Voya Financial Advisors, the retail wealth management arm of Voya Financial, is launching a new digital advice platform to support its advisors and retail clients, according to an announcement. Called Voya Digital Adviser, the application provides investors with automated, fee-based portfolios managed by the firm.
Although the new application is software-based and automated, Voya emphasized that it doesn’t want to cut human advisors out of the wealth management equation. “Our new platform ensures that the advisor remains integral to the process,” said Tom Halloran, president of Voya Financial Advisors, in a statement. “This enables a client to receive the best of both worlds — access to self-directed investment advice model portfolios, along with the value and expertise of a personal advisor relationship.”
“We are listening carefully to what our advisors need to grow successfully,” added Andre Robinson, head of advisory solutions in Halloran’s division.
Voya advisors will be able to use the technology as a form of lead generation, Robinson later clarified, which is why the automated investing platform is not being provided directly to consumers. "Advisors will be able to place this technology directly on their websites—thereby making it available to all consumers interested in working with them," he said. The tool incorporates components of Envestnet's rebalancing software and its design elements are used in the robo. The "vast majority," however, of the tool was developed in-house, according to Robinson.
The new application requires investors to input their risk tolerance and goals, basic elements of an automated investing platform. In addition, it provides automatic rebalancing for investors, who must meet an account minimum of $5,000. Investors will also have at least one meeting per year with an advisor, according to the announcement.