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.
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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.
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By GlobalDataVoya 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.
