Former Labor Department official Phyllis Borzi. Former Labor Department official Phyllis Borzi. (Photo via Labor Department)

Former Labor official Phyllis Borzi has joined Edelman Financial Engines’ 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, former assistant secretary of Labor for the Employee Benefits Security Administration. “Together, we will continue to promote the critical need and benefits of providing strong investment advice standards that always puts clients’ interests first.”

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 Benefits Counsel.

“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, in the statement. “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.”

Meanwhile, TCA by E-Trade, a provider of integrated technology, custody and practice management support for registered investment advisors announced Monday that it has entered into “an expansive custody relationship” with Edelman Financial Engines.

E-Trade is expanding its footprint into the RIA segment “to broaden its target market and better serve brokerage and stock plan accounts in search of tailored services,” the firm announced.

— Check out ‘Tsunami’ of Rollovers Troubles Borzi as SEC Debates New Regs on ThinkAdvisor.