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, known as Voya WealthPath, is now obtainable to about 450 advisors affiliated with the Voya Monetary Advisors dealer/supplier. It offers a holistic view of a shopper’s monetary life with better-integrated knowledge and connections between the office and retail wants of finish clients. This contains belongings held in each retirement plans and outdoors them.
“The enhancements we’re providing by means of this new platform broaden what VFA gives to {the marketplace} and reinforce Voya’s dedication to constructing a basis for aggressive development 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, knowledge integration between purposes, new monetary planning instruments and higher monitoring of shopper interactions. These monetary planning instruments are meant for advisors and shoppers and can permit for a extra complete view of buyer belongings and holdings, and higher help for planning collaboration and ongoing monitoring of shopper targets. An organization spokesperson stated extra options and performance can be added all through 2025.
In its announcement, Voya famous that its present retail wealth administration enterprise helps $31 billion in shopper belongings, together with each in-plan and out-of-plan belongings.
These belongings may develop to greater than $90 billion within the first quarter of 2025, primarily based on Voya Monetary’s acquisition of OneAmerica Monetary’s retirement plan enterprise, introduced in September. That deal would convey greater than $60 billion in belongings underneath administration over to Voya and is predicted to shut in January 2025. Voya’s whole belongings 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 personal fairness mother or father firm, Genstar, accomplished their acquisition. On the time, Cetera introduced it had retained roughly 800 advisors and many of the belongings underneath administration ensuing from the acquisition.
