Voya Financial is partnering with advisory technology provider Orion on a new enhanced platform for advisors affiliated with its Voya Financial Advisors business.
The platform, called Voya WealthPath, is now available to approximately 450 advisors affiliated with broker/dealer Voya Financial Advisors. It provides a holistic view of a customer's financial life with more integrated data and connections between the workplace and retail customer needs. This includes assets held both in and outside of retirement plans.
“The enhancements we are delivering through this new platform expand what VFA offers to the market and reinforce Voya's commitment to building a foundation for competitive growth across our broad range of advisory solutions,” said the president of the financial advisors of Voya in a statement. Voya, Jonathan Reilly.
Among the key features of the new platform are retail brokerage and advisory account opening processes, data integration between applications, new financial planning tools and better tracking of client interactions. These financial planning tools are intended for advisors and clients and will allow for a more comprehensive view of clients' assets and holdings, and better support for collaborative planning and ongoing pursuit of client goals. A company spokesperson said additional features and functionality will be added throughout 2025.
In its announcement, Voya noted that its current retail wealth management business supports $31 billion in client assets, including on- and off-plan assets.
These assets could grow to more than $90 billion in the first quarter of 2025, based on Voya Financial's acquisition of OneAmerica Financial's retirement plan businessannounced in September. This deal would bring more than $60 billion in assets under management to Voya and is expected to close in January 2025. Voya's total assets under administration and management across the firm are $890 billion.
The emergence of WealthPath comes 3 1/2 years after Voya sold its independent financial planning channel to Cetera Financial Group. IN June 2021, Cetera and its private equity parent, Genstar, completed their acquisition. At the time, Cetera announced that it had retained approximately 800 advisors and most of the assets under management resulting from the acquisition.