Waddell & Reed launched its 529 college savings plan, InvestEd Portfolios, today through its network of 3,000 financial advisors. The program is comprised of three funds-of-funds portfolios.

The portfolios include a growth, balanced and conservative investment option, said Thomas Butch, the firm's chief marketing officer. The balanced and conservative portfolios are designed to shift their exposure to equity investments as the beneficiary reaches college age. Account holders can opt out of that option and place their money in any of three portfolios for the life of the account.

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