BNY Mellon Investment Management and Wilshire Expand Access to BNY Mellon Custom Target Date Builder(SM) for Advisors with Voya Financial to Serve as First Recordkeeper

Rhea-AI Summary

BNY Mellon Investment Management, with $2.3 trillion in assets, announced that Voya Financial will be the first recordkeeper to support its Custom Target Date Builder (CTDB) solution, enhancing access to customizable retirement portfolios for advisors. Launched in December 2020, CTDB allows advisors to offer custom retirement solutions across various plan sizes. Andy Provencher of BNY Mellon and Jeff Cimini of Voya emphasize the importance of this collaboration for improving retirement outcomes.

Positive

• Voya Financial support for CTDB enhances advisory services.
• CTDB offers customizable retirement solutions, appealing to a broader market.

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• None.

NEW YORK, Sept. 17, 2021 /PRNewswire/ -- BNY Mellon Investment Management, one of the world's largest asset managers with $2.3 trillion in assets under management¹, in partnership with Wilshire, a diversified global financial services firm and leading provider of investment consulting services, today announced expanded access to its BNY Mellon Custom Target Date Builder^SM (CTDB), with Voya Financial becoming the first recordkeeper to support the solution. The CTDB is a new advisor solution that provides more choice to the target date business, with custom retirement portfolio modeling tools typically only available to the world's largest institutions.  

"As we expand access to our CTDB offering, we are delighted that Voya, a top-tier recordkeeping firm, will be supporting this advisor solution," said Andy Provencher, head of North America Distribution, BNY Mellon Investment Management. "Voya's platform is a great choice for our CTDB offering as its advisor-friendly, open architecture platform enables retirement specialists to build plan level custom target date solutions in an efficient and bespoke manner for retirement plans of all sizes."

Customization in target date funds has been popular in the mega plan DC market for years, and the BNY Mellon CTDB solution now provides retirement advisors with imbedded glidepath and model management and the ability to leverage their own research and intellectual capital.  Launched in December 2020, BNY Mellon's CTBD solution allows advisors to provide plan sponsors and their plan participants with a unique level of customization and scalability through the open architecture offering now available through Voya's recordkeeping platform.

"At Voya, we continue to see client and advisor interest in our offerings, capabilities and resources, and we are delighted to be the first recordkeeper to support the CTBD," said Jeff Cimini, senior vice president, retirement product management at Voya Financial. "We remain focused on providing the products and programs that we know will support the financial professionals we work with to help their clients reach their future goals. Using the technologies already in place in our systems today, CTDB provides a new opportunity for advisors to implement their own strategies, ultimately helping to facilitate better retirement outcomes." 

This month, the BNY Mellon Investment Management DC sales team was pleased to have the opportunity to engage with advisors face-to-face at the NAPA 401(k) Summit, the premiere industry event for advisors and the first major in-person conference in nearly two years, where BNY Mellon Investment Management was proud to support NAPA's Top Women Advisors at this year's event and attendees were able to view a demo of the CTBD solution and meet with Wilshire and Voya partners.  

To learn more about the BNY Mellon Custom Target Date Builder, please visit our website at im.bnymellon.com/ctdb.  

About BNY Mellon Investment Management
BNY Mellon Investment Management is one of the world's largest asset managers, with $2.3 trillion in assets under management as of June 30, 2021. Through an investor-first approach, BNY Mellon Investment Management brings to clients the best of both worlds: specialist expertise from eight investment firms offering solutions across every major asset class, backed by the strength, stability, and global presence of BNY Mellon. Additional information on BNY Mellon Investment Management is available on www.bnymellonim.com.

BNY Mellon Investment Management is a division of BNY Mellon, which has $45.0 trillion in assets under custody and/or administration as of June 30, 2021. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

About Wilshire
Wilshire Advisors LLC is a leading global financial services firm, dedicated to improving outcomes for investors worldwide. An independent firm since its founding in 1972, Wilshire advises on $1.3 trillion in assets of which approximately $87 billion is assets under management. Specializing in innovative investment solutions, consulting services and multi-asset analytics, Wilshire serves more than 500 institutional and intermediary clients worldwide from 10 offices around the globe. For more information about Wilshire, visit www.wilshire.com or follow @WilshireAssoc.

About Voya Financial^®
Voya Financial, Inc. (NYSE: VOYA), provides health, wealth and investment solutions that enable its approximately 14.8 million individual, workplace and institutional clients to achieve their financial wellness goals with confidence. With a vision to be America's Retirement Company®, Voya's products, solutions and digital capabilities help create a better financial future for all. Voya is a Fortune 500 company that had $7.6 billion in revenue in 2020 and $721 billion in total assets under management and administration as of June 30, 2021. 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 a 2020 World's Most Admired Company by Fortune magazine; one of the 2020 World's Most Ethical Companies® by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and as a "Best Place to Work for Disability Inclusion" on the Disability Equality Index by Disability:IN. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.

Media Contacts:

BNY Mellon Investment Management
Jessica Rutledge
917.683.6820 
Jessica.rutledge@bnymellon.com 

Voya Financial
Laura Maulucci          
Office: (860) 580-1278          
Cell: (508) 353-6913  
Laura.Maulucci@voya.com

Wilshire Associates
Lisa Herbert
+1 310 728 5341
lherbert@wilshire.com

All investments involve some level of risk, including loss of principal. Certain investments have specific or unique risks.

An investment in a target date strategy does not eliminate the need for an investor to determine whether a strategy is appropriate for their specific financial situation. An investment in a strategy is not guaranteed. Investors may experience losses, including losses near, at, or after the target date, and there is no guarantee that a strategy will provide adequate income at and through retirement.

BNY Mellon, Wilshire Associates and Voya Financial are not affiliated entities. BNY Mellon accepts no responsibility for content on any third-party sites or for the services provided.

The BNY Mellon Custom Target Date Builder is distributed by BNY Mellon Securities Corporation, a registered broker-dealer. BNY Mellon Securities Corporation does not provide investment advice and is not a fiduciary for the program.

This press release is qualified for issuance in the U.S. only and is for informational purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Investment Management to members of the financial press and media and the information contained herein should not be construed as investment advice.

¹ As of June 30, 2021.

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SOURCE BNY Mellon Investment Management

FAQ

What is BNY Mellon's Custom Target Date Builder (CTDB)?

CTDB is an advisor solution that provides customizable retirement portfolio modeling tools.

When did BNY Mellon launch the Custom Target Date Builder?

BNY Mellon launched the Custom Target Date Builder in December 2020.

What partnership was announced on September 17, 2021?

BNY Mellon announced that Voya Financial will be the first recordkeeper to support its Custom Target Date Builder.

How much assets does BNY Mellon manage?

BNY Mellon manages approximately $2.3 trillion in assets.

What impact does Voya's support have on advisors?

It allows advisors to implement custom strategies efficiently, improving retirement outcomes for clients.