Yes, but that must be done by an admin. However, any member can insert a title that will appear underneath their user name (e.g. mine says Zack's Dad).
To add a title left click your user name (upper right corner of any page), and select Profile from the drop-down menu.
Left click Edit Profile (in the upper right corner to the left of Cover Photo)
Then type in the text you wish to display in the Member Title box under Basic Info