Voya Financial Financial Advisors Review

Services

Voya Financial offers IRAs, mutual funds, general investing assistance, college savings plans, health savings accounts (HSAs) and flexible spending accounts (FSAs) for individuals. While the company did at one point offer life insurance policies to individuals, it ceased doing so at the end of 2018. This is a common offering among financial services companies like Voya, so those who want their life insurance and investments all in the same place may prefer to seek out a different company. However, if you like Voya's other offerings, you could also purchase life insurance on your own and rely on Voya for retirement and investment assistance.

Employers can sign up for workplace retirement plans through Voya or sign up for employee benefits like disability insurance or term or whole life insurance through work. These resources aren't as common among financial services companies so they're worth a closer look if you're an employer trying to build or upgrade your employee benefits package.

Credentials

Voya Financial is a member of the Financial Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). These organizations regulate financial advisory firms and protect clients against unfair practices. Voya's membership with these organizations should give you confidence that you're working with a reputable company.

At least some of Voya's financial advisors are Certified Financial Planners (CFPs), but it's unclear if all of them are. Typically, advisors include these credentials after their name in search tools if they have this qualification, but only a few of Voya's advisors do so. This doesn't mean that these advisors are unqualified or inexperienced, but if you're concerned, see if you can choose an advisor who has the CFP designation.

Fee Structure

Voya's financial advisors are fee-based. This means they can earn commissions for recommending certain investment products to you, which may create a conflict of interest. That's not guaranteed to happen, but it is a possibility you should be aware if if you're interested in working with Voya Financial. Always do your own research to determine whether the investments your advisor is recommending are really the best fit for you.

This is less of a concern if your advisor is a CFP because the CFP Board imposes some fiduciary responsibilities on its members, essentially requiring them to ask in their clients' best interests if they hope to maintain their credentials.

Online Resources

Voya Financial has a number of retirement planning articles and calculators on its website for those interested in learning more about how to prepare for their futures. It also has resources to help you budget better and plan for unexpected expenses. Not everyone will be interested in these tools, but they are a nice touch that helps lend a sense of authority to the site.

Voya also has a Find a Professional tool that can help you locate the Voya financial advisor nearest you. If you already know of a Voya financial advisor you'd like to work with, you can also search that person by name. The tool gives you the person's email and phone number so you can contact them with any questions you may have.