Salim Ramji is betting the path to Vanguard Group customers’ hearts is still through their wallets. In the first major initiative in Ramji’s six-month run as chief executive, Vanguard on Monday slashed the fees on nearly half of its U.

Malvern-based Vanguard is pricing active funds cheaper as it competes with Schwab, Fidelity, and other mass-market money managers.

Vanguard just announced its largest fee cut in the asset manager's history, which is great news for investors. Here's what you need to know.