Voya Research Shows Small Businesses Seek Broader Financial Guidance Beyond Retirement Plans
Event summary
- Voya Financial's research found that 88% of Americans would be disappointed to lose a favorite local business, while 77% are unsure if it will last five to ten years.
- 95% of small business owners agree their advisor should help employees save beyond plan limits, and 92% want advisors equipped for employee retention.
- Voya highlights demand for solutions like ESOPs, non-qualified deferred compensation plans, and corporate-owned life insurance (COLI) to support long-term business viability.
The big picture
Voya's findings reflect a growing trend where small business owners are seeking integrated financial strategies that go beyond retirement plans. This shift aligns with broader industry movements toward holistic wealth management and workforce retention solutions, particularly as advisors look to differentiate their value propositions in a competitive market.
What we're watching
- Advisor Evolution
- How financial advisors will adapt to meet expanded small business needs beyond traditional retirement planning.
- Small Business Viability
- Whether increased access to comprehensive financial guidance improves long-term survival rates for local businesses.
- Regulatory Impact
- The pace at which regulatory frameworks will evolve to support broader advisory services for small businesses.
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