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Voya evolves suite of advice and guidance solutions with launch of new dual QDIA

Solution comes at a time when new Voya research finds 56% of working Americans plan to utilize workplace-offered advice services in 2024

Voya Financial, Inc. (NYSE: VOYA), announced today the launch of a new dual Qualified Default Investment Alternative (QDIA), the latest addition to Voya’s suite of advice and guidance solutions, which is now available across Voya’s various managed account programs within Voya-administered retirement plans. Voya’s new dual QDIA provides plan participants with more-personalized retirement investments and broader sophistication for asset allocation through a default option that evolves as participants age and as both their needs and circumstances evolve.

The new dual QDIA solution includes a default investment starting as a target-date fund (TDF), which could be a single fund, a TDF series or a set of asset allocation funds. When participants reach a certain age (generally around age 50), they are automatically transitioned to any of the managed account programs supported by Voya, including the firm’s Advisor Managed Account solutions and additional proprietary offerings. Managed accounts, which are professionally managed investment services, use a plan’s core investment menu to provide pre-retirees with individual investment advice, retirement income planning and payout strategies, and tactics that are more personalized to an individual’s needs.

“At Voya, we find that individuals nearing retirement are in need of a more holistic approach that not only supports their unique retirement goals and more-complex investment needs but also ensures that they are prepared to generate a sustainable retirement income stream,” said Andre Robinson, SVP, Retail Wealth Management and Advisory Solutions at Voya Financial. “Helping our clients gain access to managed accounts can help with these needs. At the same time, we are seeing growing interest from retirement plan participants — with total assets in Voya’s managed account solutions up 28% in 2023, compared to the year prior.1 As a result, we believe establishing a dual QDIA — one designed to address both the needs of younger accumulators and near-retirees — can serve the needs of today’s broad and diverse workforces.”

Adopting a dual QDIA and shifting pre-retiree participants from TDFs to a managed account service can offer advantages to both plan sponsors and participants. While employers can take advantage of the QDIA safe harbor regulations, which include managed accounts, they can at the same time provide their employees with a higher-touch and personalized approach to retirement planning through the managed account offering. Voya’s dual QDIA also provides ERISA 3(21) and 3(38) fiduciary​ support, with Voya Retirement Advisors (VRA) serving as the registered investment advisor. Employees will also be provided with an integrated participant experience, which — along with the power of VRA registered investment advisors and access to advice and guidance solutions — can help participants get the support they need when, where and how they want to access it. The new solution will also be available to intermediaries that currently work with Voya to support their Advisor Managed Account programs.

Providing pre-retirees with guidance, advice, planning tools and one-on-one assistance well before their retirement age can help drive better outcomes — and most individuals agree. According to new Voya research, more than half (56%) of working Americans have said they are “extremely likely” or “likely” to utilize workplace advice services (i.e., managed accounts) to better understand their overall savings picture in 2024.2

“We continue to offer managed account programs to all of our plan sponsor clients, with adoption and interest continuing to grow as we expand our solution set,” said Jason White, director, Advisory Services at Voya Financial. “We also know that education is critical to success when it comes to participant engagement. In 2023, we found participant enrollment improved 10% over the prior year,3 which was largely driven in part by the introduction of new solutions but also by targeted enrollment campaigns to help improve engagement. We are looking forward to continued success as we remain focused on building our suite of advice and guidance offerings at Voya.”

Voya offers a comprehensive suite of in-plan and out-of-plan advice and guidance solutions designed to help employees achieve their financial goals. Most recently, the firm introduced a new advisory services program providing participants in Voya-administered retirement plans with a broader scope of access to advice services. Along with that, Voya has remained focused on providing products and programs that support financial professionals in helping their clients reach their future goals, which include Voya’s advisor managed accounts advisory program and the launch of myVoyage, a personalized financial-guidance and connected workplace-benefits digital platform.

As an industry leader focused on the delivery of benefits, savings and investment solutions to and through the workplace, Voya is committed to delivering on its mission to make a secure financial future possible for all — one person, one family, one institution at a time.

1. & 3. Voya internal data reflecting time period Jan. 1–Dec. 31, 2023,

2. Voya Financial Consumer Insights & Research survey conducted Oct. 2–3, 2023, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S., featuring 467 Americans working full time or part time.

About Voya Financial®

Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company with approximately 9,000 employees who are focused on achieving Voya’s aspirational vision: Clearing your path to financial confidence and a more fulfilling life. Through products, solutions and technologies, Voya helps its 15.2 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya’s workplace benefits and savings offerings by engaging directly with over 12 million employees in the U.S. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit Follow Voya Financial on Facebook, LinkedIn and Instagram.



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