Embracing insurance commissions – with caveats

FINANCIAL advisory firm Providend, founded in 2001, blazed a trail in Singapore with its fee-only business model. It does not retain product commissions, which it believes creates conflicts of interest.

But now, it has a sister insurance-advisory company, Havend, which will retain commissions of the insurance plans it sells.

Providend chief executive Christopher Tan is keenly aware that Havend’s business model would raise eyebrows in a stiffly competitive advisory market.