Voya Financial is offering an expanded lineup of non-core investment solutions aimed at increasing participants’ investment exposure in different asset classes.
The Primary Plus feature is managed within the firm’s Advisor Managed Account (AMA) program and allows registered investment advisors (RIAs), who provide a managed account program through the recordkeeper, to offer investment options like collective investment trusts (CITs) or mutual funds.
Voya says its Primary Plus lineup was built following demand from advisors wanting to offer funds that may increase investment exposure to asset classes outside core options. The solution also allows RIA firms to build a broader managed account program with Voya that includes more customized and diverse allocations designed to help participants meet their retirement goals, the firm adds.
“At Voya, we know that employees want — and value — a personalized approach to financial guidance. As a result, we continue to see a growing interest in managed account solutions, with total assets increasing 27% since the year prior in the first quarter of 2024 alone,” said Andre Robinson, senior vice president of Retail Wealth Management and Advisory Solutions at Voya Financial, in a statement. “By helping to improve both saving and investment decisions, we know that managed account solutions can have a positive impact on a participant’s retirement outlook.”
Voya’s Advisor Managed Accounts program was first launched in March 2021 as a collaboration with Morningstar Investment Management. Among its resources includes phone support through its service center and implementation of participant portfolio assignments. Since its debut, the AMA program has supported over 400 plans.
“Our focus is to create a pressure-free experience where plan participants have the information, guidance or advice they need to make better savings and planning decisions,” said Jason White, director, Advisory Services at Voya Financial.
Voya’s Primary Plus feature is the latest introduced by the firm. Earlier this year, the firm announced a dual Qualified Default Investment Alternative (QDIA), available across it’s managed account programs within Voya-administered retirement plans.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.