Phyllis Borzi, the former assistant secretary at the Department of Labor, has joined Edelman Financial Engines’ Board of Directors. A long-time fiduciary advocate, Borzi oversaw the creation and implementation of the DOL’s fiduciary rule. The rule has since been vacated.
“No one has fought harder for a strong standard of care than Phyllis, so it was a natural fit for her to continue advocating for American investors by joining our Board of Directors,” Larry Raffone, president and CEO of Edelman Financial Engines, said in a statement.
Her doggedness on the issue put her at odds with the brokerage industry, but was needed to eventually bring the rule to fruition, even after an initial setback early in her tenure when the department was prompted to withdraw a first attempt at the ruling after industry protests.
“I have long admired both teams at Financial Engines and Edelman Financial Services and I am very honored to be joining the Board of Directors of the unified company to bring superior financial help and education to more people,” said Borzi. “Together, we will continue to promote the critical need and benefits of providing strong investment advice standards that always puts client’s interests first.”
Private equity firm Hellman & Friedman announced it was buying Financial Engines this summer and intended to merge it with previously acquired Edelman Financial Services, the mass-affluent facing RIA founded by Ric Edelman.