Charles Bralver
Senior Associate Dean, Fletcher School
On the creation of Oliver, Wyman & Company (now the Financial Services practice of OW)
Two forces led Alex Oliver, Bill Wyman and I to leave our former consulting firm and strike out on our own in 1984. First was our view of the business of consulting. We were looking to start a firm that was less hierarchical and more collaborative, a firm where people could rise in the organization with a speed that matched their accomplishments. Other consulting firms had a different structure based primarily on tenure. We were also seeking to build a business culture that was more intellectually and philosophically converged. We wanted to only hire individuals who were of a quality that would rise to the partnership. And we wanted to have more fun along the way.
The second major force at work was our view of the client market in financial services, an industry that was changing rapidly at the time. The FS industry had just been deregulated, and many of the major players were truly unaware of the economics of their own businesses. It was an incredible window of opportunity for us to help major players gain a measure of clarity about their businesses, products, and customer groups and then help them set a far-reaching strategy.
On leading OW and what he does now
I was fortunate to have several roles at the firm serving as a managing director for Europe, founding the Corporate & Institutional Banking practice (then Capital Markets), and later as Vice Chairman from 2000-2003. Even though I retired in 2007, I have remained active with Oliver Wyman as a member of both the North America and European Senior Advisory Boards. I’m currently the Senior Associate Dean of International Business and Finance and Executive Director of the Center for Emerging Market Enterprises at The Fletcher School at Tufts University. I also sit on the Boards of Directors of Newstar Financial, and Canaccord Financial, and recently served as a strategic advisor to the financial services practice at Warburg Pincus LLC. “Retirement” hasn’t been the model for me and my consulting career provided perspectives for these more recent opportunities.
On how his current work has been influenced by his consulting career
One thing that is clear is that there is different sense of pace outside of consulting, and it only took a little while for me to understand that this is actually okay and is not a problem to be solved. The nature of consensus in an academic institution is different, and slower, because everyone has a say.
Interestingly, my work at the Fletcher School has caused me to think back on consulting work I did for clients. Upon further reflection, I believe that many of the operational and IT impacts of the changes that we recommended were far greater than what we estimated as consultants. It is clear now that the pace at which organizations can effectively execute change is slower than consultants say it should be – and consultants should internalize this limitation as they create recommendations for their clients.
On advice for those interested in joining the firm
Oliver Wyman is the kind of place for those who want to go beyond and who want to contribute to the life of the firm. Speak up if you have a thought on how to solve a problem, or if you see a problem that isn't being addressed. Don't just do the analysis that you've been asked to do; find a way to add value beyond the performance of a task. If you enjoy challenging and being challenged, you will enjoy consulting at Oliver Wyman.
