Voya Financial has introduced an advisory-based version of its Select Advantage IRA, a commission-based account currently offered by the firm. The new account structure will be available to advisors at Voya’s independent broker/dealer and RIA, and is meant to help them comply with the Department of Labor’s fiduciary rule.
The new Voya Select Advantage Advisory IRA is a mutual fund custodial account, and clients can get access through a financial advisor—affiliated with Voya or not.
“In an effort to proactively adapt to the DOL's new fiduciary rule, Voya designed an advisory version to give advisors more choice and options when working with their clients,” the firm said in a statement. “This is the first time Voya's Annuities and Individual Life businesses have introduced an advisory model to its mutual fund portfolio.”
Advisors can choose from 90 individual mutual funds. They can also make changes to clients’ investment options without triggering transaction charges. The account also features dollar-cost averaging and auto-rebalancing at no additional costs.