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Former SEC Visionary Launches Revolutionary Online Brokerage.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, August, 2000 by Schwanhausser, Mark
Aug. 14--Once considered a farsighted SEC commissioner, Steve Wallman now has launched an online brokerage that even competitors say could spark a "revolution" in how investors buy and sell stocks and mutual funds.
But, the skeptics say, what if they held a revolution and nobody came?
"The biggest risk," acknowledged Wallman, CEO of FOLIOfn Inc. of Vienna, Va., is that investors "may not recognize the need."
Wallman's vision is to create what essentially are personalized mutual funds that combine the diversity of a fund with the control of owning stocks -- at a flat, affordable price. If successful, his Internet-powered brokerage has the potential to turn so-called separate accounts favored by the wealthy into a middle-class staple.
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