Women in Wealth: Guest Nikki McIlwaine

In another edition of this month's Women in Wealth series, Phil sits down with Nikki McIlwaine, Senior Vice President, Investments & Financial Advisor at Raymond James & Associates, to explore her unexpected path from nursing and communications into building one of the industry's most dynamic, client‑focused advisory practices. She shares how early internships, bold prospecting, and an unwavering commitment to financial independence shaped her career—and how going deeper with clients, not wider, became the turning point in transforming her business. The episode highlights Nikki’s evolution from traditional investment management to sophisticated private‑wealth work, including multi‑generational planning, business‑owner exit strategies, tax‑mitigation structures, and helping clients navigate life‑changing liquidity events. Nikki also reflects on what the industry must communicate to young women: the flexibility, earning potential, and long‑term empowerment found in mastering one’s finances. Step into a powerful look at how intentional growth, advanced planning capabilities, and client‑centered curiosity can redefine what excellence looks like in modern wealth management.

Resources:

Phil on LinkedIn

Nikki on LinkedIn

Transcript

Phil: [00:00:00]
At its core, Cannon Connect is about conversation. It is a space to listen, learn, and explore how leaders think about their work and the impact they have.
Each March, the Women in Wealth Series invites more voices into that dialogue. These conversations are not about headlines or trends. They are about real experiences—how women lead, how they serve clients, and how they navigate the demands and opportunities of their profession.

As we enter the fifth year of the series, this moment is both reflective and forward‑looking. It is a chance to consider what has changed, what we have learned, and how these conversations, paired with action, continue to shape the future of wealth management.
In this episode of Cannon Connect, we continue that conversation.

Phil:
Greetings, Cannon Nation. It is Phil Buchanan here again with [00:01:00] another Cannon Connect. I am very excited to welcome Nikki McIlwaine. Nikki, did I get the last name right?

Nikki:
You nailed it. I know for sure you’re not a solicitor now.

Phil:
I’ve only been practicing for a couple of hours, so I’m glad I got it right.
Nikki McIlwaine is Senior Vice President, Investments and Financial Advisor with Raymond James & Associates. Nikki, I cannot wait to unpack your story today.

Nikki:
Fantastic. Hello, everybody.

Phil:
Nikki, I’m going to start with the big question. How did you come to be in the financial industry? Was it a lifelong dream, or did you find your way here through a more circuitous route?

Nikki:
Great question. No, it was not a lifelong dream. I did not know I was going to be in the financial services business. Neither of my parents were in the industry.

When I was in college, I told my dad—who I’m very close to—that I wanted to be in charge of my own money. I did not want to rely on someone else for financial security. I wanted to be successful on my own.

I actually started out in nursing, but after my first real nursing course, I realized it wasn’t for me. I shifted into communications and finance, which at my school was essentially a sales degree. I discovered that I was comfortable speaking in front of groups and delivering a message. As my mom likes to say, I can sell anyone anything.

What pulled me into finance specifically was a family friend from church who worked at a large firm headquartered in St. Louis. He gave me the opportunity to intern one summer. It wasn’t a great internship at first, but it exposed me to investments—mutual funds, stocks, markets. I realized these were things many women didn’t feel confident discussing.

The following summer, I interned again, this time more on the product side, and I really enjoyed it. I noticed that when conversations turned to markets, which often happened among the men, I could participate meaningfully. That’s when I realized I liked learning about investments, and that’s where the journey began.

It wasn’t a lifelong dream, but it has become a lifelong career.

Phil:
One area where you’ve been very active from a leadership standpoint is recruiting. You’re telling the story of the industry and your firm to people of all ages.

I’m a girl dad, and I’m very focused on making financial services more visible and appealing as a career path for young women. If you were speaking to a group of 17‑year‑olds, what would you tell them about this industry?

Nikki:
I usually approach that conversation in a few different ways.

First, I talk about flexibility. This can be a great career for someone who wants autonomy over their schedule and income. You don’t have to be a parent, but if that is something you want, this profession allows you to make enough money for it to be worthwhile while still having flexibility.

Second, I talk about ownership. There are very few careers where you can build your own business without putting personal capital at risk. I didn’t have to invest in office space, infrastructure, or overhead. The firm invested in me, trained me, and provided a proven framework. My success became directly tied to how hard I was willing to work.

There is no corporate ladder in the traditional sense. This is my business. I determine where it goes, how it grows, and how I serve clients.

Third, and most importantly, women are going to control the wealth. Statistically, women live longer. In a meeting recently, a statistic was shared that 80% of men die married, while 82% of women die alone. That means women are controlling the money.

Women often prefer to work with other women. They listen differently. They understand complexity. This career allows women to help other women understand and manage decisions they might not otherwise feel comfortable navigating.

That combination—flexibility, ownership, and impact—is incredibly powerful.

Phil:
I can see why you’ve been so successful recruiting. You’ve also been highly successful as a business builder and have been recognized nationally. As you look back on your career, what were two or three inflection points that really shaped your trajectory?

Nikki:
Early in my career, my firm taught us to prospect by knocking on doors—businesses and homes. It sounds extreme, but it works if you’re prepared and persistent. That phase taught me how to build momentum.

The next inflection point was going deeper, not wider. I focused on truly understanding my clients—their families, values, relationships, and goals. That depth led to multi‑generational relationships, which opened the door to estate planning, tax mitigation, and wealth transfer strategies.

As clients aged and accumulated wealth, their needs changed. That forced another inflection point: I needed a firm with deeper capabilities—research, investment banking, lending, and complex planning solutions. That ultimately drove my move to Raymond James.

Each stage required evolving the practice to meet clients where they were.

Phil:
You mentioned that transition. You’ve credited the Private Wealth Advisor program with helping you elevate your practice.

Nikki:
Absolutely. When I joined Raymond James and went through the Cannon Financial Institute Private Wealth Advisor program, it fundamentally changed how I thought about wealth management.

I realized I had been managing portfolios, not managing wealth. The program exposed me to solutions across liquidity, taxes, estate planning, business exits, and complex family dynamics.

Recently, we helped a client sell a business for $200 million. That would not have happened before. The education gave me the confidence and language to engage business owners at that level.

After completing the program, I restructured everything—my team, brand, client focus, and review process. We shifted from portfolio‑centric conversations to holistic, life‑centric planning.

Phil:
That evolution is exactly what separates elite advisors.

As you look ahead, how do you continue to evolve?

Nikki:
We’ll continue to specialize—business owners, executives, women, exit planning, protection strategies. I don’t see us operating a family office, but I do see us managing portions of family office portfolios.

Risk management is also critical. People insure their homes but neglect to protect the wealth they spent decades building. Protection—life, long‑term care, disability—is a core part of our strategy.

Phil:
Let me close with one question. If you could speak to 22‑year‑old Nikki just starting out, what advice would you give her?

Nikki:
I would tell her not to be afraid to look outside her current firm earlier. I stayed loyal to a good culture but didn’t fully explore whether it was the best platform for clients.

I’d also tell young women to stay involved in their finances. Understand where your money is, how it’s invested, and how you’re progressing. Too many women disengage until a life event forces them to act, and by then, it can be very costly.

Knowledge is protection.

Phil:
That’s powerful advice. Nikki McIlwaine, thank you for joining us.
Cannon Connect is a production of Cannon Financial Institute. Executive Producer is Sarah Jones. Editing and mixing by Danny Bruner.

Until next time, I’m Phil Buchanan. Thanks for staying ahead of the curve.

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