Voya Monetary is collaborating with advisor expertise supplier Orion on a brand new enhanced platform for advisors affiliated with its Voya Monetary Advisors enterprise.
The platform, referred to as Voya WealthPath, is now accessible to about 450 advisors affiliated with the Voya Monetary Advisors dealer/seller. It supplies a holistic view of a shopper’s monetary life with better-integrated information and connections between the office and retail wants of finish prospects. This contains property held in each retirement plans and out of doors them.
“The enhancements we’re providing by way of this new platform increase what VFA gives to {the marketplace} and reinforce Voya’s dedication to constructing a basis for aggressive progress throughout our broad scope of advisory options,” Voya Monetary Advisors President Jonathan Reilly stated in a press release.
Among the many new platform’s main options are retail brokerage and advisory account opening processes, information integration between functions, new monetary planning instruments and higher monitoring of shopper interactions. These monetary planning instruments are meant for advisors and shoppers and can enable for a extra complete view of buyer property and holdings, and higher assist for planning collaboration and ongoing monitoring of shopper objectives. An organization spokesperson stated further options and performance will probably be added all through 2025.
In its announcement, Voya famous that its present retail wealth administration enterprise helps $31 billion in shopper property, together with each in-plan and out-of-plan property.
These property may develop to greater than $90 billion within the first quarter of 2025, primarily based on Voya Financial’s acquisition of OneAmerica Financial’s retirement plan business, introduced in September. That deal would deliver greater than $60 billion in property underneath administration over to Voya and is predicted to shut in January 2025. Voya’s whole property underneath administration and administration throughout the agency stand at $890 billion.
The rollout of WealthPath comes 3 1/2 years after Voya offered off its impartial monetary planning channel to Cetera Monetary Group. In June 2021, Cetera and its private equity parent company, Genstar, completed their acquisition. On the time, Cetera introduced it had retained roughly 800 advisors and a lot of the property underneath administration ensuing from the acquisition.
