Voya Launches Advisory Services Solution

Voya Financial Inc. announced Tuesday the launch of a program to provide participants in Voya-administered retirement plans with a broader scope of access to advice services.

Voya’s new program includes both online investment advice and fee-based managed accounts that provide personalized investment counsel. The program launches through Voya Retirement Advisors LLC in collaboration with Morningstar Investment Management LLC’s Retirement Solutions Group.

“In today’s market, the need for advice and guidance has never been greater, particularly for those nearing retirement,” Andre Robinson, senior vice president of retail wealth management and advisory solutions at Voya Financial, in a statement. “Every individual is unique with different life and career stages, varying levels of comfort with financial matters, different income considerations, and different visions for their future, so when it comes to advice and guidance, there is no ‘one-size-fits-all’ approach.”

Voya brings the offering to market as advisers and recordkeepers are ramping up financial wellness efforts to reach participants. Last week, Principal Financial Group launched a dynamic qualified deferred investment account that moves participants from a target-date fund into the more personalized managed account at a set date.

Voya’s new solution will leverage the same user interface and support services its participants currently use on their retirement plan website, according to the Windsor, Connecticut-based provider. Morningstar Investment Management serves as the independent financial expert, providing technology and advice services for individuals. With Voya Retirement Advisors as the 3(21) and 3(38) fiduciaries to participants, VRA will act as the registered investment adviser for the experience.

“We believe that personalized advice through managed accounts is one of the most effective ways to help retirement savers achieve their goals, and we look forward to expanding our relationship with Voya to further push the boundaries on investor engagement and advice,” Brock Johnson, president of global retirement and workplace solutions at Morningstar Investment Management, in a statement.

The program adds to Voya’s other advice and guidance solutions, including managed accounts. In 2022, the firm saw a 10% increase over the prior year in participant adoption of managed accounts.