Elwood founded Northeast Financial Consultants on February 1, 1983. Prior to its founding, Elwood worked at the Ayco Corporation, a national financial planning firm. Elwood was an account manager for four years with Ayco Corporation, working with senior executives at over fifteen "Fortune 500" companies. Elwood received a B.S. in Economics from the Wharton School in 1974, and concurrently, a B.A. in Psychology from the University of Pennsylvania. He received his Juris Doctor from St. John's University School of Law in 1977. After law school, Elwood did post-graduate work at New York University School of Law's LLM program in Taxation at night from July 1977 to August 1978. Elwood is an act