Voya Financial Advisors can now offer an investment credit line to clients.
The credit line can used to cover education costs, home loans, long-term care and a broad range of other financial circumstances, said Tom Halloran, president of Voya Financial Advisors. For example, clients who need short-term cash could use the credit line rather than sell their securities, leaving long-term investment strategies undisturbed, a report said.
Voya Financial Inc. and BNY Mellon worked closely to develop the credit line, which offers competitive account minimums and utilizes LIBOR-based pricing -- a widely used benchmark for short-term interest rates. This credit line may offer lower rates than credit card advances and standard bank loans, the report added.
Voya Financial also announced that it is expanding its social media program so that clients and advisors can now connect via text message, the release added. The texts are retained in a compliant manner, and could be used for something as simple as re-scheduling a meeting, follow-up communications to a discussion, or an opportunity to frequently check in with clients, Halloran explained.