Conservation of tradition is what conservatives usually aim to do. Nothing about established elite, but values, institutions, traditions, etc. that’s the context of ‘conserve’ in the name.
This is “state’s rights” level of beating around the bush.
What traditions? What values? What institutions? I’ll tell you which ones.
The “tradition” of hierarchy and dominance, of the supremacy of capitalism and the Protestant work ethic, which have inevitably created an elite class.
The “values” of hyper individualism, competition and deference to authority, which have led to oligopolies forming and exerting control over society, to be defended by the state at all costs.
The institutions of the state and capital. Need I say more?