Chris Tan on ILPs, F.I.R.E and Finishing Life Well

My boss Christopher Tan, CEO of Providend, last year did a podcast episode with Singapore financial podcaster Reggie at The Financial Coconut.

I think it may be one of the most personal interviews that he has done (aside from the war stories we shared at work).

I am sharing this podcast because there is good value about his perspective on insurance, investments, life and F.I.R.E.

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Chris shared with us what is the difference between fee-only, fee-based and commission advisers. Somehow, the host Reggie seem to think the fee-based is the most conflicted option.

“Fee-based is the ‘I really want to sell you this product model.'”

Managing wealth for them didn’t start off as a calling. There was enough naivety when they started Providend. He shares how much he made in his last year as a commission adviser in the 2000s.

“If you sell this, you are not going to be an MDRT.” The economics behind ethical MDRT.

He explains why ILPs are costly and make very little sense. Singaporean’s obsession in bundling. Singaporean’s are also obsessed with the bulk purchase of fire extinguishers.

Why it is so difficult to recruit client advisers for Providend. How much money they manage.

How to fortify daughters by building up their drinking capacity in primary school. His personal story of depriving your family.

His biggest gripe with F.I.R.E.

How to finish well in life.

Podcast at Spotify here:

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I break down my resources according to these topics:

1. Building Your Wealth Foundation – If you know and apply these simple financial concepts, your long term wealth should be pretty well managed. Find out what they are
2. Active Investing – For active stock investors. My deeper thoughts from my stock investing experience
3. Learning about REITs – My Free “Course” on REIT Investing for Beginners and Seasoned Investors
4. Dividend Stock Tracker – Track all the common 4-10% yielding dividend stocks in SG
5. Free Stock Portfolio Tracking Google Sheets that many love
6. Retirement Planning, Financial Independence and Spending down money – My deep dive into how much you need to achieve these, and the different ways you can be financially free
7. Providend – Where I used to work doing research. Fee-Only Advisory. No Commissions. Financial Independence Advisers and Retirement Specialists. No charge for the first meeting to understand how it works
8. Havend – Where I currently work. We wish to deliver commission-based insurance advice in a better way.