US-based Voya Financial Advisors has expanded its suite of practice management resources by introducing Business Builder tool, a data-driven modeling and forecasting system.

The practice management offering will allow advisors to set and monitor the progress of business growth plans. It will also help them in managing overall practice models and in aiding the financial and customers retirement goals.

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Business Builder is developed to help advisors serving both retail clients as well as those serving plan participants in school, government and nonprofit employer-sponsored retirement.

The tool is built to fit specific business models, and provides a comprehensive view of overall Gross Dealer Concession (GDC), sales, and net new assets across multiple product categories. It is also built to better fit the Tax-Exempt Market (TEM) business models.

Voya Financial Advisors president Tom Halloran said: "As the financial planning landscape continues to adapt to new regulation and the retirement needs of Americans, it's more important than ever before for firms to support the business growth of its advisors.

"At Voya Financial Advisors, we are constantly looking at greater resources and tools to strengthen those efforts, such as our new Business Builder tool.

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“By investing in the most current and relevant practice management offerings, we are helping advisors run their businesses more effectively and efficiently, which means they can better serve the holistic retirement needs of their clients," Halloran added.

Earlier in 2016, the firm launched content repository that provides advisors with access to numerous online tools, webinar content, newsletters, discussion groups, and a large network of expert partners and contributors. It also enhanced social media program, allowing advisors to create customized content.