Edward Hausgen was born in Missouri, but he grew up in Madeira, Ohio, near Cincinnati. He played football and graduated from Madeira High School. He was highly recruited Nation-wide to play D1 football and ultimately decided on attending Clemson University for both the academic and athletic opportunities this school afforded him. He graduated with a Bachelor of Science degree in Business and Human Resource Development. After college he moved to Long Island, New York, and worked on Wall Street for 10 plus years, starting with a company called DH Blair, and also working for Prudential, Morgan Stanley, and SunTrust.
After 9/11 Edward decided to move back to the South. After moving to South Carolina, he began working for Central Carolina Bank. He handled more than $200 million in assets in his role there before moving on to Carolina First Bank in his position as Senior Financial Advisor. He served many years as the President and CEO of Hausgen Wealth Management, where he was able to live out his dream of helping others find financial independents and overall security. Edward worked approximately 20 years in the financial sector and handled up to $250 million in assets for clients.
Currently, Edward Hausgen serves as the CEO for E.L.H.B. Consulting, advising small, mid-size, and up to Fortune 500 companies on sales and marketing practices that can bolster company performance and overall employee strategies going forward.
What trends in your industry excite you?
Edward states managed money is all there is at this point in our financial planning evolution. Edward believes this practice can create complacency and detachment to clients and the process. I acknowledge this practice is widely accepted in my field today, yet I think it takes away a lot of autonomy for you and your clients to make informed decisions.
Additionally, I am not sure that helps an advisor, because it keeps them from the exposure aspects of wealth management, relying too heavily upon other aspects that are unrecognizable at this point in my professional life. For example, there seems to be a lack of research or understanding or knowledge behind why you are putting the client in a certain product. I’m old school, nowadays professionals are leveraging AI software that looks at trends/DATA in real-time and in doing so leaves out a lot of the human elements that should not be dismissed so effortlessly. I think a combination of both approaches will yield better outcomes over the long-term.
What would you tell others looking to get into your industry?
I would advise the said person to shadow a highly respected financial adviser and see what that day in and day out life looks and feels like. Additionally, I would want them to make an informed decision based on what they believed was important to them at that stage in their lives. The internship process is still the best method I find for developing young people and baptizing them in all things related to complex “Wealth Management”.
I’m not sure I would be afforded the same opportunity today to do all those things I did back then. I started out with a little company and they started me where you are asked to start cold calling, this surely tested my mettle and emotional endurance. You learned the industry as you went, I don’t think they operate within that exposure/saturated approach today. I see things are heavily regulated and so, driven by a lot of paperwork and layered approaches that seem to slow down real-time progress. With this said I understand this is necessary to a large extent due to the unethical practices we have seen taking place across this business. It’s interesting how appreciative I am today for the learning experience I was afforded back in the day. Back then you were learning the ins and outs of the companies, where today you just know the name of the fund or the name of the company and that’s what you go by. There seems to be a lack of research on the part of the advisor, but with that said I understand things are moving so fast it becomes nearly impossible to stay current unless you work 20 hrs. a day. It would seem very difficult today to try to regulate work-life balance. Honestly, I believe the real-world approach I subscribe to is work-life integration, this makes more sense to me.
What is one thing you would change in your industry today if you could?
There are so many regulations in the industry. The easing of regulations recently has given brokers more flexibility within the industry. This flexibility will afford brokers much need streamlining within the broker system.
How has our industry changed over the last decade?
I’ve always said this from the beginning, I was there when everything was in transition before it was fee based. I always was under the old brokers that liked the commission based. It’s so easy to just plug and play and that’s what they want you to do today, but I believe you get out what you put into it.
I prefer doing more research for clients and helping them make the best choice, not just plugging them into something. I prefer a more customized approach.
Who has been a role model to you and why?
I looked up to my grandfather. He was a very successful businessman. I look up to my father as well. They were both very hard workers.
How do you maintain a work-life balance?
Being a financial advisor gave me the freedom to work when I wanted to work and as long as I wanted to work. In the beginning, I certainly worked a lot of hours, but it got a lot easier as I built assets and relationships, and I had a lot of people supporting me. All I needed to do was talk and find the clients and build relationships with them. I always loved the work. I enjoyed the work so much it often did not feel like work to me.
Activities that help me step away from work when I need a break include golf, fishing, and keeping up with the Clemson Tigers.
What is one piece of advice that you have never forgotten?
It isn’t a job if you love it. My broker would say, take baby steps. I will never forget that when I first got into the business. Take everything as a baby step. Don’t take everything as giant leaps. It will all come to you. Give yourself time and it will happen. It’s not a sprint. It’s a marathon. Take it easy.
What does success look like for you (personal or professional)?
To me success is being happy with myself, reaching the goals that I have set out for myself, and being surrounded by people that love me, care about me, and want me to succeed. I am one of those people that want to help people succeed no matter what.
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