The new “Primary Plus” investment lineup was introduced following a 27% increase in total assets in Voya's managed account solutions in the first quarter of 2024.
Windsor, Connecticut, June 4, 2024–(BUSINESS WIRE)–Voya Financial, Inc. (NYSE: VOYA) today announced the introduction of Primary Plus, an expanded line of non-core investment solutions within its Advisor Managed Account (AMA) program. The new solution enables third-party Registered Investment Advisor (RIA) firms offering managed account programs through Voya to introduce investment options outside of their plan's core investment line-up.
“At Voya, we know that employees want and value a personalized approach to financial guidance. As a result, we continue to see increased interest in our managed account solutions, with total assets growing 27% year-over-year in the first quarter of 2024 alone.”1 “By improving both savings and investment decisions, we believe managed account solutions can positively impact participants' retirement prospects,” said Andre Robinson, senior vice president of retail wealth management and advisory solutions at Voya Financial.
Built in response to growing advisor interest, Voya's Primary Plus solution offers funds not designated in a plan's core investment lineup, providing participants with an opportunity to increase their investment exposure to the asset class. These funds include solutions such as collective investment trusts and mutual funds. The solution also allows RIA firms to work with Voya to build more comprehensive managed account programs, offering participants who enroll in managed account programs customized and diversified allocations designed to help them achieve their retirement goals.
Voya's Advisor Managed Accounts program provides RIAs with the resources they need to deliver investment advice to retirement plan participants through a consistent, scalable user experience. Leveraging a seamless, integrated platform, Voya's AMA program makes implementation and oversight easier for RIA firms and gives advisors access to a network of recordkeepers. Since the program was introduced in 2021, Voya's AMA program now supports more than 400 plans leveraging the service.
“Our focus is to provide a no-pressure experience where plan participants get the information, guidance and advice they need to make better savings and planning decisions,” said Jason White, director of advisory services at Voya Financial. “By offering a comprehensive suite of in-plan and out-of-plan solutions, we remain focused on delivering products and programs that help financial professionals achieve their clients' future goals.”
The introduction of Primary Plus builds on Voya's growing program of advice and guidance solutions. The company recently announced the launch of Voya Pathway QDIA™, a new dual-qualified default investment alternative (QDIA) available across a variety of managed account programs within Voya-managed retirement plans. Additionally, Voya continues to focus on investing in and creating solutions that help realize more positive retirement outcomes, including through its Advisory Services program., It will provide participants in Voya-managed retirement plans with access to a broader range of advisory services and access to myVoyage, a digital platform that connects personalized financial guidance with workplace benefits.
As an industry leader focused on providing workplace benefits, savings and investment solutions, Voya is committed to its mission of enabling a secure financial future for everyone – individuals, families and institutions.
1. Voya internal data as of March 31, 2024.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth management and investment firm with approximately 9,000 employees. Voya is focused on realizing its ambitious vision: “Paving the way to financial confidence and a more fulfilling life.” Through products, solutions and technology, Voya helps 15.2 million individual, workplace and institutional clients successfully plan, invest and protect. Voya's subsidiary, Benefitfocus, a leading benefits administration provider, extends the reach of Voya's workplace benefits and savings services by engaging directly with over 12 million employees in the United States. The company is recognized as a “Great Place to Work” by Great Place to Work.® Since the Institute's founding, Voya has been purpose-driven and committed to conducting business in an economically, ethically, socially and environmentally responsible manner. Voya is recognized as one of the most ethical companies in the world.® The company is recognized by Ethisphere, a member of the Bloomberg Gender-Equality Index, and named a “Best Place to Employ People with Disabilities” by the Disability Equality Index. Learn more at voya.com. Follow Voya Financial on Facebook, Instagram and LinkedIn.
Advisor-managed accounts are offered by Morningstar Investment Management LLC and are available to citizens or legal residents of the United States or its territories. Portfolios available through advisor-managed accounts are created by investment advisors (“IAs”) selected by the plan sponsor. Morningstar Investment Management LLC, a registered investment advisor and subsidiary of Morningstar, Inc., is responsible for allocating participants' portfolios from those created by the IAs. The IAs are not affiliated with Morningstar Investment Management, and Morningstar Investment Management is not responsible for the portfolios created by the IAs. The IAs are not responsible for Morningstar Investment Management's portfolio selections or any other recommendations made by Morningstar Investment Management through advisor-managed accounts. Investment advice provided by Morningstar Investment Management is based on information provided and is limited to the investment options available in each retirement plan. Projections and other information regarding the likelihood of various retirement income and/or investment outcomes are hypothetical in nature and do not reflect actual results and are not a guarantee of future results. Results may vary with each use and over time. Morningstar Investment Management and Morningstar, Inc. are not affiliated with the Voya group of companies.
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