Voya Offers Retail Advisors New Suite of Practice Management Resources to Grow 401(k) Plan Business
WINDSOR, Conn.--(BUSINESS WIRE)-- Voya Financial, Inc. (NYSE:VOYA), announced today that its retail wealth management firm, Voya Financial Advisors, Inc. (VFA), is teaming up with an industry-leading 401(k) business management platform to offer VFA’s network of approximately 2,000 financial advisors a new opportunity to grow their business. As a result of this innovative partnership with RPAG, VFA advisors have access to a best-in-class support team and educational tools, which builds upon a suite of client-oriented solutions that the firm has made available to its advisor network.
According to industry research, in 2016, roughly 70 percent of all 401(k) plans leveraged an independent investment advisor — separate from the plan’s recordkeeper — to assist with investment selection and education responsibilities.1 Voya recognizes the growing trend, and is making it easier for advisors who wish to enter this market or expand their current business with plan sponsor clients. Through the RPAG offering, advisors can benefit from important business building capabilities, including sales and marketing support, fee benchmarking, plan design and quotes, participant engagement, financial wellness programs, fund monitoring and plan sponsor fiduciary education. Additional details about the platform are available at www.rpag.com.
“We continue to make significant investments in resources and technologies that will help our advisors meet the needs of their clients. This includes providing new opportunities to grow and adapt their business,” said Tom Halloran, president, Voya Financial Advisors. “In today’s dynamic environment, advisors must always be thinking about how to evolve their practice to support the changing landscape. We want to become one of the easiest wealth management firms for our advisors to do business with, and this new solution is just one example of the value we can deliver.”
“There are often gaps between plan sponsors and plan fiduciaries when it comes to understanding fiduciary roles and responsibilities,” added J.R. Phillips, a Des Moines, Iowa-based advisor affiliated with Voya Financial Advisors. “One of the benefits of these new resources is the ability to offer plan sponsors fiduciary education through a library of educational modules. This is a great way for me to build trust and develop longer-term relationships with my clients.”
Voya Financial Advisors is a top-tier retail wealth management firm focused on helping advance the retirement readiness and financial security needs of all Americans. The firm continues to deliver value-added services to its network, most recently launching an investment credit line lending program, advisor texting capabilities and an expanded social media program. For more information, visit voyafa.com.
1. Plan Sponsor Council of America’s 60th Annual Survey of Profit Sharing and 401(k) Plans report on the 2016 plan-year experience of 590 plans.
About Voya Financial ®
Voya Financial, Inc. (NYSE:VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 14.3 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.6 billion in revenue in 2017. The company had $528 billion in total assets under management and administration as of June 30, 2018. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the 2018 World’s Most Ethical Companies® by the Ethisphere Institute; one of the 2018 World’s Most Admired Companies by Fortune magazine; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index by Disability:IN. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.