SunTrust Securities has introduced fee-based, mutual fund asset allocation services for its brokers to aim at retail investors.
The Atlanta-based registered broker-dealer affiliate of SunTrust Banks, Inc. has a retail brokerage sales force of 347 reps.
SunTrust’s new service, which is called Investor's Advantage, is designed to help brokers assist clients in the selection and management of mutual fund investments. The product is the latest step in SunTrust's desire to compete with Wall St. wirehouses as well as to meet demands for fee-based, investment-related products and services, according to the firm.
Minimum investment in the program is $35,000.
Under Investor's Advantage, SunTrust brokers will: develop an investment profile for clients that include defining investment goals, tolerance for risk and time horizon; select an asset allocation strategy and create a specific portfolio of mutual funds; provide clients with regular detailed reports, including a personalized quarterly report that provides clients with an assessment of market conditions, year-to-date and quarter-to-date investment performance; give clients ongoing investment management including monitoring of the investment strategy and automatic rebalancing of investments to insure adherence to the asset allocation strategy.