Voya Financial introduced a new Morningstar-powered advisory services program this week through its Voya Retirement Advisors division.
Working in collaboration with Morningstar Investment Management’s Retirement Solutions Group, Voya says its new solution offers participants in Voya-administered retirement plans increased personalization, as well as greater access to advice services.
According to Voya’s research, 85% of working Americans find advice and guidance that makes them feel more confident about their investment decisions to be "extremely important" or "important."
“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,” Andre Robinson, senior vice president of retail wealth management and advisory solutions at Voya Financial, said in a statement.
Voya says its new program will provide greater support for participants when it comes to retirement saving tailored to their own planning needs, including investment advice and managed accounts. Morningstar Investment Management will serve as an independent financial expert, providing technology and advice services for individuals. Voya will also serve as the record keeper.
“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,” Brock Johnson, president of global retirement and workplace solutions at Morningstar Investment Management, said in the statement.
Last week Voya announced a new employer-aggregated plan called FuturePlan EAP in collaboration with Ascensus. Voya will serve as record keeper for that new service, while FuturePlan will serve as the TPA and 3(16) service provider, and LeafHouse will provide 3(38) services, according to the company.
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