Milliman may be a firm comprised of diverse business units, but the consultancy has much uniting it, the foremost among that self-determination. "We offer tremendous professional freedom," says Brad Smith, chairman of the board of Milliman, adding that he considers the firm to be a pure meritocracy. "There's really three requirements: That you add value to the client; that whatever you do enhances Milliman's reputation and that what you do is financially viable. So within those three constraints, you have tremendous personal freedom."
Milliman itself has capitalized on its own freedom and has grown accordingly. The firm started as an actuarial firm called Milliman & Robertson in the late 1940s, but those services now make up about half of the firm's offerings. The consultancy since the late 1980s has been expanding into what Smith calls "complimentary services," such as economics, mortgage, retirement and investment consulting.
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