Voya declares settlement for 900 unbiased monetary professionals to transition to Cetera.
600 Voya subject and phone-based monetary professionals — who present steerage, recommendation and monetary wellness options to Voya’s plan sponsor shoppers and plan contributors — stay with Voya.
Voya expects over $300 million in deployable proceeds following shut of transaction with Cetera.
Voya Monetary, Inc. (NYSE: VOYA), introduced at the moment that it has entered right into a definitive settlement with Cetera Monetary Group, Inc. (Cetera), one of many nation’s largest networks of independently managed broker-dealers, for Cetera to accumulate the unbiased monetary planning channel of Voya Monetary Advisors (VFA), Voya’s registered funding advisor and broker-dealer. By means of the transaction, roughly 900 unbiased monetary professionals serving retail prospects with roughly $40 billion in belongings will turn out to be a part of Cetera.
The VFA authorized entity and roughly 600 subject and phone-based monetary professionals who assist Voya’s Retirement enterprise and shoppers will stay with Voya. These people present steerage, recommendation and monetary wellness options to Voya’s plan sponsor shoppers and their plan contributors and are core to Voya’s office technique. Particularly, Voya’s subject and phone-based monetary professionals assist Voya’s prospects meet their evolving wants with each in-person monetary planning in addition to Voya’s award-winning digital monetary wellness instruments to supply extra personalised planning for employers and their staff.
The transaction displays Voya’s elevated deal with institutional shoppers and monetary planning assist that’s intently aligned with the worksite, from massive to small employers throughout all market segments and their thousands and thousands of staff throughout the U.S.
“At Voya, we’re dedicated to serving to thousands and thousands of Individuals enhance their monetary well-being by supporting their well being and wealth packages by the office,” stated Rodney O. Martin, Jr., chairman and CEO, Voya Monetary, Inc. “This transaction is a chance to place our monetary advisory groups for continued success, with our subject and phone-based monetary professionals being an vital and strategic a part of Voya and enabling us to fulfill the rising monetary wellness wants of employers, staff and their households. These 600 subject and phone-based monetary professionals present steerage to our office shoppers by a multi-channel, personalised, versatile service mannequin with a purpose to serve prospects when, the place and the way they want.”
Voya expects that the transaction will present the corporate with over $300 million in deployable proceeds at closing.
“The proceeds generated by the transaction will add to our sturdy extra capital place and reinforces the numerous progress we have now made in focusing our operations on office options and institutional shoppers. Along with returning extra capital to shareholders, we additionally will proceed to reinvest in our Retirement, Funding Administration and Worker Advantages companies to assist our development plans. We consider that we’re nicely positioned to proceed our optimistic momentum and obtain sturdy outcomes for all of our stakeholders,” added Martin.
Voya famous that it intends to offer extra particulars on the transaction throughout its fourth-quarter and full-year 2020 earnings name on Feb. 10, 2021.
The transaction is predicted to shut within the second or third quarter of 2021, topic to customary closing situations, together with regulatory approvals.
Morgan Stanley & Co. LLC is serving as monetary advisor, and Cleary Gottlieb Steen & Hamilton LLP is serving as authorized counsel to Voya in reference to this transaction.
About Voya Monetary®
Voya Monetary, Inc. (NYSE: VOYA), helps Individuals plan, make investments and shield their financial savings — to get able to retire higher. Serving the monetary wants of roughly 13.8 million particular person and institutional prospects in the USA, Voya is a Fortune 500 firm that had $7.5 billion in income in 2019. The corporate had $657 billion in whole belongings below administration and administration as of Sept. 30, 2020. With a transparent mission to make a safe monetary future doable — one particular person, one household, one establishment at a time — Voya’s imaginative and prescient is to be America’s Retirement Firm®. Licensed as a “Nice Place to Work” by the Nice Place to Work® Institute, Voya is equally dedicated to conducting enterprise in a approach that’s socially, environmentally, economically and ethically accountable. Voya has been acknowledged as a 2020 World’s Most Admired Firm by Fortune journal; one of many 2020 World’s Most Moral Corporations® by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and as a “Greatest Place to Work for Incapacity Inclusion” on the Incapacity Equality Index by Incapacity:IN. For extra data, go to voya.com. Comply with Voya Monetary on Facebook, LinkedIn and Twitter @Voya.
Ahead-Trying and Different Cautionary Statements
This press launch accommodates forward-looking statements inside the that means of the Personal Securities Litigation Reform Act of 1995. The corporate doesn’t assume any obligation to revise or replace these statements to mirror new data, subsequent occasions or modifications in technique. Ahead-looking statements embody statements regarding future developments in our enterprise or expectations for our future monetary efficiency and any assertion not involving a historic truth. Ahead-looking statements use phrases akin to “anticipate,” “consider,” “estimate,” “count on,” “intend,” “plan,” and different phrases and phrases of comparable that means in reference to a dialogue of future working or monetary efficiency. Precise outcomes, efficiency or occasions might differ materially from these projected in any forward-looking assertion resulting from, amongst different issues, (i) common financial situations, significantly financial situations in our core markets, (ii) efficiency of monetary markets, (iii) the frequency and severity of insured loss occasions, (iv) the results of pure or man-made disasters, together with pandemic occasions and particularly the present COVID-19 pandemic occasion, (v) mortality and morbidity ranges, (vi) persistency and lapse ranges, (vii) rates of interest, (viii) forex alternate charges, (ix) common aggressive elements, (x) modifications in legal guidelines and rules, akin to these regarding Federal taxation, state insurance coverage rules and NAIC rules and pointers, (xi) modifications within the insurance policies of governments and/or regulatory authorities, and (xii) our capacity to efficiently handle the separation of our particular person life and legacy variable annuities companies on the anticipated timeline and financial phrases. Elements which will trigger precise outcomes to vary from these in any forward-looking assertion additionally embody these described below “Danger Elements” and “Administration’s Dialogue and Evaluation of Outcomes of Operations and Monetary Situation (“MD&A”) – Developments and Uncertainties” in our Annual Report on Kind 10-Okay for the 12 months ended Dec. 31, 2019, as filed with the Securities and Change Fee (“SEC”) on Feb. 21, 2020, and in our Quarterly Report on Kind 10-Q for the three months ended Sept. 30, 2020, filed with the SEC on Nov. 5, 2020.
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