Network advisor spotlight: Elliott Johnson

While some people might not encourage becoming an advisor at too young an age, Elliott Johnson has reasons for advising the exact opposite.

Shortly after arriving at his second Black Financial Advisors Network (BFAN) Symposium, Elliott Johnson mingled among the large group of attendees as the event got underway. That’s when he spotted someone special.

Across the room was an advisor with whom Johnson had once conversed at a different conference, and whose message had made an impact on him. Not just because the advisor was Black, but because of his impressive work ethic and resulting successes. Johnson immediately pointed the advisor out to his wife, grabbed a drink and strode nervously across the room.

“At first he didn’t remember who I was,” Johnson says. “But I made sure he knew how much he had inspired me.” As fate would have it, this year both men were among those presenting on the mainstage, and have since turned inspiration into friendship.

Over the years, his friend’s impactful words have done more than just help shape Johnson’s own success as an advisor. The experience led to a genuine desire to pay it forward. “If my story can do for others what his did for me, it would mean a lot,” he says. And when you consider Johnson’s story, its potential for impacting practically any young or future advisor becomes quite clear.

When Johnson was 14 years old, his father became a financial advisor and found success relatively quickly. This took hard work, of course, which Johnson observed and took careful note of. Then, at the young age of 25, Johnson set out to do the same as the newest advisor in town. How? By knocking on doors and refusing to give up.

“It was tough,” Johnson says. “I had to talk to 100 people in order to get 10 maybes, and keep talking with the 10 maybes to get one yes.”

And so it went, with more clients turning to Johnson’s growing practice through more of his hard work making contacts. Johnson was young, not yet married and had no kids, which meant not having significant financial obligations. “For me that was an advantage,” he says. “I wasn’t burdened by great pressure to perform in terms of income. But I still wanted to fill my dad’s shoes.”

Today, Johnson stands out as one of the highest-earning independent advisors at Raymond James, despite being relatively young.

While his practice, based in Anacortes, Washington, serves clients in a variety of ways, there are two types of appointments Johnson favors the most. “The first is when I meet with someone and let them know they can indeed retire,” Johnson says. “Just verbalizing it helps. But when I actually show them … and prove it to them … that kind of appointment is a lot of fun.” He also mentions that clients often work even longer due to their confidence and new curiosity about what else they might add to their retirement picture.”

Johnson’s other favorite appointment revolves around estate planning. “I love making the plan as clean as it can possibly be,” he says. “To have all of the beneficiary designations updated, and keep them that way, is a big deal.” Johnson talks about how the kids of an elderly client who has passed away are often the most thankful for his assistance. “Despite the difficult circumstances, we strive to effect the transfer process in a positive way and help it go smoothly.”

When it comes to the BFAN, Johnson can’t say enough, starting with calling it much more than a network. “BFAN is a community,” he says. “I absolutely love it and have benefited so much from being a part of it.” He also believes BFAN’s growth is not only inevitable, but will also come quite naturally.

“Diversity is growing,” Johnson says. “Not only in terms of mixed couples and mixed kids, but also the mixing of finances. This means Black people and other minorities are going to have a more significant portion of the wealth over the next five to 10 years.” Elaborating further, Johnson also sees the number of minority advisors increasing over that same period. “As the country becomes more diverse, it’s going to get easier for us to succeed.”

What would Elliott Johnson tell young people thinking about financial advising as a career? Now he really smiles. “I would encourage them to consider it … to do it … and to seek good mentors.” He also advises not being afraid of starting at the bottom and working hard, especially before you have big financial obligations, like family.

“You could be up, running and successful even by the time you’re 30,” Johnson says. “But you won’t have that opportunity unless you start as a younger advisor.”

This piece was featured in BFAN Connection, an annual newsletter from the Black Financial Advisors Network. View the latest.

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