Voya launches new advisory services solution for retirement plan participants

Service introduced as new Voya data finds 85% of working Americans find advice and guidance that makes them feel more confident in their investment decisions to be important

Service builds on growing need for advice and guidance as Voya’s managed account enrollment increased 10% in 2022

Voya Financial, Inc. (NYSE: VOYA), announced today the launch of a new advisory services program through Voya Retirement Advisors, LLC (VRA). The new program, powered by Morningstar, is the firm’s latest addition to its suite of advice and guidance solutions. Leveraged in collaboration with Morningstar Investment Management LLC’s Retirement Solutions Group, the VRA solution provides participants in Voya-administered retirement plans with a broader scope of access to advice services.

“In today’s market, the need for advice and guidance has never been greater, particularly for those nearing retirement. We’ve also found from our own research at Voya that 85% of working Americans find advice and guidance that makes them feel more confident in their investment decisions to be ‘extremely important’ or ‘important.’¹ As more and more individuals seek support from their employer, innovations such as managed accounts can offer a unique opportunity for employers to support their workforce — and 82% of working Americans find personalized investment guidance for their retirement plan to be ‘extremely important’ or ‘important,’”² said Andre Robinson, SVP, Retail Wealth Management and Advisory Solutions at Voya Financial. “We also know that 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. At Voya, we’re focused on tailoring our support to each individual. Our array of advisory services, including the launch of our new VRA solution, offers yet another opportunity to provide greater support to our plan participants, particularly as we know it’s a time when they need it most.”

Voya’s new VRA program includes two solutions to provide greater support for participants when it comes to saving for their future based on and tailored to their own planning needs, including investment advice (online) as well as managed accounts (fee-based professional management). Through the program, Morningstar Investment Management will serve as an independent financial expert, providing technology and advice services for individuals. With VRA as the 3(21) and 3(38) fiduciaries to participants, VRA will serve as the Registered Investment Advisor for the experience. With Voya serving as the recordkeeper, the new solution will offer a fully integrated experience, providing participants with a unified experience across their retirement plan participant website leveraging the same user interface and support services Voya’s participants currently experience.

“The VRA program is a leading example of how we collaborate to not only help our clients build and power unique services but also to ensure that the needs of retirement savers are front and center,” added Brock Johnson, president of Global Retirement and Workplace Solutions at Morningstar Investment Management. “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.”

The launch of VRA’s new program further builds upon Voya’s suite of advice and guidance solutions, which continues to draw interest from participants. For example, in 2022, Voya saw a 10% increase over the prior year in adoption in managed account use.³ Voya’s latest program also aligns with the company’s focus on providing products and programs that support financial professionals in helping their clients reach their future goals. This includes Voya’s advisor managed accounts advisory program and most recently the launch of myVoyage, a new and first-of-its-kind personalized financial-guidance and connected workplace-benefits digital platform. Further complementing solutions such as VRA powered by Morningstar and offering additional support services for financial professionals, myVoyage uses data-driven insights to provide personalized guidance to help individuals make progress toward achieving their financial goals.

“Our research at Voya has also found that, while 59% of Americans with a retirement plan are ‘very or somewhat familiar’ with managed accounts, 35% of those with a retirement plan are either not sure which investment options are offered or do not believe managed account solutions are offered to them as part of their employer-sponsored retirement plan,⁴ indicating a clear need for greater education on the value they can provide to individuals,” added Robinson. “As we continue to evolve our advice and guidance experiences at Voya, our new VRA solution offers engaging and interactive tools that can help provide retirement plan participants with greater insights into the decisions they make and how that will impact them when it comes to creating a more secure financial future.”

As an industry leader focused on the delivery of health, wealth and investment solutions to and through the workplace, Voya Financial is committed to delivering on its mission to make a secure financial future possible for all — one person, one family, one institution at a time.

1, 2 & 4. Voya Financial Consumer Insights & Research survey conducted March 9-10, 2023, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S.

3. Voya internal data as of Dec. 31, 2022.

About Voya Financial^®

Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company with 7,200 employees who are focused on achieving Voya’s aspirational vision: Clearing your path to financial confidence and a more fulfilling life. Through products, solutions and technologies, Voya helps its 14.7 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a newly joined Voya company, extends the reach of Voya’s workplace benefits and savings offerings by providing benefits administration capabilities to 16.5 million individual subscription employees across employer and health plan clients. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by the Ethisphere Institute; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.

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