Voya Launches Robo-Advice Platform

Voya Financial Advisors Inc., retail wealth management arm of Voya Financial Inc., has launched a new hybrid digital advice platform for its network of advisors and their clients called the Voya Digital Adviser.

“While the typical direct-to-consumer digital service removes the advisor from the equation, our new platform ensures that the advisor remains integral to the process,” said Tom Halloran, president of Voya Financial Advisors. “This enables a client to receive the best of both worlds — access to self-directed investment advice model portfolios, along with the value and expertise of a personal advisor relationship.”

Research from Voya noted that more than half of the advisors in a recent poll believed that a hybrid digital advice tool could help grow their businesses by up to 10 percent. Many also confirmed that such a tool could complement their current service offering by making it easier to access important client information and reach younger or less affluent investors.

The digital adviser platform has a minimum requirement of $5,000 to fund an account. After logging into the platform from their advisor’s website, the client answers a set of questions to identify his or her investment goals and risk tolerance. The platform then generates an account for the client to fund with 24/7 access to view and manage their progress, while meeting at least annually with an advisor to review investments.

Voya Financial serves approximately 13.8 million individual and institutional customers in the United States and had $547 billion in total assets under management and administration as of March 31, 2019. Voya Financial Advisors approximately 1,700 advisors.

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