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.
“Havend is a commission-based entity… We recognise this, and openly say there is a conflict of interest. But we put in place ways to mitigate this.”
Havend Pte Ltd is owned by Providend Holding, which also owns the wealth...
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