Products February 20, 2018

Voya Introduces Chinese Version of Its Name

The firm also launched a three-month advertising campaign to help build brand awareness in the Asian-American community, and has a Mandarin page on its website.

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Voya Financial, Inc. has created a Chinese version of its name to help appeal to the Asian-American community and reinforce its commitment to this growing market.

The Chinese name is pronounced wò yǎ—which translates to richness and happiness of life for the future.

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According to the Pew Research Center, the Asian population in the U.S. grew 72% between 2000 and 2015—from 11.9 million to 20.4 million—the fastest growth rate of any major racial or ethnic group, Voya says. A study found Asian-Americans are focused on saving for retirement, but that competes with a focus on taking care of extended family.

“As the demographics of the U.S. continue to shift, we need to make sure that we’re thinking about the financial needs of all Americans. This includes understanding cultural differences and looking for creative ways to better communicate the services that we offer,” says Rodney O. Martin Jr., chairman and chief executive officer, Voya Financial.

In addition to unveiling its new Chinese name, Voya launched a three-month advertising campaign to help build brand awareness in the Asian-American community. The campaign leveraged a combination of television and digital ads as well as paid searches to target key Asian-American markets and media channels. For example, as part of the campaign activation, the company has been running Voya commercials in Mandarin on Chinese television stations in a number of select U.S. cities—like San Francisco, Los Angeles and New York City.

To celebrate the Chinese New Year on February 16, Voya also launched a series of posts on its social media channels. More information can be found by visiting the Mandarin page at voya.com/journey.
Data & Research February 20, 2018

401k Averages Book Expanded to Include Plans With Larger Participant Balances

The book continues to show that plans with higher average account balances pay lower total fees.

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The 18th Edition 401k Averages Book shows 401(k) total plan costs declined for most size plans. Scenarios with 200 or more participants saw a decrease in total plan costs from last year.

The latest book was expanded to include 401(k) fee information on plans with large participant account balances. “With studies showing participant account balances exceeding six figures, we thought it was a good time to add a new section to the 401k Averages Book,” says Joseph W. Valletta, co-publisher of the 401k Averages Book.

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The latest book finds investment fees continued to decline. Scenarios with 200 or more participants saw a year over year decrease in total investment costs of between 0.01% and 0.03%.

There is a wide range between high and low-cost providers. The range of cost is greatest within the small plan market. The range of a plan with $1,000,000 in assets and 100 participants ($10,000 average account balance) is 0.72% to 2.80%. In addition, smaller plans continue to pay higher fees than large plans. For example, the average fee for a plan with $1,000,000 in assets and 100 participants ($10,000 average account balance) is 1.89%, while for a plan with $10,000,000 in assets and 1,000 participants ($10,000 average account balance) it is 1.39%.

Prior editions showed data for plans with $10,000 and $50,000 average account balances. With the addition of the $100,000 account balance information, financial professionals can choose from three sections of benchmarks. Each section is made up of eight different plan size scenarios.

“It is important to use a benchmark which reflects the characteristics of your plan,” says Valletta.

The 401k Averages Book 18th Edition is available for $95 and can be purchased by calling (888) 401-3089 or at www.401ksource.com.

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