Voya Financial expands its Advisor Managed Accounts program with additional capabilities in alternatives and private assets - FinancialContent

Voya Financial has substantially expanded its Advisor Managed Accounts program to include alternative and private asset investment capabilities, positioning the retirement plan administrator to capture growing demand for non-traditional investments within defined contribution plans. The expansion centers on the launch of "Primary Plus," a new offering that enables third-party registered investment advisors using Voya's platform to introduce investment options beyond a plan's core investment lineup—including collective investment trusts, mutual funds, and alternative strategies focused on private equity, private credit, and private real estate.

This initiative directly addresses structural constraints in the DC retirement market. Historically, plan participants have had limited access to alternatives and private markets due to administrative, regulatory, and platform limitations. By embedding these solutions within its managed account program, Voya allows advisors to construct more sophisticated, diversified portfolios tailored to individual participant retirement goals. Andre Robinson, senior vice president of Retail Wealth Management and Advisory Solutions at Voya Financial, emphasized that the expansion responds to demonstrated participant demand for personalized financial guidance and improved investment decision-making.

Central to the expansion is Voya Investment Management's launch of multi-manager alternative CITs engineered specifically for the DC environment. These funds are designed to deliver enhanced return potential while maintaining the valuation transparency and fiduciary compliance standards required in defined contribution plans—addressing a key friction point that has historically deterred alternatives adoption in retirement platforms. The strategic partnership with Blue Owl Capital further validates the market opportunity, bringing institutional-quality private markets exposure to a new distribution channel.

The competitive and business context is significant: managed account assets within Voya's platform grew 27% year-over-year in Q1 2024, indicating strong RIA adoption and participant engagement. This growth trajectory suggests that advisors view managed accounts as a core wealth management tool and that participants increasingly recognize the value of professional asset allocation guidance. By adding alternatives and private assets to this growing base, Voya positions itself to capture higher asset flows while improving participant diversification and long-term outcomes—particularly critical as plan sponsors face pressure to enhance retirement readiness across their employee populations.