Steven Wallman aims to do to the mutual fund industry what Charles Schwab did to the old fixed commission structure--rip it up.

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Keep in mind, that this was a group that grew up in the fixed commission era of paying 25 cents a share.

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Until the early 1970s stocks traded on a fixed commission set by the NYSE, up to 2% each way (or 4% in and out) of the total value of the shares being traded, with extra fees for smaller transactions sometimes doubling the cost.

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