Voya evolves suite of advice and guidance solutions with launch of new dual QDIA
08 Febbraio 2024 - 3:00PM
Business Wire
Solution comes at a time when new Voya research finds 56% of
working Americans plan to utilize workplace-offered advice services
in 2024
Voya Financial, Inc. (NYSE: VOYA), announced today the launch of
a new dual Qualified Default Investment Alternative (QDIA), the
latest addition to Voya’s suite of advice and guidance solutions,
which is now available across Voya’s various managed account
programs within Voya-administered retirement plans. Voya’s new dual
QDIA provides plan participants with more-personalized retirement
investments and broader sophistication for asset allocation through
a default option that evolves as participants age and as both their
needs and circumstances evolve.
The new dual QDIA solution includes a default investment
starting as a target-date fund (TDF), which could be a single fund,
a TDF series or a set of asset allocation funds. When participants
reach a certain age (generally around age 50), they are
automatically transitioned to any of the managed account programs
supported by Voya, including the firm’s Advisor Managed Account
solutions and additional proprietary offerings. Managed accounts,
which are professionally managed investment services, use a plan’s
core investment menu to provide pre-retirees with individual
investment advice, retirement income planning and payout
strategies, and tactics that are more personalized to an
individual’s needs.
“At Voya, we find that individuals nearing retirement are in
need of a more holistic approach that not only supports their
unique retirement goals and more-complex investment needs but also
ensures that they are prepared to generate a sustainable retirement
income stream,” said Andre Robinson, SVP, Retail Wealth Management
and Advisory Solutions at Voya Financial. “Helping our clients gain
access to managed accounts can help with these needs. At the same
time, we are seeing growing interest from retirement plan
participants — with total assets in Voya’s managed account
solutions up 28% in 2023, compared to the year prior.1 As a result,
we believe establishing a dual QDIA — one designed to address both
the needs of younger accumulators and near-retirees — can serve the
needs of today’s broad and diverse workforces.”
Adopting a dual QDIA and shifting pre-retiree participants from
TDFs to a managed account service can offer advantages to both plan
sponsors and participants. While employers can take advantage of
the QDIA safe harbor regulations, which include managed accounts,
they can at the same time provide their employees with a
higher-touch and personalized approach to retirement planning
through the managed account offering. Voya’s dual QDIA also
provides ERISA 3(21) and 3(38) fiduciary support, with Voya
Retirement Advisors (VRA) serving as the registered investment
advisor. Employees will also be provided with an integrated
participant experience, which — along with the power of VRA
registered investment advisors and access to advice and guidance
solutions — can help participants get the support they need when,
where and how they want to access it. The new solution will also be
available to intermediaries that currently work with Voya to
support their Advisor Managed Account programs.
Providing pre-retirees with guidance, advice, planning tools and
one-on-one assistance well before their retirement age can help
drive better outcomes — and most individuals agree. According to
new Voya research, more than half (56%) of working Americans have
said they are “extremely likely” or “likely” to utilize workplace
advice services (i.e., managed accounts) to better understand their
overall savings picture in 2024.2
“We continue to offer managed account programs to all of our
plan sponsor clients, with adoption and interest continuing to grow
as we expand our solution set,” said Jason White, director,
Advisory Services at Voya Financial. “We also know that education
is critical to success when it comes to participant engagement. In
2023, we found participant enrollment improved 10% over the prior
year,3 which was largely driven in part by the introduction of new
solutions but also by targeted enrollment campaigns to help improve
engagement. We are looking forward to continued success as we
remain focused on building our suite of advice and guidance
offerings at Voya.”
Voya offers a comprehensive suite of in-plan and out-of-plan
advice and guidance solutions designed to help employees achieve
their financial goals. Most recently, the firm introduced a new
advisory services program providing participants in
Voya-administered retirement plans with a broader scope of access
to advice services. Along with that, Voya has remained focused on
providing products and programs that support financial
professionals in helping their clients reach their future goals,
which include Voya’s advisor managed accounts advisory program and
the launch of myVoyage, a personalized financial-guidance and
connected workplace-benefits digital platform.
As an industry leader focused on the delivery of benefits,
savings and investment solutions to and through the workplace, Voya
is committed to delivering on its mission to make a secure
financial future possible for all — one person, one family, one
institution at a time.
1. & 3. Voya internal data reflecting
time period Jan. 1–Dec. 31, 2023,
2. Voya Financial Consumer Insights &
Research survey conducted Oct. 2–3, 2023, on the Ipsos eNation
omnibus online platform among 1,005 adults aged 18+ in the U.S.,
featuring 467 Americans working full time or part time.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth
and investment company with approximately 9,000 employees who are
focused on achieving Voya’s aspirational vision: Clearing your path
to financial confidence and a more fulfilling life. Through
products, solutions and technologies, Voya helps its 15.2 million
individual, workplace and institutional clients become well
planned, well invested and well protected. Benefitfocus, a Voya
company and a leading benefits administration provider, extends the
reach of Voya’s workplace benefits and savings offerings by
engaging directly with over 12 million employees in the U.S.
Certified as a “Great Place to Work” by the Great Place to Work®
Institute, Voya is purpose-driven and committed to conducting
business in a way that is economically, ethically, socially and
environmentally responsible. Voya has earned recognition as: one of
the World’s Most Ethical Companies® by Ethisphere; a member of the
Bloomberg Gender-Equality Index; and a “Best Place to Work for
Disability Inclusion” on the Disability Equality Index. For more
information, visit voya.com. Follow Voya Financial on Facebook,
LinkedIn and Instagram.
VOYA-RET
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Media Contact: Laura Maulucci Voya Financial (508)
353-6913 Laura.Maulucci@voya.com
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