Rachel Elson: How I Became a Lead Advisor at an $8B RIA in 5 Years
Apr 22, 2025
38:24
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Quick takeaways
Rachel Elson describes how her background in journalism enhanced her ability to engage clients through empathy and effective communication.
The innovative training model at Paragon Wealth Management emphasizes observational learning and mentorship, fostering real-world experience for new advisors.
Deep dives
Transition from Journalism to Financial Advising
The guest shares her journey from being a personal finance journalist to a financial advisor, highlighting the joy and excitement she finds in her new role. Initially unsure of what to expect, she discovered that the work was not only rewarding but also engaging, particularly due to the quality of her clients, many of whom are tech professionals in their 30s and 40s. She expresses that her years of experience in journalism equipped her with critical skills for the role, particularly in asking probing questions and reading between the lines during client interactions. The transition revealed an unexpected fulfillment, as she emphasizes the personal satisfaction of helping clients navigate their financial journeys.
Innovative Training Approaches
Rachel discusses Paragon Wealth Management's unique approach to training new advisors, favoring observational learning and mentorship over rigid formal processes. This model allows junior advisors to participate in meetings as second seats, where they actively observe experienced professionals and learn from real-world scenarios. By watching and mimicking seasoned advisors, they absorb language, techniques, and methods that help them build their own client relationships. This hands-on experience fosters a collaborative learning environment, which is especially valuable in a rapidly growing firm with diverse client needs.
Effective Client Communication
The podcast emphasizes the vital role of effective communication in advising, particularly in understanding both spoken and unspoken client needs. Rachel points out that the ability to listen empathetically and engage clients in deep conversations establishes stronger relationships, which is crucial for successful financial planning. She reflects on her experiences handling sensitive discussions around issues such as layoffs and personal struggles faced by clients, reinforcing the need for advisors to balance empathy with professionalism. By staying attuned to clients' emotions and contexts, advisors can tailor their services to meet specific requirements and foster trust.
The Importance of Systematic Frameworks
Rachel highlights the necessity of creating systematic frameworks for handling common client scenarios to ensure consistency and efficiency within the advisory team. This includes establishing checklists for onboarding new clients and preparing for reviews, particularly in dealing with specialized financial situations such as stock compensation. These frameworks not only streamline processes but also enable new advisors to confidently engage clients without direct oversight, as they have a clear guide to follow. This evolving structure within Paragon Wealth Management represents a strategic shift towards more organized training and service delivery as they continue to expand.
Elson discusses the mindset, methods, and mentorship that fueled her quick rise from intern to lead advisor at Perigon Wealth. Host: Steve Sanduski, CFP.
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