"He's been by her side forever and they already live in the same building in L.A.," an unnamed source told the magazine. "He has invested her well in real estate and other business dealings so she is financially in great shape. And he's always with her. They are the very best of friends and Jeffre is part of the family by now."
Phillips proposed to Jackson, 57, on her reality show, "Life with La Toya," which airs on the Oprah Winfrey Network.
RadarOnline said Jackson's mother, Katherine, and nephew, Prince, attended the Dec. 6 wedding ceremony.
Prince's father is Michael Jackson, who died in 2009 at the age of 50.