Today Elaine Milne is a successful businesswoman, running a wealth management firm with hundreds of clients across the country.
But more than 20 years ago she had a life-threatening illness and suffered financial ruin – to the point she faced homelessness.
She had to start again from scratch but has since gone on to increase business at Milne Wealth Management in Aztec West, Bristol, tenfold within a decade of setting it up.
Elaine, who has worked in financial services for more than 25 years, said: “I’m grateful for my current success, which has involved hard work and starting over more than once.
“I’ve learned more from my failures than I have from my successes. I now feel more capable of handling challenges and believe my experiences have made me smarter, more compassionate and a better financial adviser all-round.”
Starting out
Despite having good grades at school, Elaine decided against going to university and began her career in the hospitality industry at the age of 18.
She worked for a then well-known hotel chain, starting out in the bar, then reception, later moving to accounts and finally becoming a financial manager at the age of 23.
She worked 70-to-80-hour weeks for the first few years then set her sights on a new challenge.
She sent her CV out to over 80 prospective employers, not really knowing what path she wanted to take, and was offered a role with a global financial services company.
Elaine, who had developed a strong work ethic and sense of customer service, said: “I took a drop in salary and needed to study for qualifications in the field. I knew it would be hard but would pay off in the long run.”
Sickness and redundancy
Elaine passed all the industry qualifications first time and was progressing well. But two years later she was rushed to hospital with an unexplained illness which affected her breathing and immune function.
She was on the brink of organ failure when doctors realised she had a combination of glandular fever, pneumonia, and hepatitis A.
It would be months before she could work again. Shortly after returning to the office, she learned she was to be made redundant, along with the entire sales force.
She said: “I was extremely unwell and it took a long time to build my strength up. It was around four years before I had recovered.
“Then when I heard about the redundancy I thought ‘am I ever going to get a break?’”
But Elaine then joined the business of a well-known Bristol financial adviser and bestselling author, who introduced her to the Million Dollar Round Table (MDRT), a global association of the world’s leading financial services professionals. Impressed by her personality and potential, he mentored her to until he retired and sold his business.
Losing home and belongings
Elaine continued to advise her clients wisely but in her personal life she developed the tendency to overspend – in a bid to look ‘successful’.
She said: “I kept spending because I felt the need to show I was successful, rather than actually be successful. I also wanted to prove I had made the right career choice.
“I lacked experience and treated my career like a sprint rather than a marathon just to please others.
“In the end, I couldn’t keep things going and lost everything – my house and all my belongings. It was devastating and I felt like a failure. For a time, I was just trying to survive.”
Elaine returned home to Scotland and was later declared insolvent. At one point she faced homelessness, but her uncle found accommodation for her until she could readjust.
She persevered and within a year she was offered a role with an estate planning firm and learned she was skilled in that area, which complemented her financial services background.
She said: “I’m very good at thinking about the consequences, seeing the bigger picture and problem solving. I think sometimes you only really learn when things go wrong.
“My experience has helped me to empathise with any client situation and pre-empt future issues they and their families may face.”
Helping others
She qualified again for MDRT in 2011, which offered invaluable support. She now helps individuals, families and businesses to protect, preserve and manage clients’ assets and investments, while avoiding potential pitfalls.
Elaine, who feels privileged to be in her current position and wants to give back to her community, has shared her story with the MDRT to help inspire others.
She is also a member of the Bristol Breakfast Rotary Club – helping raise thousands of pounds for charitable causes over the years.
And Elaine, some of whose clients have been with her since she first became an adviser, has gone on to help hundreds of people achieve their financial goals.
Elaine, who is content with her success and no longer feels the need to compare, said: “I’ve come from a place of financial devastation and am now fortunate to be able to help others.
“I believe money can be a force for good. It can help protect us, our families and future generations – and make our lives and the world a better place.”
