Last Updated: February 2025
Overview of Voya Financial Advisors
Voya Financial Advisors, Inc. (CRD# 2882) is a brokerage firm and investment adviser headquartered in Windsor, Connecticut. The firm was established in Minnesota in 1968 and operates across all 50 states. As a subsidiary of Voya Holdings Inc., which owns 75% or more of the company, Voya Financial Advisors is part of the larger Voya Financial corporation.
Key Regulatory and Legal Issues
Over the past several years, Voya Financial Advisors has faced numerous regulatory actions and fines that raise serious concerns about their supervision and compliance practices:
Recent Major Actions
- In 2024, Voya paid $75,000 in penalties to Arizona regulators for failing to properly register a broker-dealer agent who conducted transactions from Arizona
- In January 2024, FINRA fined Voya $500,000 for paying approximately $2.9 million in transaction-based compensation to an unregistered entity
- In 2020, the SEC ordered Voya to pay over $22.9 million in disgorgement, interest, and penalties for failing to disclose conflicts of interest related to mutual fund share classes and revenue sharing arrangements
Systematic Supervision Issues
The firm has repeatedly been cited for failures in:
- Supervising financial advisors
- Monitoring trading activity
- Implementing adequate compliance systems
- Protecting customer information
- Disclosing conflicts of interest
Customer Protection Concerns
Multiple regulatory actions highlight problems with:
- Unsuitable investment recommendations
- Failure to obtain best available mutual fund share class pricing for customers
- Inadequate disclosure of fees and compensation arrangements
- Cybersecurity vulnerabilities affecting customer data
Notable Arbitration Awards
Voya has been the subject of numerous customer arbitration claims resulting in substantial monetary awards, including:
- A $434,445 award in 2010 related to variable annuity sales practices
- A $233,800 award in 2005 involving unsuitable annuity recommendations
- Multiple six-figure awards related to breach of fiduciary duty and failure to supervise claims
Individual Financial Advisor Complaints
We are investigating financial advisors with this firm and will shortly update with specific individuals who have been or are currently subject to customer complaints and regulatory scrutiny.
Protecting Your Rights as an Investor
If you’ve lost money while working with Voya Financial Advisors or believe you’ve received unsuitable investment recommendations, you have rights under securities laws. The pattern of regulatory actions against Voya suggests systematic issues that may have affected many customers.
Common red flags to watch for include:
- Excessive trading or churning
- Unsuitable investment recommendations
- Undisclosed fees or charges
- Misrepresentation of investment risks
- Unauthorized trading
Next Steps for Affected Investors
If you believe you’ve been harmed by misconduct at Voya Financial Advisors, it’s important to take prompt action to protect your rights. The securities attorneys at Patil Law, P.C. have extensive experience handling claims against major broker-dealers like Voya.
Contact us today at 800-950-6553 for a free consultation to discuss your situation and understand your options for recovering investment losses. Our attorneys work on a contingency fee basis, meaning you pay nothing unless we recover money for you.
Frequently Asked Questions About Claims Against Voya Financial Advisors
How long do I have to file a claim against Voya Financial Advisors?
While the specific deadline depends on your situation, most FINRA arbitration claims must be filed within six years of the events giving rise to the dispute. However, other deadlines may apply, so it’s crucial to consult with an attorney as soon as you discover potential misconduct.
What types of compensation can I recover in a claim against Voya?
Investors may be eligible to recover:
- Direct investment losses
- Lost opportunity costs
- Interest
- Account fees and commissions
- Attorney’s fees in certain cases
- Punitive damages in cases involving serious misconduct
How much does it cost to pursue a claim?
At Patil Law, P.C., we handle investment fraud claims on a contingency fee basis. This means you pay no upfront costs or hourly fees – we only get paid if we recover money for you through settlement or arbitration award.
Do I have to go to court?
Most disputes with brokerage firms like Voya are resolved through FINRA arbitration rather than court. This process is generally faster and less formal than traditional litigation, though you still need experienced legal representation to protect your interests.
What if I’m still working with Voya – should I close my accounts?
Before taking any action with your accounts, consult with an attorney who can advise you on the best way to protect your interests. Improperly closing accounts could affect your legal claims.
How do I know if I have a valid claim?
Common signs of potential misconduct include:
- Unexpected losses that seem inconsistent with market conditions
- High fees or frequent trading
- Investments that don’t match your stated goals and risk tolerance
- Unauthorized trades or transactions
- Misleading statements about investment risks or returns
What documentation do I need to pursue a claim?
While we can help gather records, it’s helpful to have:
- Account statements
- Trade confirmations
- Correspondence with your advisor
- Account opening documents
- Marketing materials or presentations
- Notes from conversations with your advisor
How long does the FINRA arbitration process take?
While each case is different, FINRA arbitrations typically take 12-18 months from filing to final hearing. Many cases settle before reaching a final hearing.
What if my financial advisor has left Voya?
You may still have claims against both the individual advisor and Voya Financial Advisors. Brokerage firms are responsible for supervising their advisors and may be liable for misconduct that occurred while the advisor was employed there.
Can I handle a claim against Voya on my own?
While investors can represent themselves in FINRA arbitration, brokerage firms like Voya have experienced legal teams defending them. Having an attorney who understands securities laws and FINRA procedures significantly improves your chances of success.
Take the first step toward recovering your investment losses – contact Patil Law, P.C. today at 800-950-6553 for a free, confidential consultation about your potential claims against Voya Financial Advisors.
This post is intended solely for informational purposes and does not constitute legal advice. Every case is unique and should be evaluated individually by qualified legal counsel. For more brokerage firm investigations by Patil Law, please visit the Brokerage Firm Investigations page.