Fortis Financial Group has joined the growing number of financial service firms offering asset allocation products.
The St. Paul, Minn., company's entry is a privileged-account service with a minimum investment of $ 10,000.
The product carries a front-end load that generally ranges between 4.25% and 4.75%.
Like other asset allocation products, Fortis' offering is designed to maximize returns by maintaining a portfolio mix of stock, bond, and money market mutual funds.
The privileged account "helps investors to buy low and sell high to take advantage of the normal price fluctuations of stocks and bonds," said Kyle Selberg, a second vice president at Fortis. Investors create their portfolio by choosing among Fortis' 13 mutual funds.