Phyllis C. Borzi, former Department of Labor assistant secretary and mother of the DOL fiduciary rule, has been appointed to the board of directors at Edelman Financial Engines.
The firm,
which combined Edelman Financial Services and Financial Engines in mid-July, is the
largest independent registered investment adviser. The RIA has more than 1.1 million clients and manages more than $200 billion in assets.
"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," Ms. Borzi said in a statement. "Together, we will continue to promote the critical need and benefits of providing strong investment advice standards that always puts clients' interests first."
Ms. Borzi, who headed the Employee Benefits Security Administration until last year, was known for her intent to protect retirement plan participants from conflicts of interest.
She pushed the DOL fiduciary rule from its first proposal in 2010 to its release in 2016, despite strong industry opposition. The rule, however, was vacated in March by the 5th Circuit Court of Appeals and
officially died in June.
"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 chief executive of Edelman Financial Engines, said in a statement.
(More: Phyllis Borzi on DOL fiduciary rule: 'We forever changed the terms of the debate')
Ms. Borzi also serves on the Institute for the Fiduciary Standard board of advisers and is a charter member and former president of the American College of Employee Benefits Counsel. She previously held positions on advisory boards of the BNA Pension & Benefits Reporter and the Women's Institute for a Secure Retirement.
