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IAA’s Tittsworth Receives Fiduciary of the Year Award

By Melanie Waddell

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The Committee for the Fiduciary Standard recently awarded David Tittsworth, executive director of the Investment Adviser Association, its Fiduciary of the Year Award.

Tittsworth, who announced in February that he would step down from his post early next year, was honored as “one of the most articulate and instrumental voices in favor of the fiduciary standard of care for investment advisors,” including the importance of ensuring that the Securities and Exchange Commission remains advisors’ primary regulator.

“We are fortunate to have David on our side in the debate over the fiduciary standard of care,” said Ron Rhoades, chairman of The Committee for the Fiduciary Standard, in a statement. “He is the ideal spokesperson on behalf of investment advisors who are serving the best interests of their clients.”

SEC Chairwoman Mary Jo White has said that the commission will make “a threshold decision” this year on whether to move forward with a uniform fiduciary standard rule for brokers and advisors.

The award was established in 2011 to recognize the person who has made outstanding contributions to advance the vital role of the fiduciary standard in serving the best interests of investors and restoring trust in the capital markets and those who provide investment advice.

“I am very honored and humbled by the recognition of the Committee,” said Tittsworth. “The Committee’s initiatives and voices have been and will continue to be important in raising awareness of the fiduciary standard of care and for resisting those efforts to dilute it.”

Tittsworth spent years on Capitol Hill, first as an associate House Budget Committee staffer, and then as senior counsel to the House Subcommittee on Transportation, Trade and Hazardous Materials, before joining IAA.

IAA along with other planning groups urged White last June to “establish a uniform fiduciary standard for broker-dealers and investment advisors that is at least as strong as the existing standard.”

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Check out Ken Fisher’s Backhanded Call to Arms by David Tittsworth on ThinkAdvisor.