Voya Financial is collaborating with advisor 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 about 450 advisors affiliated with the Voya Financial Advisors broker/dealer. It provides a holistic view of a client’s financial life with better-integrated data and connections between the workplace and retail needs of end customers. This includes assets held in both retirement plans and outside them.
“The enhancements we are offering through this new platform expand what VFA offers to the marketplace and reinforce Voya’s commitment to building a foundation for competitive growth across our broad scope of advisory solutions,” Voya Financial Advisors President Jonathan Reilly said in a statement.
Among the new platform’s major features are retail brokerage and advisory account opening processes, data integration between applications, new financial planning tools and better tracking of client interactions. Those financial planning tools are meant for advisors and clients and will allow for a more comprehensive view of customer assets and holdings, and better support for planning collaboration and ongoing tracking 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 both in-plan and out-of-plan assets.
Those 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 business, announced in September. That deal would bring more than $60 billion in assets under administration over to Voya and is expected to close in January 2025. Voya’s total assets under administration and management across the firm stand at $890 billion.
The rollout of WealthPath comes 3 1/2 years after Voya sold off its independent financial planning channel to Cetera Financial Group. In June 2021, Cetera and its private equity parent company, Genstar, completed their acquisition. At the time, Cetera announced it had retained approximately 800 advisors and most of the assets under administration resulting from the acquisition.
