A transmuter's telekinetic fist deals only 1d4 points of bludgeoning damage and +1 point of damage per 2 wizard levels
Because the transmuter's spell-like ability telekinetic fist doesn't say that the wizard adds his Strength modifier to the damage the telekinetic fist deals, the wizard does not add his Strength modifier to the damage it deals. The description of the Strength ability says, "You apply your character's Strength modifier to… [d]amage rolls when using a melee weapon or a thrown weapon, including a sling." A telekinetic fist, despite the slightly misleading name, isn't a melee or thrown weapon. However, a telekinetic fist still has a threat range of 20 and deals ×2 damage on a critical hit, and, because it's called out as bludgeoning damage, the telekinetic fist isn't considered a magic weapon for the purposes of bypassing DR according to this sidebar FAQ.