Portfolio

Voya Offers New Lending Program to its Retail Wealth Management Clients

Investors can now access Investment Credit Line solution through BNY Mellon

Voya Financial, Inc. (NYSE: VOYA), announced today that its retail wealth management firm, Voya Financial Advisors, Inc. (VFA), is offering its network of approximately 2,000 financial advisors and their clients the Investment Credit Line (ICL) solution. Through the service, a BNY Mellon Private Banking offering made available through BNY Mellon’s Pershing, VFA advisors can further support clients with their holistic financial planning needs. The new offering provides access to a flexible line of credit for life events such as education, home loans or long-term care, among many other needs. With a targeted focus on providing the latest industry-leading services to its advisors, VFA has been making significant investments in new resources, technology enhancements and client-oriented solutions.

“There are times when clients might be looking for access to a credit line for a variety of needs. This could include buying a home, helping their child get through college or funding an unexpected health care expense,” said Tom Halloran, president of Voya Financial Advisors. “With the Investment Credit Line offering, we are helping our advisors expand client relationships and demonstrate their value, which ultimately makes it easier to run and grow a successful business.”

May include lower rates than standard bank loans

As a potentially attractive offering for the independent broker-dealer market, Voya and BNY Mellon worked closely to develop the customized service. Clients can benefit from competitive account balance minimums as well as LIBOR-based pricing, which may include lower rates than standard bank loans or credit card advances. The service also allows advisors to work through one network, requires minimal account administration and is backed by a dedicated support team at BNY Mellon’s Pershing.

we are helping our advisors expand client relationships and demonstrate their value, which ultimately makes it easier to run and grow a successful business

In addition to funding major life expenses or needs, the ICL service can also benefit clients by avoiding having to sell their securities. This may minimize the potential for capital gains tax exposure while helping keep their long-term investment strategies intact.

“As firms have become more complex, BNY Mellon’s Pershing has risen to the challenge of anticipating and meeting their needs” said Mike Row, chief relationship officer at Pershing. “This ICL solution is just one example of how we leverage our scale and platform to offer a comprehensive set of enterprise-wide solutions, which in turn, helps our clients to deliver the greatest amount of value and address investors’ unique financial needs.”

This latest solution builds upon a series of resources and value-added services that VFA has been rolling out to its advisor network. Most recently, the firm launched advisor texting capabilities to enhance client communications and introduced an expanded social media program, providing greater access to customized and distinctive content.

Voya Financial Advisors is a top-tier retail wealth management firm focused on helping advance the retirement readiness and financial security needs of all Americans. For more information, visit voyafa.com.