Wallman's is a private-sector solution to a problem he first encountered as a regulator.
In fact, Wallman now has his imitators: Fidelity Investments and E-Trade have similar offerings.
Wallman sees new ways to harness cheap computing to the task of investing capital.
Wallman's variation on this invention is to let the investor hold widely diversified portfolios directly.
It is reportedly losing money and carrying no more than 8, 000 accounts (Wallman won't confirm the numbers).
"Treating the market like a lottery is a loser for most people, most of the time, " says Wallman, 49.
Also on Wallman's agenda is getting into the nascent business of selling bonds over the Internet, without the usual high fees.
Wallman has a patent on an alternative: an intelligent index fund that tracks the collective portfolio decisions of several thousand individual investors.
Steven Wallman aims to do to the mutual fund industry what Charles Schwab did to the old fixed commission structure--rip it up.
But Wallman knew that regulatory efforts could only go so far.
And Tibby (Amber Tamblyn) is a blue-haired cynic whose summer job at a superstore named Wallman's is paying for video equipment to make her first film.
As an SEC commissioner, Wallman was able to save investors money by championing decimalization, the listing of stock prices in dollars and cents instead of dollars and fractions.
Wallman says he still holds a "significant" amount of equity.
Former SEC Commissioner Steven Wallman has created another, Foliofn.
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