Voya’s survey found 95% of small-business owners want advisors to help employees save beyond plan limits, while 92% expect support on retention and 69% seek guidance on tax-efficient ownership transitions. It found 88% of consumers would regret losing a favorite local business and 77% doubt its survival over the next decade.
Voya’s survey of 201 small-business owners found 95% want advisors to help employees save beyond plan limits, 92% expect support on retention and 69% seek guidance on tax-efficient ownership transitions. This signals a broad shift from traditional retirement planning to integrated business advisory services.
The study revealed 88% of consumers would be disappointed to lose a favorite local business and 77% are unsure if these businesses will survive the next five to ten years. Such sentiment underscores the importance of continuity, employee engagement and community roots in driving customer loyalty.
Voya plans to leverage these findings by promoting solutions like ESOPs, non-qualified deferred compensation and corporate-owned life insurance as tools for sustaining small businesses. Expanding into workforce strategy and succession planning could open new revenue streams and enhance Voya’s position in the small-business advisory market.
