252 | A Teammate from the (Literal) Beginning: Meet Alyssa Hause, Senior Advisor at HWM

Hilary Hendershott: Well, hello, money lover. Today I have a… I mean, I always have special guests, but today I have a very special guest to me. Why? Because I still celebrate Christmas with her. She is my sister, Alyssa, and she’s been working for my firm since the very beginning. Welcome to the show.

Alyssa Hause: Thanks for having me on.

Hilary Hendershott: This is her first time on Love, your Money^®. So it’s exciting. And we’re gonna talk about why I have left her out. I have let her not be on the podcast until now. And it’s gonna all make sense to you, because we’ve just been dishing about how different we are in the pre chat, and of course, thank you for coming on, for everything it took to be here, getting your microphone set up to celebrate the 10 year anniversary of the company, and being here since the beginning. So thanks for being willing to share your memories.

Alyssa Hause: Of course, I can’t be more proud to have been a part of it for the past 10 years. My little guy was just a baby when you started, and it’s fun to see the business and the baby grow up.

Hilary Hendershott: Yeah, he not little, he not little anymore. So, let’s talk a little bit about the evolution of how this all came to be, because back in 1999, our dad invited me to become a CFP^®, I mean, a financial advisor. And then fast forward a few years, and you had a career that wasn’t working the way that you wanted it to. And so you said, you know. Let me join the team, too. Tell us how that all started for you.

Alyssa Hause: Yeah, I think you know, Craig made the invitation to you, and then…

Hilary Hendershott: Tell them why we call our dad Craig.

Alyssa Hause: Cause we work with him. We call him Craig!

Hilary Hendershott: We were asked to call him Craig, because it was in a book or something about family businesses that it’s awkward when people say, oh, “I’m going to go talk to my dad.” So we were asked to call him Craig, and now we just call him Craig all the time.

Alyssa Hause: There you go.

Hilary Hendershott: It’s not disrespect. It’s not like about, he is dad, but he’s also Craig.

Alyssa Hause: Yeah, so I was working in an office full time with two little kids, taking them to daycare 9 hours a day, 10 hours a day sometimes and thought, there’s got to be a better way. This was before work from home was a thing, and I wanted to work from home, and that was one of my strong motivators. And I’ve had a passion for finances my whole life. I never did get my CFP^®  until I started working with Craig. And it’s just been a great change. You know, I started part time. I was able to have another baby. It was about 2009 when he asked me to come on board and it’s been a great ride.

Hilary Hendershott: You’ve done bookkeeping, and then you were a paraplanner and now you’re running meetings. What are your other learned skill sets in the industry?

Alyssa Hause: Gosh! Lately you’ve been doing so much hiring, I feel like I’m a human resources professional.

Hilary Hendershott: Learning about the laws of different states.

Alyssa Hause: Yeah, setting us up with all of our accounts and registrations, and all that. So if you could just stop hiring, you know.

Hilary Hendershott: I hope to.

Alyssa Hause: It’d free up some time.

Hilary Hendershott: You still work for our dad. I don’t. I, as you know, if you’ve been listening to the show, went out on my own at some point about a decade ago. No, it was a decade ago. I don’t know why I said about, it was a decade ago, and you came with me in like a small sort of fractional sort of way, and so just talk about how that’s gone since then.

Alyssa Hause: Yeah. So I do two different things. Ya know, I meet with clients in your firm, and I do some other stuff in Craig’s firm. And when I started for you, you decided to step out on your own, which is awesome, started Hilary Hendershott. Now it’s Hendershott Wealth Management. And I thought, man, I really want her to be successful. I know it’s going to be so hard. And I thought I was being very like, maybe altruistic to say, “I’ll do your bookkeeping and your admin, and fill out your forms,” and I think I charged you some bottom barrel number.

Hilary Hendershott: Small, small.

Alyssa Hause: Yeah.

Hilary Hendershott: Unnegotiated rate.

Alyssa Hause: I was like, yeah, I could take my kids out to dinner once a week for this. I really, truly wanted you to be successful. And so I thought I was being very helpful. But then, in the end, you kind of turned that ball around and devoted into my career, put into making me more successful and making me a client facing advisor. And I’m really appreciative for that.

Hilary Hendershott: So, let’s talk about that, because I left our father’s firm and you still work there, and he knows that, and I know that. And I think how that all evolved, and I don’t think it’s normal or average at all. I mean, I know he felt some kind of way when I left, and yet he provided that leadership. It never was combative or negative. We never fought. I mean, I think we both cried.

Alyssa Hause: I think he’s always just wanted the best for both of us, and he’s always said, he wants that for us. He wants us to be successful and happy, and those things.

Hilary Hendershott: And do you think it’s out of that leadership that you and I have navigated so well? I mean, we manage a portion of our own inheritance through family members that we work for, and I pay you and you work for me. So there’s requests that I’m making that are like employer-employee, type conversations. And yet we’ve never we’ve never had a fight. Do you think that was out of Craig’s leadership, what do you think explains that.

Alyssa Hause: You have always been direct with me, and so I have learned to be better at being direct back with you as well.

Hilary Hendershott: I don’t hear anything else. Yeah.

Alyssa Hause: I think if there, it was a problem or is a problem, we come to each other and we talk it out. And really there’s never been anything where we’ve butt heads so hard that we couldn’t work it out in 5 min, so that’s helpful.

Hilary Hendershott: I know you say it like that. I mean, look at some of the former employees, how badly that’s gone. And they weren’t family members, and that was about my interests versus your interests, right? “Oh, if you valued me, you’d pay me more” kind of conversations which are subjective and emotional. And you can’t win those conversations.

Alyssa Hause: True.

Hilary Hendershott: And yet we’ve never had that energy between us.

Alyssa Hause: Well, in the same way that I wanted you to be successful when you started in 2014, you have the same feelings towards me. So you’ve done things that helped my career immensely. I think that we just, we care.

Hilary Hendershott: I said, “Yeah” as a knee jerk, not as a… but I guess I can lay claim to that. So it’s been a mutual symbiosis. It’s really wonderful to have team members; employees, a team that has longevity, because there’s just so much in terms of what you can do and provide for team members who are coming in, clients who, of course, I mean, knowing the details of their lives matters. So it’s been a real asset. Okay, has anything surprised or disappointed you about financial planning as a career?

Alyssa Hause: Surprise? Yeah, I mean, how invested we are in our clients’ lives, how much I’ve gotten to know people and feel as though they’re family. I mean, obviously I care about their success. But I really care about people, and when things have happened to my clients, it affects me. I’ve shed tears for people that I meet with a couple of times a year. I truly feel invested in their financial lives.

Hilary Hendershott: And I’ve seen you do multiple hour, deep dive research. That’s one of your fortes really is…

Alyssa Hause: A Google-a-thon.

Hilary Hendershott: But you figure out how to do stuff. I just cannot… I say, “I need to get that done, but I can’t follow those instructions.” So thank goodness for people like you cause I wouldn’t know what to do. Let’s talk about what’s the most… and we had talked about what would be the most memorable examples to give to listeners for clients. And then we were talking about how, for you, it seems to be the most fulfilling kind of, the people we’ve made the most difference for, say a little about that.

Alyssa Hause: Yeah, so clients who, you know, the first time I had a client who was a single mom close to my age, that hits home, too, when they’re close to our age, and we really feel a connection with them, met with them for several years. She has a very devastating diagnosis that is going to pull her out of the workforce permanently. And possibly take her life at a younger age. And we had set her up in such a way that she is taken care of; she actually has more income than she needs. She has enough life insurance that her child will be okay, long term. And that’s really impactful when you can make that kind of difference in someone’s life because she can’t rewind the clock and go back and get the insurance that she needed or the estate planning that she needed set up. She really has to rely upon the work that she’s already done in her life.

Hilary Hendershott: You wake up one day in this business, and you realize that you have lots of people that you’re connected to. And now it’s all through this little tunnel called Zoom. Right? I mean, I’m on a cruise, and I have clients sending me photos, and it’s kind of like, I couldn’t have asked, I couldn’t have paid for this, but I sure hope it doesn’t go away.

Hilary Hendershott: Alright, so circling back to, the narrative about a family business is that it can’t work out. There’s going to be tension. There’s going to be dead weight. There’s going to be nepotism, I mean, maybe that’s circular. Ours is a little different. I’m the owner of the business itself. So it’s not like we have some dynastic relationship to the business. But what would you say, outside of wanting the best for each other, if someone were listening to this and they were in your position, how would you describe your personality; your natural instincts; your vision for yourself and your career that has this really work and has you be willing to take? I’m not even your manager right? Jen’s your manager, right? You’re flexible. It just works in a graceful way. What do you think enables that?

Alyssa Hause: I think each member of that family or that company needs to really understand themselves and their strengths and their weaknesses. Maybe even their communication styles; how they deal with conflict. Because if you and I were more similar, we might not be able to work together in the way that we do and forcing it to work doesn’t do anybody any favors. So when people talk about family businesses and how often they fail, it’s usually like a lack of communication, a lack of understanding the personality types that are involved there..

Hilary Hendershott: A lack of EQ.

Alyssa Hause: Yeah, I mean, you’ve experienced it both ways, right? A failure and a success. And so maybe I turn around the question on you. What was the big driver? What was the big difference there?

Hilary Hendershott: Wasn’t expecting any questions. I don’t think I thought about it in that strategic of a way. Maybe this goes back to the linchpin of the difference between you and me, because my personality wants to go full force, make it happen. And I’m kind of like, “Come along, come along, come along, come along!” And it took a lot of beating my head against the proverbial brick wall emotionally for me to walk away from… Well, I mean being in our dad’s company specifically. But other things. It takes a lot of negative feedback to get me to quit, whereas I think what you’re describing is like an elegant dance you’re like, well, it’s not gonna work. I’m gonna tango over here, right.

Hilary Hendershott: I don’t tango, I’m like, what’s that word? I’m yoked. I wear the yoke, you know. That has a particular strength in the world. I mean, I’m good at making things happen, but I can also make messes. I’ve gotten better at that now that I’m approaching 50, I prefer no messes.

Hilary Hendershott: So one of the themes of celebrating the 10 year anniversary of the company is, of course, look how much you can accomplish in 10 years, especially with the right people in your corner. And I’ve said in other episodes in this series that I really have internalized how once you get to a certain level of, this company isn’t going to go out of business tomorrow, like we have a modicum of success. We’re past the 7 figure mark, blah, blah, blah. It really is all about the people. All about your team, and how much you develop them, the dynamic you create, the culture you create and how you keep integrity with that. So given all of that, what are you most looking forward to in the next 10 years?

Alyssa Hause: I am very much looking obviously forward to continued growth of your firm. I have, over the past 10 years we’ve talked about hires, or who we work with a lot, and I’ve had the opportunity to work with Jen, who I’m sure all your listeners have heard about and saw you interview Jen. And it’s surprising to me how close Jen and I have become personally. She’s one of my good friends, and it’s been really fun having that in the workplace, even though we live in different parts of the country. And I look forward to more of that, more people on our team that are going to help us, but also that we get to know and we get invested in their lives, too. I wrote down on my notes for the script that we should hire three more Jens, so I must think highly of her.

Hilary Hendershott: You guys really want to hear what she said… She said, “Hire three more Jens, not three more Hilarys.” Oh, in some ways there really is just only room for one. Thank you. I’m looking for more Jens. If you think you are or, might be a Jen. And you wanna think about maybe working with us, we’re looking for you. Okay, tell us, what do you think is the difference between your Money Operating System^® and my Money Operating System^®. And what’s something surprising that people would not guess about you and your money?

Alyssa Hause: So this goes back to when I got my first job. I was 16, 17 years old, working for the city of San Jose, and they automatically take out your paycheck and put into a retirement account. So I like to say I’ve been saving for retirement since I was 16. But the reality is I’ve never had a job that I’ve not been saving for it. So I’ve been this consistent money hoarder, for lack of better word, I stash away money wherever I can, because I always thought that, I’ve got to have this long term goal of retirement taken care of. And I’m well on track for that. But then I ran into these struggles later in life, where it’s like I’m not spending where I should be spending. I wasn’t taking enough trips with the kids when they were little. I declined going to Disneyland because I thought it would cost too much, and I wish I had done that now. So when you say, what’s something that would surprise your listeners, I have this, this funny story, but I have this scar on my leg because I got a cut. This goes back about 12 years ago, I got a cut on my leg, and I didn’t want to spend the 100, whatever dollars it was going to cost to go to the doctor and get stitches. And I figured it would be okay. And it is okay. But now I have a big scar that’s way bigger than it should be on my leg that reminds me when I see it to take the vacation, spend the money now. You know, balance my short term and long term goals, so that I can enjoy the fruits of my labor now and in the future. How is that? Did that surprise you?

Hilary Hendershott: This is not a lesson I personally have had to learn. It’s just so interesting because we’re just so opposite. And yet we’ve cut… I like the little thing I’m doing with my hands right now. I did not plan that. The way we’ve come closer to each other since I turned 30 or something like that. Because my lesson was, of course… There was no such thing as concierge care when I was 25, but if there was, I would have paid for it. It’s only been in the last 5 or 7 years that I’ve heard you share those lessons. So in, in a way, you’ve matured in your Money Operating System^® as have I, just not so publicly for you. Alright! You ready for the signature question?

Alyssa Hause: Okay.

Hilary Hendershott: Okay, if your money were writing you a love note, what would it be thanking you or loving you for?

Alyssa Hause: I think that my money would thank me for being consistent, for saving since I was 16 into an IRA. But also now go out and use me as a tool, I believe money is a tool. Use me as a tool or a resource to fulfill on your most important goals in life. What brings you joy. What allows you to spend time with the kids; make memories.

Hilary Hendershott: Yeah. I love it. It’s so interesting because I’m, not to be totally repetitive, but you and I had that same job for the city of San Jose. We taught swim lessons and lifeguarded for the same pool.

Alyssa Hause: One of our clients also worked at my pool.

Hilary Hendershott: Right, right. And let’s just say, I did not save in the 401k. So, it’s so funny to hear you go back to that job. I thought you were going to tell the story about how Mom gave us $100 on that cruise we went on. I was 16, and you were 12 or something like that…

Alyssa Hause: I think I left the cruise…

Hilary Hendershott: You left the cruise with the money.

Alyssa Hause: I think I still had, like 50 bucks left over.

Hilary Hendershott: Oh, so many examples when you shine the right light on them, are so illuminating. Well, thank you. Thank you, thank you, thank you from my deepest heart for being here, and we will wish you listening to the Love, your Money^® podcast a blessed working relationship if you can have it with your sibling.

Alyssa Hause: Thank you, and congratulations on 10 years.