Voya Financial Advisors has expanded its advisory program by launching a hybrid registered investment advisory (RIA) platform.
Financial advisors operating under the hybrid RIA model can offer advisory-based services and solutions to clients as an independent RIA, while keeping their traditional brokerage business and registration with Voya Financial Advisors.
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This model enables advisors to operate their own RIA firm for fee-based business and simultaneously leverage a broker-dealer for commission-based products.
As an independent RIA, advisors can also offer a wider range of advice and guidance solutions in order to design a holistic, personalized financial plan to meet their clients’ needs.
Under the hybrid RIA model, advisors will get access to a wide range of Voya’s technology resources, including the Voya WealthSolutions platform for managing fee-based business.
Voya Financial Advisors president Tom Halloran said: "Giving sophisticated advisors the ability to operate as an independent RIA helps them deliver a broader suite of client services and, ultimately build a more well-rounded practice."
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By GlobalDataVoya Financial Advisors’ advisory business grew to $9.92bn in 2014, an increase of 25% compared to the previous year.
