Don Phillips

Don Phillips joined Morningstar in 1986 and became one of its most important figures in developing the firm's fund research methodology. He oversaw the development and refinement of the Morningstar Star Rating system — the iconic 1-5 star ranking of mutual funds based on risk-adjusted historical performance — which became one of the most widely referenced tools in retail fund investing. He has been a prominent voice advocating for low-cost investing, fiduciary standards for financial advisors, and fund governance reform. His annual commentary on the fund industry, fund manager incentives, and conflicts of interest in fund distribution has been influential in shaping regulatory and industry debate. Phillips has served as both a researcher and an industry conscience. His long tenure at Morningstar gave him a front-row seat to the transition from actively managed funds to the rise of index funds and ETFs.