"Asset allocation" is an investment strategy that seeks to (1) minimize risk and (2) maximize gain. The strategy consists of diversifying one's investments, usually among different categories of stocks and bonds. For stocks, these categories may include large, medium, and small sized companies and so-called "growth" and "value." For bonds, these categories may include investment grade (also known as "high grade" or "low risk"), junk, corporate, and government. For experienced investors, other categories such as real estate may also be included.

Portfolio Allocation Tools (Online and Free):
  • http://cgi.money.cnn.com/tools/assetallocwizard/assetallocwizard.html Four questions about your time horizon and risk tolerance quickly introduce you to asset allocation. Output's asset categories: stocks (large, small, international) and bonds. 
  • http://www.ifa.com/SurveyNET/ Try the 5 question survey for a quick assessment. Then set aside a half-hour to take the 49-question survey. At the end, the site will spew back at you recommended allocations, using the index funds it sells. Just ignore the particular funds, and use the general recommendations. Output's asset categories: stocks (domestic and international, by size & value); REIT; emerging markets; fixed income (bonds etc.). 
  • http://www.fairwinds.org/wizards/AssetAllocator.asp This appears to be identical to many others sites' tools. It is fast but general. Note the definitions at the bottom of the page. Output's asset categories: domestic stock (large, mid, small market cap); foreign stock; bonds; municipals; cash. 
  • http://www.smartmoney.com/oneasset/ Again, fast but general. Scroll over many of the words to get explanations, or experiment with different figures until you understand what the site is doing. Output's asset categories: domestic stock (large & small); international stock; bonds; cash. 
  • http://www.fincalc.com Click on, "How should I allocate my assets?" Output's asset categories: domestic stock (large & small/mid cap; value; growth); international stock; fixed income (domestic; international; mortgage-backed); cash (money market). 
  • http://www.axaonline.com/rs/3p/sm/42_asset_alloc.html Six questions, but you have to know something about "expected returns" of typical investments. Output's asset categories: stocks (large, mid/small, international); bonds (domestic & high yield); cash. 
  • www.vanguard.com Works only with Internet Explorer. Click on: "Go to Personal Investors... "; "Planning & Education" near top; "Retirement Planning"; "I'm already saving... "; "How should I allocate my assets" on the right middle; "I accept" at the bottom. Output's asset categories: stocks, bonds, short-term reserves. 
  • www.fidelity.com If you have an account with Fidelity, log in, then click on: Retirement & Guidance; Retirement Resource Center; Retirement Saving & Investing; Use our... Tools; Quick Check. Output's asset categories: domestic stock, foreign stock, bonds, short-term. If you have an account elsewhere, it may have an online allocation tool, too.
  • Googling for {asset allocator} turns up more, but they do not vary much from the above. I do find a fair amount of variation between sites. E.g. for my situation, the sites above recommend as little as 40% stocks and as high as 67% stocks.