Voya is launching a new advisory services program through the Voya Retirement Advisors LLC (VRA), the latest in its suite of advice and guidance solutions.
Powered by Morningstar and in collaboration with Morningstar Investment Management’s LLC Retirement Solutions Group, the VRA solution provides broader access to advice services for participants in Voya-administered retirement plans, according to a recent release. Research from Voya found 85% of working Americans find advice and guidance that makes them feel more confident in their investment decisions to be ‘extremely important’ or ‘important.’
“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,’” said Andre Robinson, senior vice president of 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.”
Voya’s 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 as well as managed accounts.
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.
“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,” added Brock Johnson, president of Global Retirement and Workplace Solutions at Morningstar Investment Management.
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