How Voya is Equipping Advisors to Target 401(k) Business
Voya Financial has partnered with the Retirement Plan Advisory Group to allow its network of around 2,000 financial advisors access to a suite of tools for managing 401(k) plans, according to a press release from Voya.
Voya wants its advisors to be able to compete for 401(k) business, given that 70% of 401(k) plans employed an independent investment advisor in 2016, according to a survey of 590 plans by Plan Sponsor Council of America cited by Voya.
“In today’s dynamic environment, advisors must always be thinking about how to evolve their practice to support the changing landscape,” Tom Halloran, president of Voya Financial Advisors, says in the press release. “We want to become one of the easiest wealth management firms for our advisors to do business with, and this new solution is just one example of the value we can deliver.”
The RPAG platform offers sales and marketing support, tools for benchmarking fees, plan design, financial wellness programs and fund monitoring, according to the press release. In addition, the platform incorporates fiduciary education, Voya says.
“There are often gaps between plan sponsors and plan fiduciaries when it comes to understanding fiduciary roles and responsibilities,” J.R. Phillips, a Des Moines, Iowa-based advisor affiliated with Voya, says in the press release.
“One of the benefits of these new resources is the ability to offer plan sponsors fiduciary education through a library of educational modules. This is a great way for me to build trust and develop longer-term relationships with my clients.”