Building on its suite of advice and guidance solutions, Voya Financial announced that it has launched a new advisory services program through Voya Retirement Advisors, LLC (VRA).
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, according to the announcement.
“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 for Retail Wealth Management and Advisory Solutions at Voya Financial. “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.”
The new VRA program includes two solutions to provide greater support for participants tailored to their planning needs, including online investment advice, as well as fee-based managed accounts.
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.
“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.
Voya notes that this latest program aligns with its 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 personalized financial-guidance and connected workplace-benefits digital platform.