SUNNYVALE, Calif. – November 13, 2018 – Phyllis C. Borzi, the lead champion of the U.S. Department of Labor fiduciary rule for financial advisors, has joined Edelman Financial Engines’ Board of Directors. Borzi was the Assistant Secretary of the Department of Labor for the Employee Benefits Security Administration (EBSA) from 2009-2017. Her dedication to protecting retirement plan participants from conflicted and unethical investment advisors elevated the nation’s awareness of harmful investment advice practices that negatively impact the retirement security of hardworking Americans.
“Since our inception, Edelman Financial Engines has provided unconflicted advice to our clients and we were an early proponent of the fiduciary rule, which would require all financial advisors to put their clients’ best interest first,” said Larry Raffone, President and CEO of Edelman Financial Engines. “We’ve worked closely with Phyllis for years to advance the fiduciary rule. 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.”
“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.”
Today, Borzi serves on the Institute for the Fiduciary Standard Board of Advisors and is a charter member and former President of The American College of Employee Benefit Counsel. She has also held positions on the Advisory Board of the BNA Pension & Benefits Reporter, the Advisory Committee of the Pension Benefit Guaranty Corporation, the Advisory Board of the Pension Research Council, The Wharton School, The University of Pennsylvania, and the Board of the Women’s Institute for a Secure Retirement (WISER).
Prior to Borzi’s role as Assistant Secretary, she was a research professor at George Washington University’s Medical Center’s School of Public Health and Health Services. She was also counsel to the law firm of O’Donoghue & O’Donoghue LLP on ERISA and legal issues affecting employee benefit plans.
About Edelman Financial Engines
Since 1986, Edelman Financial Engines has been committed to always acting in the best interest of our clients. We were founded on the belief that all American investors – not just the wealthy – deserve access to personalized, comprehensive financial planning and investment advice. Today, we are America’s top independent financial planning and investment advisor, recognized by both InvestmentNews1 and Barron’s,2 with 180+ planner offices across the country and entrusted by more than 1.1 million clients to manage more than $200 billion in assets.3 Our unique approach to serving clients combines our advanced methodology and proprietary technology with the attention of a dedicated personal financial planner. Every client’s situation and goals are unique, and the powerful fusion of high-tech and high-touch allows Edelman Financial Engines to deliver the personal plan and financial confidence that everyone deserves.
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Edelman Financial Engines
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1Ranking and status for 2017. For independence methodology and ranking, see InvestmentNews Center (http://data.investmentnews.com/ria/);
2The Top 40 Independent Advisory Firm Ranking issued by Barron’s is qualitative and quantitative, including assets managed, the size and experience of teams, and the regulatory records of the advisers and firms. Firms elect to participate, but do not pay to be included in the ranking. Investor returns/experience are not considered. 2018 ranking refers to Edelman Financial Services (EFS), which combined its advisory business in its entirety with Financial Engines Advisors L.L.C. (FEA) in November 2018. For the same survey, FEA received a precombination ranking of twelfth.
3As of Sept. 30, 2018