Products April 1, 2020

Cetera Helps Advisers Navigate Business During Pandemic

The Advisor Resiliency Pack suite of services is designed to help advisers grow and enhance client engagement as well as manage their business operations through the effects of COVID-19.

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Cetera has launched a first-of-its kind Advisor Resiliency Pack, a suite of services to help financial advisers navigate the current market disruption.

The company notes that the impact of the novel coronavirus pandemic has created challenges for advisers and their clients that are unparalleled in our time, combining market volatility with significant and widespread business disruption. As individuals experience the effects of the pandemic differently, advisers are working to meet clients where they are, helping to steady client concerns, seek new revenue streams or adapt to a new way of operating.

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Through the Advisor Resiliency Pack, new programs such as Advisor on Demand and Stimulus Access Plan help advisers grow and enhance client engagement as well as manage their business operations through the effects of COVID-19. The service suite recasts programs Cetera has long offered in continuity planning and practice management while introducing new, custom programs specific to the current environment.

Key services of the Advisor Resiliency Pack include:

  • Advisor on Demand: Cetera has Certified Financial Planners on standby, ready to step in and help advisers with their clients—free of charge during the pandemic—should advisers become ill, incapacitated or run into logistical issues;
  • Peer Network Access: Leveraging the value of its community, Cetera has launched “face to face,” a virtual peer-to-peer video series featuring seasoned adviser panels, fund managers and others, as well as curated resources and value-added connections for sharing best practices during difficult markets;
  • Stimulus Access Plan: Cetera has identified points of access for its advisers and their clients, providing subject matter expertise, dedicated consulting services and a streamlined process for advisers to access stimulus package capital resources; and
  • Free Technology: Cetera is helping advisers reach clients with expanded advice services during market volatility and uncertainty by providing free access to technology that supports a fee-for-service payment model for 90 days.
“It’s during times like these that our advisers live into their purpose in the fullest, as they work tirelessly to calm client fears and provide much needed advice while managing the impact to their own businesses. We felt it was incumbent on us to move quickly to understand what could help them best serve their clients, reach more individuals who need advice, and adapt to new business challenges,” says Adam Antoniades, chief executive officer of Cetera.
Products April 1, 2020

Voya Offers Resources to Address Financial Challenges

Through September 30, Voya will credit CARES Act-related transaction fees to DC plan participants and offer financial education to Americans.

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Voya Financial Inc. announced actions it is taking to help Americans address financial challenges related to the novel coronavirus pandemic.

The Coronavirus Aid, Relief and Economic Security (CARES) Act allows for a coronavirus-related distribution from retirement plans and relaxes hardship and loan requirements for situations related to the coronavirus.

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From April 1 through September 30, Voya will credit back to participants in the defined contribution (DC) plans it serves (in each case, if the plan permits the distribution or loan):

  • Fees associated with coronavirus-related distributions allowed under the CARES Act;
  • Hardship distribution fees; and
  • Loan initiation fees.

Depending on use of the credits, Voya estimates the program represents a collective savings to individuals of between $10 million and $20 million.

In addition, through September 30, Voya will provide Americans with free access to a range of online resources—CARES Act materials, FAQs, videos, virtual group meetings— as well as phone access with financial advisers (subject to availability) with Voya. This free educational guidance is intended to help individuals understand the CARES Act and the trade-offs involved in choosing among available financial resources.

Voya financial advisers will not provide individualized advice under this program.

This education is available to those Americans who do not already work with a financial professional and will be provided in various forms, including group discussions, one-on-one sessions (subject to availability) and by directing individuals to Voya’s online resources. To register, and for complete terms and conditions, visit voya.com. Anyone can also visit Voya Learn at voya.com/voyalearn to access live and on-demand sessions covering a variety of financial topics.

“While we continue to encourage plan participants to stay the course, remain invested and contribute to their retirement accounts, we appreciate this is a challenging time,” says Charlie Nelson, chief executive officer, Retirement and Employee Benefits, Voya Financial. “With lost wages, significant health care costs and other unexpected expenses, we recognize that some may have no choice but to access their retirement savings to address the financial challenges that they are facing today. As always, we encourage individuals to balance their short-term cash needs with long-term goals, such as retirement readiness.”

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