December 07, 2016 8:17 AM ET

Capital Markets

Company Overview of Voya Financial Advisors, Inc.

Company Overview

Voya Financial Advisors, Inc. provides securities and investment advisory services to individuals, families, and business owners to design and implement financial plans. It offers investment analysis services that include identifying capital, contribution, and return requirements to help meet objectives; building cash reserves; providing information on alternatives pros/cons; and asset allocation. The company also provides risk management insurance planning services that include helping clients with game plan for disability, illness, or premature death; and reviewing current insurance. In addition, it offers retirement planning services that include dealing with lump sum distributions, proje...

909 Locust Street

Des Moines, IA 50309-3700

United States

Founded in 1968

Phone:

515-698-7300

Fax:

515-698-7886

Key Executives for Voya Financial Advisors, Inc.

Head of Advisory Business Development
Head of Brokerage Operations
Compensation as of Fiscal Year 2016.

Voya Financial Advisors, Inc. Key Developments

Voya Financial Advisors Launches New Practice Management Tool to Support Advisor Business Growth

Voya Financial, Inc. announced that its retail broker-dealer and registered investment adviser Voya Financial Advisors, Inc., has launched its Business Builder tool, the latest addition to the firm's expanding suite of practice management resources. The new tool, a data-driven modeling and forecasting system, will allow advisors to set and monitor the progress of business growth goals, helping drive overall success. With a targeted focus on offering advisors the latest in tools and training, Voya Financial Advisors (VFA) has been evolving its network in the past year while making significant investments in new resources, technology enhancements and expanded advisory programs. This has helped the firm grow annual advisory sales by 30% during 2015 and drive annual recruiting Assets under Management (AUM) up 115% through the third quarter of 2016. The Business Builder tool was designed to help advisors who serve both retail clients and those serving participants in school, government and nonprofit employer-sponsored retirement plans. The tool will assist all advisors in better managing overall practice models and in aiding the financial and retirement goals of clients. Advisors primarily benefit from the tool's ability to fit specific business models, providing a comprehensive view of overall Gross Dealer Concession (GDC), sales, and net new assets across multiple product categories, which enables a more efficient estimate of growth projections. Building on the strong network of retirement advisors who work in the Tax-Exempt Market (TEM) space, the tool also provides capabilities for adjustments to better fit the unique TEM business model. Retail-focused advisors will now also have access to an established retirement plan market to better suit their individual needs.

Financial Industry Regulatory Authority Fines Eight Firms a Total of $6.2 million for Supervisory Failures Related to Variable Annuity L-Shares

The Financial Industry Regulatory Authority announced that it has fined eight firms, including VOYA Financial Advisors, five broker-dealer subsidiaries of Cetera Financial Group, Kestra Investment Services, LLC, and FTB Advisors, Inc., a total of $6.2 million for failing to supervise sales of variable annuities (VAs). FINRA also ordered five of the firms to pay more than $6 million to customers who purchased L-share variable annuities with potentially incompatible, complex and expensive long-term minimum-income and withdrawal riders. FINRA imposed sanctions against the firms as: VOYA Financial Advisors Inc. was fined $2.75 million, Cetera Advisor Networks LLC was fined $750,000, Cetera Financial Specialists LLC was fined $350,000, First Allied Securities, Inc. was fined $950,000, Summit Brokerage Services, Inc. was fined $500,000, VSR Financial Services, Inc. was fined $400,000, Kestra Investment Services, LLC was fined $475,000 and FTB Advisors, Inc. was fined $250,000. FINRA ordered the firms to pay the to investors as: Voya was ordered to pay at least $1.8 million to customers in this category and Cetera Advisors Networks, First Allied, Summit Brokerage Services and VSR were collectively ordered to pay customers at least $4.5 million. The L-share VAs at the heart of this action are complex investment products combining insurance and security features designed for short-term investors willing to pay higher fees in exchange for shorter surrender periods. L-shares also had the potential to pay greater compensation to the firms and registered representatives than more traditional share classes. Each of the firms in this action lacked an adequate system to supervise variable annuities with multiple share classes, and failed to provide its registered representatives and principals with reasonable guidance regarding the narrow class of customers for whom the costs and features of L-share variable annuities were suitable. These failures were compounded by the fact that the short-surrender L-Shares were often sold with complex and expensive guaranteed income and withdrawal riders that provided benefits only over longer holding periods. These actions also included additional violations by Voya, Cetera Advisors Networks, Cetera Financial Specialists and VSR for failure to monitor rates of variable annuity exchanges at their respective firms.

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