Levelling the playing field, Mackenzie says it decided to remove these fees as DIY investors were paying for advice they weren’t receiving. Prior to the Series D offering, discount platforms were only available through the Series A units of Mackenzie and its competitor funds, which included embedded service fees covering dealer administrative costs and advisor compensation.
"It's a move in the right direction, if there are more options to the end consumer," says financial planner, Daniel Hanzelka. "It's better for the financial industry when people have choices."
Furthermore, Mackenzie assured that it has no intention of growing its market share in the discount brokerage space, nor will the Series D offering lure advice-driven investors into the DIY space. The offering, it says, is simply to increase fairness and transparency in line with regulator expectations.
“Making the decision to offer Series D versions of our funds is only about ensuring fairness for the remaining investors who choose to do it themselves. While not our focus, they deserve fair treatment, too,” the release said.