Voya Financial has announced the launch of its new advisor managed accounts program in collaboration with Morningstar Investment Management.
According to the firm’s announcement, the program will provide RIAs with the resources needed to distribute investment advice to retirement plan participants through a consistent and scalable user experience.
“As we continue to think holistically about how the financial wellness needs of individuals will evolve and—importantly—how we can address them, innovations such as managed accounts are an important consideration for employers,” says Jeff Cimini, Senior Vice President of Retirement Product at Voya Financial. “By improving savings, investment and retirement ‘spend down’ decisions, managed accounts can ultimately help to have a positive impact on one’s future financial outlook.”
Morningstar Investment Management will provide the technology for the advisor managed accounts platform and serve as the fiduciary for portfolio assignment and recommendations on such things as savings rates and retirement age. And with Voya serving as the recordkeeper, the advisor-managed accounts program offers an integrated service model, providing participants with a single sign-on to Morningstar Investment Management’s user interface and support services through Voya.
Through the program, employers can provide their retirement plan participants with personalized advice based on model portfolios aligned with an RIA firm’s investment expertise.
Voya notes that it has already launched the advisor managed accounts program with CBIZ Investment Advisory Services LLC, and Resources Investment Advisors–A OneDigital Company. As the program advances, Voya says that it expects to work with additional advisory firms to offer the service to more clients.
