Voya Financial completes sale of independent financial planning channel

Rhea-AI Summary

Voya Financial, Inc. (NYSE: VOYA) has completed the sale of its independent financial planning channel, Voya Financial Advisors (VFA), to Cetera Financial Group. This transaction involves over 800 independent financial professionals joining Cetera, while around 600 professionals will remain with VFA to support Voya's workplace businesses. Voya gained over $300 million in deployable proceeds from this sale. CEO Rodney O. Martin, Jr. emphasized this strategic move aligns with Voya's focus on advancing client support through workplace solutions.

Positive

• Sale of VFA generates over $300 million in proceeds.
• Focus on advancing workplace-centered business model.
• Retained 600 professionals to support current clients.

Negative

• None.

Voya Financial, Inc. (NYSE: VOYA), announced today that it has completed the sale of Voya Financial Advisors’ (VFA) independent financial planning channel to Cetera Financial Group, Inc. (Cetera). More than 800 independent financial professionals serving retail customers have become part of Cetera, while approximately 600 field and phone-based financial professionals will remain with VFA to continue to support Voya’s workplace businesses and clients. The transaction has provided Voya with over $300 million in deployable proceeds.

“With the completion of this transaction, we are well positioned to advance our strategy and meet our clients’ health and wealth needs through the workplace — this includes providing financial planning support that is closely aligned with the workplace and supporting large to small employers across all market segments and their millions of employees,” said Rodney O. Martin, Jr, chairman and chief executive officer, Voya Financial. “As we continue to reinvest in our workplace-centered business model, we are equally excited for those who are transitioning to Cetera and wish the very best to our colleagues.”

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 $729 billion in total assets under management and administration as of March 31, 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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210609005791/en/

FAQ

What was Voya Financial's recent transaction involving VFA?

Voya Financial sold its independent financial planning channel, VFA, to Cetera Financial Group, involving over 800 professionals.

How much did Voya Financial gain from the sale of VFA?

Voya Financial gained over $300 million in deployable proceeds from the sale.

How will Voya Financial's business model change after the sale?

Post-sale, Voya Financial will focus on enhancing its workplace-centered business model while retaining around 600 professionals.

Which company acquired Voya Financial Advisors?

Cetera Financial Group acquired Voya Financial Advisors through this recent transaction.