Dan Haylett: Is it good advice to give money away?

27th July 2022

Dan Haylett, Director of TFP Financial Planning, describes his job as “human-focused retirement planning to help couples aged 50+ solve the emotional, behavioural, and financial problems of life after work.”

He actively encourages his clients, where appropriate, to align their capital (financial, human, social and time) with what’s most important to them now and create a lasting legacy.

Dan recently introduced us to his client, Atul Manek, who was interested in exploring the different ways that he could give money away and support causes that matter most to him and his family.

We asked Dan to explain what it was about working with us that appealed to Atul and why encouraging people to give their money away actually can be good advice.

Like most financial advisers, I need to get to know my clients well.  This is so I can give them the best advice to help them achieve their specific goals – from budgeting in the present to retirement savings for the long-term. We then work together to stay on track to achieve those goals.

When I start working with a new client, we spend a lot of time talking about how they want to spend their money, which often centres around treating themselves to holidays, buying or upgrading personal items or taking care of their loved ones.

But another aspect, that they often don’t consider, is giving money away to help people who are in a less fortunate position than themselves.

Traditional financial advice is not typically set up to help our clients give back, but it is a conversation I like to have.  It means we can ensure their financial planning is aligned with what’s important to them.

Once a client knows they are going to be financially secure, it allows them to broaden their thinking and support causes that have a deeper meaning for them and their family. They tend to want to do something more personal where they can be involved, rather than simply making donations to support the larger, well-known charities.

One of my go-to phrases I use with clients is, “Wouldn’t you prefer to give your money away with a warm heart rather than a cold hand?”.  This often inspires them to think about what is important to them and how they want to make a difference and what legacy they want to leave.   Typically, these causes are close to home, either geographically or based on personal experience.

This is why I feel very comfortable introducing my clients to ECF.  They listen to what people want to achieve and help them to work out what is important to them.”

When Atul and I talked about giving money away, it was clear that although he and his family lived in Essex where he wanted to give support, he also wanted to consider giving money to international causes, recognising his family’s heritage in Uganda.

However, he knew that he did not have the time or expertise to check the viability of charities, especially those working overseas.  He also wanted his children to be involved in the decision-making around which charities to support, but he did not want them to have the burden of potentially managing a charity in the future.

It was clear to me that Atul needed some expert advice.  I had been introduced to ECF in 2020, when I connected with Perry Norton on LinkedIn.  After a number of really positive meetings about the work ECF does I knew enough about them to feel confident they could help so I arranged a meeting for Atul and me with Perry and Caroline Taylor, ECF’s chief executive.

They listened to what was important to Atul and what he wanted to achieve.  Then they created a framework for him to be able to give, ensuring that the money he gives will be used efficiently and effectively.

I am delighted that Atul has established a Fund in his family’s name to help them give back to communities in the UK and abroad.  I have no doubt that they are in very good hands with ECF and that they will enjoy their giving journey for many years to come.

To find out how we can help you, or work with you to help your clients, contact Perry Norton on 01245 355947 or email perry@essexcf.org.uk.