New Voya Financial Research Highlights Expanding Role Advisors Can Play to Support Small Businesses Beyond Retirement Plans

More than 9-in-10 owners would find greater value from plan advisors who can help with employee retention, executive compensation, and other business challenges

WINDSOR, Conn.--(BUSINESS WIRE)--As communities across the country prepare to celebrate our nation’s 250^th anniversary, new research from Voya Financial, Inc. (NYSE: VOYA) reinforces both the enduring importance of small businesses and the opportunity that owners and the advisors who support them have to improve the long-term viability of those businesses.

The research finds that 88% of Americans would be disappointed to lose a favorite local business¹. Meanwhile, 77% were unsure if that business would still be around in five to ten years. This underscores the vital role that main street businesses play in building and sustaining strong local identity and carrying forward the community spirit that has long defined the nation.

“At a time when we’re reflecting on the spirit of American enterprise that built this country, small businesses remain central to our communities,” said Amy Vaillancourt, president of Retirement, Voya Financial. “What’s changing is that more owners are looking beyond day-to-day operations and traditional retirement plan support – and turning to trusted advisors to help sustain and grow their businesses for the long term while expanding access to the financial plans, benefits and guidance that enable employees to build more confident, secure futures.”

Growing Opportunity for Small Business Owners – and the Advisors Who Support Them

Voya’s research shows that business owners are increasingly focused on benefits challenges that extend beyond basic retirement plan decisions. Conversations are expanding into topics such as workforce strategy and retention, succession planning, fiduciary oversight, administrative efficiency, tax-efficient benefit solutions, and managing long-term financial obligations.

These trends are also reshaping the role and expectations of advisors, as small business owners are interested in guidance from those who can deliver broader value²:

• 95% agree their advisor should be able to help employees save beyond plan limits.
• 92% agree their advisor should be equipped to help with employee retention.
• 91% find an advisor who offers guidance on executive compensation more valuable.
• 69% agree their advisor should be able to help with tax-efficient ownership transitions.

“Many owners and advisors begin with a retirement plan discussion, but find it quickly evolves,” added Vaillancourt. “Business owners are looking for guidance that connects their people strategy, financial strategy and long-term vision for the business.”

Benefits and Planning as a Foundation for Business Strength and Customer Loyalty

Much of this demand is driven by consumers, who are clear about what it takes to earn their loyalty – consistent quality, strong local ties, stable workforce and investment in the community¹:

• 42% say keeping service and quality consistent is their top priority.
• 70% agree they would more likely support a business that enables employee ownership.
• 86% say it’s important that profits from local businesses stay in the community.

For advisors, these dynamics are fueling more strategic conversations about how to strengthen continuity, retain key employees, and protect long-term business value, with solutions such as:

• Employee Stock Ownership Plans (ESOPs), which can create ownership pathways that help preserve culture, retain talent and keep businesses rooted locally.
• Non-qualified deferred compensation plans, which help support retention of key leaders in addition to traditional qualified plans.
• Corporate-owned life insurance (COLI), which can help fund long-term benefit obligations in a tax-efficient way.
• Simplified retirement plan solutions, that may help reduce administrative complexity and enable business owners to focus more on running their organizations.

Voya’s research highlights an opportunity to help small businesses take a more proactive, integrated approach – connecting retirement, benefits, workforce strategy and long-term goals. Voya works with business owners and advisors nationwide to put these strategies into action, supporting ownership transitions, talent retention and benefit solutions that strengthen employees, customers and local communities. Learn more at the Voya Small Business Resource Center. 

1. Voya Customer Insights & Research survey conducted May 8-11, 2026, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S.
2. Voya Customer Insights & Research survey conducted May 5-12, 2026, with Morning Consult among 201 small business owners in the U.S. who currently offer a retirement plan, 116 working with a retirement plan advisor and 84 without.

About Voya Financial^®
Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for individual, workplace and institutional clients, supporting more than 18 million customer relationships. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya fosters a culture that values customer centricity, integrity, accountability, agility and inclusivity. Together with customers and partners, Voya employees fight for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on LinkedIn, Facebook and Instagram.

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