and CEO and will lead the integration of the two businesses.  Jason Maguire, the current President and CEO of Heritage, will join Knowledge First as Managing Director and assist in the integration.
The acquisition closed January 2, 2018.
The acquisition is not expected to have any impact on subscribers or beneficiaries to either the Heritage Plans or Knowledge First Plans.  Blair Franklin Capital Partners Inc. is serving as financial advisor and Wildeboer Dellelce, LLP is acting as legal counsel to Knowledge First.
About Knowledge First Financial
Canadian families have relied on education savings plans offered by Knowledge First Financial for more than 50 years.  Today the company provides sound financial management and administers
$3.72 billion in assets on behalf of more than 250,000 customers. Since 1965, payments from the plans have reached $3.6 billion.
Knowledge First Financial Inc. is the investment fund manager, administrator and distributor of the Registered Education Savings Plans.
About Heritage Education Funds
Heritage Education Funds is a leading and trusted Canadian provider of Registered Education Savings Plans, with over 50 years of RESP experience. Focused on offering value to its clients, Heritage is also the distributor of the Heritage and Impression Plans. Heritage Plans have $2.5 billion in assets under management and payments from the plans have exceeded $1.5 billion since 1965.
57
SHARES
Share on FacebookShare on Twitter

Related Posts

Ten Exceptional Students Head to Graduate School with Help From a Knowledge First Financial Scholarship

Company News /

Ten Exceptional Students Head to Graduate School with Help From a Knowledge First Financial Scholarship

Company News /

Knowledge First Financial Joins the Ranks of Best Workplaces in Financial Services & Insurance

For over 50 years, Knowledge First Financial has been dedicated to helping Canadian families obtain a post-secondary education through peace-of-mind savings solutions. Since 1965, the company has paid $3.6 billion to customers and students, and today manages $3.62 billion in assets on behalf of more than 250,000 customers.

The path to success starts with an RESP

Popular Posts

  • Growing Your Savings With Grants
  • Ten Play-Based Learning Activities
  • British Columbia Education Savings Grant
  • Financial Literacy in a Cashless Society
  • Keeping the Lines of Communication Open

Facebook

Knowledge First Financial

Back to Top

Featured Posts

  • Four Money New Year’s Resolutions to Set for 2020Four Money New Year’s Resolutions to Set for 2020
    December 31, 2019
  • Five Great Tips to Help Teach Your Toddler to ShareFive Great Tips to Help Teach Your Toddler to Share
    December 23, 2019

About Us

We’re Knowledge First Financial, a leading RESP provider. For more than 50 years, we have focused on encouraging and assisting Canadians to obtain a post-secondary education by providing peace-of-mind savings solution.

This site has been created to talk with Canadians about education, saving for education and how Knowledge First Financial is helping to meet this important need. Please visit our corporate website for more information about our products and services.

 

Knowledge First Financial Inc.

50 Burnhamthorpe Road West, Suite 1000
Mississauga, Ontario
L5B 4A5

Customer Service
Toll Free: (800) 363-7377
Fax: (800) 668-5007
contact@kff.ca

© Knowledge First Financial 2021
Powered by WordPress • Themify WordPress Themes