Voya Financial, Inc. (NYSE: VOYA), announced Aug. 23 that for the first time it will offer a new advisory-based solution to its diverse mutual fund portfolio to help Americans grow, protect and enjoy their savings in retirement.
Working through a financial advisor, Voya Select Advantage Advisory IRA offers customers a solution with lower costs compared to other IRA platforms, tax-deferred growth potential and the freedom to select from a number of investment options from well-known fund managers to help meet their individual financial goals.
“Trying to navigate today’s retirement landscape is more complex than ever before. People are living longer, health care costs continue to rise and confusing regulations can make trying to plan, at times, feel overwhelming,” said Carolyn Johnson, CEO of Annuities and Individual Life at Voya Financial. “Americans are looking for professional guidance and the right solutions to help them develop a holistic financial plan. Voya Select Advantage Advisory IRA is a simple, streamlined solution offering them choice, convenience and control over their retirement dollars — while also providing the comfort of working with a financial professional to advise them along the away.”
Voya Select Advantage Advisory IRA is a mutual fund custodial account. One of its key features includes its breadth of choice — customers can work with their advisor to select from a diverse mix of 90 individual mutual funds. This provides access to well-known fund managers and the opportunity to select from a diversified mix of management styles. Additionally, advisors are free to change their client’s investment options at any time, with no transaction charges. At the same time, the lower cost structure compared to other IRA platforms helps maximize the potential to grow retirement savings.
A commissioned-based version of Voya’s Select Advantage IRA is currently offered by the firm. In an effort to proactively adapt to the DOL’s new fiduciary rule, Voya designed an advisory version to give advisors more choice and options when working with their clients. This is the first time Voya’s Annuities and Individual Life businesses have introduced an advisory model to its mutual fund portfolio. In addition to other firms, the company’s retail broker-dealer and registered investment advisor, Voya Financial Advisors, Inc., will offer this platform to its national network of independent financial advisors.
“As a leader in the industry, we’re always looking at how to best support our advisors and their clients as we adapt to the dynamic changes in the market,” said Tom Halloran, president of Voya Financial Advisors. “This includes delivering the right mix of products, services and resources that meet the retirement saving and holistic financial planning needs of Americans. With the introduction of Voya Select Advantage Advisory IRA, we now have another advisory solution that complements our existing product shelf and helps our advisors focus on what matters most — deepening client relationships and growing their businesses effectively.”
Other distinctive features of this solution include its flexibility and control. Working through a financial advisor, individuals can open an account with as little as $5,000 or roll over funds from an existing 401(k) or IRA. Flexible contribution amounts make it accessible to Americans preparing for retirement at every life stage and income level. Additionally, individuals have control over when they can access their money. While designed with a view toward long-term retirement savings, Voya Select Advantage Advisory IRA allows individuals to access their money when they need it — with no hidden charges and minimal platform fees. Dollar-cost averaging and auto-rebalancing features are also available at no additional cost. Plus, convenient quarterly statements and online tools allow customers to access their accounts anywhere at any time.
As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America’s Retirement Company® and its mission to make a secure financial future possible — one person, one family, one institution at a time.
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 13.6 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $11 billion in revenue in 2016. The company had $517 billion in total assets under management and administration as of June 30, 2017. 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 and has been recognized as one of the 2017 World’s Most Ethical Companies® by the Ethisphere Institute, as well as one of the Top Green Companies in the U.S., by Newsweek magazine. For more information, visit voya.com. Follow Voya Financial on Facebook and Twitter @Voya.