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July 15, 2019

Voya hops on the robo-advice bandwagon

Voya Financial Advisors, the retail wealth management unit of Voya Financial, has rolled out a hybrid robo-advice platform.

Dubbed Voya Digital Adviser, the platform integrates into the existing website of an adviser.

The platform generates an account after users log in into it and replies to some questions related to investment goals as well as risk tolerance.

The minimum account requirement is $5,000.

Users can track their progress round-the-clock. Moreover, they can have access to an adviser at least every year in order to assess investments.

At the same time, clients have the ability to reposition their assets.

Voya Financial Advisors president Tom Halloran said: “While the typical direct-to-consumer digital service removes the adviser from the equation, our new platform ensures that the adviser remains integral to the process.

“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 adviser relationship.”

To explain the capacity of a hybrid advice model, Voya cited a recent research involving 467 registered representatives of Voya Financial Advisors.

Half of the advisers surveyed opined that a hybrid digital advice tool could result in a growth of up to 10% in their businesses.

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