WINDSOR, Conn.--(BUSINESS WIRE)--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.”
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.
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.
About Voya Financial®
Voya Financial, Inc. (NYSE:VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 14.7 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.6 billion in revenue in 2017. The company had $541 billion in total assets under management and administration as of March 31, 2018. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the 2018 World’s Most Ethical Companies® by the Ethisphere Institute, one of the 2018 World’s Most Admired Companies by Fortune magazine and one of the Top Green Companies in the U.S. by Newsweek magazine. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
About BNY Mellon’s Pershing
BNY Mellon’s Pershing and its affiliates provide advisors, broker-dealers, family offices, hedge fund and ’40 Act fund managers, registered investment advisor firms and wealth managers with a broad suite of global financial business solutions. Many of the world’s most sophisticated and successful financial services firms rely on Pershing for clearing and custody, investment and retirement solutions, technology, enterprise data management, trading services, prime brokerage and business consulting. Pershing helps clients improve profitability and drive growth, create capacity and efficiency, attract and retain talent, and manage risk and regulation. With a network of 23 offices worldwide, Pershing provides business-to-business solutions to clients representing approximately 7 million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. Additional information is available on pershing.com, or follow us on Twitter @Pershing.
Credit services, which are subject to credit approval, are provided by BNY Mellon N.A., a wholly owned subsidiary of The Bank of New York Mellon Corporation. Member FDIC.