Voya Financial Advisors (VFA) is a registered investment advisor and broker-dealer. VFA offers investment advisory services through its Investment Advisor Representatives (IARs). These services include the Voya Select Advantage Advisory IRA Program, model portfolio management (Morningstar, Voya Global Perspectives Market Models), and unified managed accounts. VFA also provides financial planning and consulting services on a one-time or annual basis. VFA's IARs help clients determine their financial situation, goals, and risk tolerance to develop suitable investment strategies. VFA may receive compensation from product sponsors, creating potential conflicts of interest.
Fee Structure
Voya Financial Advisors offers several investment management programs with fees based on a percentage of your portfolio's value. These programs include Morningstar Wealth Management, Voya Global Perspectives Market Models (GPMM), and Unified Managed Accounts (UMA). The maximum annual fee for these programs can be up to 2.75% of your portfolio. The Voya Digital Adviser (VDA) program has a maximum annual fee of 1.1%. There are also third-party money manager programs with fees ranging from 0.75% to 2.50%. Some programs have minimum account sizes. Fees are typically deducted from your account monthly or quarterly.