BNY Mellon Investment Management and its partner Wilshire have expanded access to a new advisor solution, dubbed BNY Mellon Custom Target Date Builder (CTDB).
Voya Financial will act as the first recordkeeper supporting the solution, which launched in December last year.
The new solution offers additional choices to the target date business and custom retirement portfolio modelling tools. These tools are usually available for large institutions globally.
BNY Mellon Investment Management head of North America Distribution Andy Provencher said: “As we expand access to our CTDB offering, we are delighted that Voya, a top-tier recordkeeping firm, will be supporting this advisor solution.
“Voya’s platform is a great choice for our CTDB offering as its advisor-friendly, open architecture platform enables retirement specialists to build plan level custom target date solutions in an efficient and bespoke manner for retirement plans of all sizes.”
With the new solution, retirement advisors can use their research and intellectual capital. CTDB also provides them with model management.
The solution enables advisors to deliver customisation and scalability to plan sponsors and their plan participants. This is made possible via the open architecture offering now accessible through the recordkeeping platform of Voya.
Voya Financial senior vice president of retirement product management Jeff Cimini said: “At Voya, we continue to see client and advisor interest in our offerings, capabilities and resources, and we are delighted to be the first recordkeeper to support the CTBD.
“Using the technologies already in place in our systems today, CTDB provides a new opportunity for advisors to implement their own strategies, ultimately helping to facilitate better retirement outcomes.”
Last month, BNY Mellon in alliance with SNB Capital launched global securities services capabilities for institutional and large asset owners based in Saudi Arabia.