CHICAGO, April 26, 2012 /PRNewswire/ -- The Committee for the Fiduciary Standard today announced that it has named W. Scott Simon, J.D., CFP®, AIFA® as its Fiduciary of the Year.

Mr. Simon is being honored for his contributions to advancing the vital role of the authentic fiduciary standard to investors, capital markets, and society. He writes the monthly "Fiduciary Focus" column for Morningstar Advisor that offers insights on a variety of fiduciary investment issues and advocates for higher standards of care. He is also the author of "The Prudent Investor Act: A Guide to Understanding."

Broadly considered an expert on the Uniform Prudent Investor Act and the Restatement 3rd of Trusts (Prudent Investor Rule), Mr. Simon's work fully embodies the committee's five core fiduciary duties, which are:

• Put the client's best interests first;
• Act with prudence, that is, with the skill, care, diligence and good judgment of a professional;
• Do not mislead clients--provide conspicuous, full and fair disclosure of all important facts;
• Avoid conflicts of interest;
• Fully disclose and fairly manage, in the client's favor, unavoidable conflicts.

"Scott, with his combination of legal expertise and work as an investment advisor, has made numerous outstanding contributions to the cause of advancing the vital role of the fiduciary standard to investors, capital markets and society," said Roger Gibson, Chief Investment Officer of Gibson Capital, LLC and the chairman of The Committee for the Fiduciary Standard.

The award, which is named for Professor Tamar Frankel of the Boston University School of Law, was presented at the fi360 Conference by 2011 winner Ron Rhoades, JD, CFP®.

"It is extraordinarily gratifying to be honored by a group of individuals whose work I admire and seek to emulate," Mr. Simon said. "It my hope that through this committee's work and advocacy by others within the fiduciary community, we can continue to educate the retirement planning industry of the critical, central importance of the fiduciary standard."   

About The Committee for the Fiduciary Standard
The Committee was formed in June 2009 by a group of investment professionals and fiduciary experts, just as policymakers and industry leaders were reviewing the repercussions of the financial crisis, to advocate that all investment and financial advice be rendered as fiduciary advice and meet the requirements of the five core fiduciary principles. The Committee's goal is to advocate for the authentic fiduciary standard as presently established under the Investment Advisers Act of 1940. The Committee seeks to help inform and nurture a public discussion on the fiduciary standard. Its objective is "to ensure that any financial reform regarding the fiduciary standard, 1) meets the requirements of the authentic fiduciary standard, as presently established in the Investment Advisers Act of 1940, and 2) covers all professionals who provide investment and financial advice or who hold themselves out as providing financial or investment advice, without exceptions and without exemptions."

SOURCE fi360