Voya Financial announced that its retail wealth management firm, Voya Financial Advisors (VFA), has launched a new digital advice experience for its network of advisors and their clients.
Unlike other digital solutions in the advice industry, the Voya Digital Adviser platform provides a hybrid approach for advisors and investors. It was strategically designed to combine the ease, automation and flexibility of a self-guided service while preserving the valuable interaction of a financial professional.
“We are pleased to offer our advisors and their clients an innovative yet easy-to-use digital advice solution that includes the advisor as part of the experience,” said Tom Halloran, president of Voya Financial Advisors.
“While the typical direct-to-consumer digital service removes the advisor from the equation, our new platform ensures that the advisor remains integral to the process. This enables a client to receive the best of both worlds — access to self-directed investment advice model portfolios, along with the value and expertise of a personal advisor relationship.”
Research from Voya confirms that advisors recognize the power of digital advice solutions and how this technology can benefit their practices. More than half of the advisors in a recent poll believed that a hybrid digital advice tool could help grow their businesses by up to 10%. Many also confirmed that such a tool could complement their current service offering by making it easier to access important client information and reach younger or less affluent investors.
The new Voya Digital Adviser can help VFA advisors become more efficient as they look to grow their practice. With a minimum requirement of only $5,000 to fund an account, advisors can support emerging investors who might not otherwise fit into their typical service model.
Meanwhile, through a predominantly digital experience, clients gain full access to their investments along with advice “on-the-go” at an attractive price-point compared to a traditional advisory relationship.
The experience is streamlined and user-friendly, taking only a brief time to open an account. After logging into the platform from their advisor’s website, the client answers a set of questions to identify his or her investment goals and risk tolerance. Voya Digital Adviser™ then generates an account for the client to fund with a professionally built and managed portfolio.
Clients have 24/7 access to view and manage their progress, meeting at least annually with an advisor to review investments. They also have the flexibility to easily reposition their assets.
“As the advice industry evolves, we are listening carefully to what our advisors need to grow successfully,” said Andre Robinson, head of Advisory Solutions for Voya Financial Advisors. “With our new Voya Digital Adviser™, individuals can access advice when, where and how they want it, while advisors meet the demands of both new and existing clients.”
Voya is rolling out its Voya Digital Adviser with a comprehensive suite of marketing and business support resources, including training webcasts for advisors and a client video demonstration. For questions about the new digital advice service, VFA representatives can contact Voya’s advisory concierge service team or reach out to their regional sales contact.
Voya Financial Advisors is a top-tier retail wealth management firm focused on helping advance the financial wellness and retirement security needs of all Americans. The firm is committed to providing a broad range of value-added services to its network of more than 1,700 advisors so that they can grow their business and support the holistic financial planning needs of their clients.
As examples, the firm recently launched support for advisor texting capabilities, an expanded social media program and access to an industry-leading 401(k) business management platform.
Source: Company Press Release