Voya gives advisor managed accounts more room to maneuver

The retirement fintech unveils expanded lineup of non-core investment solutions amid growing interest in managed account solutions.

Voya is giving advisors to retirement plans more room to tailor portfolios for clients with an enhancement to its managed account capabilities.

Voya Financial Inc. has introduced Primary Plus, an expanded range of non-core investment solutions within its Advisor Managed Account program. This new lineup allows third-party RIA firms using Voya’s managed account platform to offer investment options beyond a plan’s menu of core investments.

“We continue to see a growing interest in managed account solutions, with total assets increasing 27 percent since the year prior in the first quarter of 2024 alone,” Andre Robinson, senior vice president, retail wealth management and advisory solutions at Voya Financial, said in a statement.

“By helping to improve both saving and investment decisions, we know that managed account solutions can have a positive impact on a participant’s retirement outlook,” Robinson said.

In response to rising demand from advisors, Voya’s Primary Plus solution is built to help increase participants’ exposure to various asset classes with funds not specified in a plan’s core investment lineup, such as collective investment trusts or mutual funds. This enables RIA firms to develop more comprehensive managed account programs, providing diverse allocations tailored to help participants achieve their retirement goals.

With a seamless integrated platform, the AMA program at Voya empowers RIAs to distribute investment advice to retirement plan participants, simplifying implementation and monitoring for RIA firms while giving advisors access to a network of recordkeepers. Since its inception in 2021, Voya’s AMA program has grown to support over 400 plans.

“Our focus is to create a pressure-free experience where plan participants have the information, guidance or advice they need to make better savings and planning decisions,” said Jason White, director, advisory services at Voya.

The introduction of Primary Plus builds upon Voya’s expanding catalog of advice and guidance solutions. In February, it launched a dual QDIA solution, which includes a default investment starting as a target-date fund that is automatically transitioned to a managed account program.