There’s a price war going on on Wall Street and it’s a huge boon to individual investors with the gumption to take control of their own investment portfolios.

Schwab officially announced today that they are cutting fees across the board in their exchange traded funds. Their broad-market ETF (SCHB) now only costs investors 0.04% per year to own.

To put this into perspective, consider that the average actively-managed mutual fund costs about 1.5% per year to own – and keep in mind this is before you pay your “adviser” to buy it for you. So Schwab’s indexed ETF now provides a straight up 97% discount in fees.

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