Slow solar wind, found at low heliographic latitudes, and fast solar wind,
associated with high-latitude coronal holes, are fundamentally different: s
low solar wind is more variable and is biased in elements with low first io
nization potentials (FIPs), whereas fast solar wind is steady and has at mo
st limited FIP bias. It has been recently argued that these differences are
consequences of a continuous reorganization of the Sun's magnetic held des
cribed by a new heliospheric magnetic field model. This continuous reorgani
zation requires a sustained reconnection process at low latitudes between o
pen magnetic held lines and large coronal loops. Arguably, the slow solar w
ind originates from material stored on large coronal loops which is release
d sporadically because of reconnection. The fast solar wind is released on
continuously open magnetic field lines. In this paper a theory for FIP frac
tionation is developed which depends on the wave heating of minor ions whic
h extends below the transition region. The wave heating may be natural on t
he closed held configurations of large coronal loops but not in the open co
nfigurations associated with fields emanating from coronal holes. Therefore
, the theory naturally leads to a differentiation in FIP fractionation betw
een fast and slow solar wind.