The Story of the Five Blind Men
I like telling a story about the five blind men in India. These men grew up in a small village, all knowing each other well, and, of course, they're all blind. One day, they receive an invitation to the palace. They're excited for many reasons, but mostly because they'll finally meet the elephant—a creature they've heard so much about.
Their host lines them up and says, "Gentlemen, I’ll walk you forward one at a time."
- The first blind man walks forward and touches the elephant's tusk. It's smooth but sharp. He thinks, "An elephant is like a spear."
- The second blind man reaches out and feels the elephant's trunk. It's heavy and round. He concludes, "An elephant is like a big snake."
- The third blind man touches the ear. It's large, heavy, and flat. He decides, "An elephant is like a magic carpet."
- The fourth blind man touches the body. It's hard and immovable. He says, "An elephant is like a wall."
- The fifth blind man touches the tail. It's thin and coarse. He concludes, "An elephant is like a rope."
The host then leads them to sit down and rest. As they sit, they start discussing their experiences.
The Argument Begins
The first blind man insists, “An elephant is essentially a spear.”
The second blind man interrupts, “Are you kidding? An elephant is like a snake.”
The third blind man chimes in, “A snake? A spear? No, it's more like a carpet.”
The fourth blind man declares, “You're all fools! It’s like a wall.”
Finally, the fifth blind man says, “Idiots! It’s a rope!”
As the argument escalates, with name-calling and raised voices, a wise man happens to pass by. He tries to speak up: “Gentlemen! Gentlemen! How can any of you be so sure the others are wrong?”
The wise man grabs a loud bell and rings it, silencing the crowd. He says, “Each of you is describing only a part of the elephant. None of you are entirely wrong, but none of you are fully right either.”
What Does This Mean for Our Industry?
So why do I tell this story?
It reminds me of the communication we see in our industry among professionals.
Take a look at these examples from Facebook, YouTube, and Instagram:
- An insurance agent says, “CPAs kill every idea we have for our clients.”
- A wealth manager comments, “Annuities are stealing money with fees.”
- A CPA declares, “I’d never work with a wealth manager who can't wear a decent suit. You look like a bum.”
- Joseph adds, “CPAs are a joke.”
- Paul complains, “My CPA sold out to another business.”
- Kayleen asks, “Why wouldn’t a CPA just get licensed and do all the work themselves?”
Each professional has their perspective but misses the bigger picture, much like the five blind men.
The Introduction to Family Offices
This leads me to the concept of a family office. Early in my career, around 2008 or 2009, I had the chance to work with a CPA who ran a family office. That was my first introduction to this idea.
I remember Googling "family office," and the image that came up on Wikipedia was incredibly complex—so complex that even as a professional, I didn’t understand some of the terms. Family offices represent extremely high-end planning, typically reserved for the ultra-wealthy. The CPA I met wouldn’t take on clients with a net worth of less than $150 million.
While that may be great for clients of that level, I was raised by two elementary school teachers. I know from experience that even though their net worth was a fraction of $150 million, they would have been better served if their financial professionals had come together to work holistically and proactively in their best interest.
Conclusion:
The key takeaway from the story of the blind men and from our industry is simple: Collaboration and perspective matter. Each professional holds a piece of the truth, but it’s only by working together that we can serve clients fully.
