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Anyone has experience with Providend?

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Old 09-02-2020, 05:51 AM   #1
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Anyone has experience with Providend?

Hi guys, I'm trying to figure out if Providend is worth it (I think they charge a $2,000 fee upfront but they don't take commission for insurance, so I'll probably save there).

After being burnt by insurance agents, I don't want to deal with anyone that charges commission. Also don't want to pay commission to fund managers/relationship managers.

I have a friend who says that going with Providend was the best decision for his financial life ever but he has lots of $$$.

So... anyone has been advised by them?
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Old 09-02-2020, 07:30 AM   #2
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Isn't Providend now MoneyOwl?
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Old 09-02-2020, 09:11 AM   #3
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Isn't Providend now MoneyOwl?
Providend is the main arm that provides fee only advice. Moneyowl is a platform that belongs to Providend (side arm) . It does not provide comprehensive advice to clients... Just the basic stuff in return 50% comm back
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Old 09-02-2020, 10:27 AM   #4
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Moneyowl is owned by NTUC and providend. Different

Isn't Providend now MoneyOwl?
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Old 09-02-2020, 10:28 AM   #5
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I thought of using them 3 years ago but I found that they are too expensive.

I think moneyowl is good enough though, they rebate a part of the commission for insurance products

Hi guys, I'm trying to figure out if Providend is worth it (I think they charge a $2,000 fee upfront but they don't take commission for insurance, so I'll probably save there).

After being burnt by insurance agents, I don't want to deal with anyone that charges commission. Also don't want to pay commission to fund managers/relationship managers.

I have a friend who says that going with Providend was the best decision for his financial life ever but he has lots of $$$.

So... anyone has been advised by them?
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Old 09-02-2020, 10:41 AM   #6
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Hi guys, I'm trying to figure out if Providend is worth it (I think they charge a $2,000 fee upfront but they don't take commission for insurance, so I'll probably save there).

After being burnt by insurance agents, I don't want to deal with anyone that charges commission. Also don't want to pay commission to fund managers/relationship managers.

I have a friend who says that going with Providend was the best decision for his financial life ever but he has lots of $$$.

So... anyone has been advised by them?
What sort of services are you looking for them to provide?

I've spoken to them before on retirement planning and had them took a look at my finances but in the end I didn't engage them. The $2,000 you mentioned is one off but for my case, there is a recurring annual fees based on AUM and this fees could range from (if I recall correctly) 0.5% to more than 1%.
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Old 09-02-2020, 02:44 PM   #7
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What sort of services are you looking for them to provide?

I've spoken to them before on retirement planning and had them took a look at my finances but in the end I didn't engage them. The $2,000 you mentioned is one off but for my case, there is a recurring annual fees based on AUM and this fees could range from (if I recall correctly) 0.5% to more than 1%.
Yes. And everytime u want to do a policy review, u need to pay as well.

The $2000 upfront fee could be higher than some of the commission of an insurance policy bought through agents. Unless u are buying a policy with very high premium, it is not worth it.

But then again, u still need to compare the premium if no commission is really being charged. Based on a quote received by a friend, his premium is about the same than if he is to get it anywhere. And insurers nowadays have got frequent promotions to get u to sign up with them, offering some sort of "rebates".
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Old 09-02-2020, 03:24 PM   #8
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The bottom line is that not everyone is able to DIY and self-invest.

Simple maths question like this they cannot calculate and want people to calculate for them:
  • Commission is 0.08%. How much worth of stock must I buy such that comm = $10.

If an investor is unable to calculate the above, maybe a fee-based advisory is suitable for him. Certainly better than commission based agents. While some are ethical, some of those that depend on commissions will try to mislead you in order to push unsuitable products like ILP, for example, by telling you that ILP no estate tax but investing in stocks got estate tax.
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Old 09-02-2020, 03:58 PM   #9
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The bottom line is that not everyone is able to DIY and self-invest.

Simple maths question like this they cannot calculate and want people to calculate for them:
  • Commission is 0.08%. How much worth of stock must I buy such that comm = $10.

If an investor is unable to calculate the above, maybe a fee-based advisory is suitable for him. Certainly better than commission based agents. While some are ethical, some of those that depend on commissions will try to mislead you in order to push unsuitable products like ILP, for example, by telling you that ILP no estate tax but investing in stocks got estate tax.
Happy to calculate that for anyone for half price. $1000 can liao.
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Old 09-02-2020, 05:16 PM   #10
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Went there went after starting work in 2012, was quoted 1000+ (cant rmb exact) as a fee. Not unreasonable actually, since they are in the business of advisory (cant say the same for commissioned agents).

Decided not to go for it since my needs back then werent too complicated and very much coverable with SAF group term insurance.
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Old 09-02-2020, 07:10 PM   #11
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Hi guys, I'm trying to figure out if Providend is worth it (I think they charge a $2,000 fee upfront but they don't take commission for insurance, so I'll probably save there).

After being burnt by insurance agents, I don't want to deal with anyone that charges commission. Also don't want to pay commission to fund managers/relationship managers.

I have a friend who says that going with Providend was the best decision for his financial life ever but he has lots of $$$.

So... anyone has been advised by them?
Sit down with MoneyOwl if you are buying low cost insurance. They have 50% commission rebate. For them, they are salaried advisors.

Sit down with providend if you are a high networth. Its more complex with the tax and estate planning required.

Much better than relying on individuals with blind spots (including me).
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Old 10-02-2020, 06:26 AM   #12
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thanks everyone!

What sort of services are you looking for them to provide?

I've spoken to them before on retirement planning and had them took a look at my finances but in the end I didn't engage them. The $2,000 you mentioned is one off but for my case, there is a recurring annual fees based on AUM and this fees could range from (if I recall correctly) 0.5% to more than 1%.
Mostly insurance. But seems like MoneyOwl might be a better option if I'm not sure if the $1,000/$2,000 is worth it. I don't really care about the rebate on the commission - I just don't like the conflict of interest (i.e. insurance agents get a cut of whatever they recommend, so I don't know if the agent really is recommending something that's best for me) but seems like this is the way the industry is set up in Sg.

I was sort of thinking of checking in with Providend about investments too, but might just as well DIY it if all I want to do is buy ETFs (gonna read the Shiny Things thread for this). Do you think Providend has similar offerings as MoneyOwl? Seems as though the fee structure might be the same as other robo advisors - my finances aren't complex so judging from your comments, doesn't seem as though it'll be worth it.

Just realised that MoneyOwl has some $500 rebate (ending 11 Feb) for comprehensive financial planning so I'll be trying that out - it's a bit irritating cos I have to leave my contact details and the advisor will contact me with the promo code, can't just get the promo code directly from the website. Will update if I actually go through with this.

Last edited by loldol; 10-02-2020 at 06:39 AM.. Reason: left out some info
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