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When Chris Tan co-founded Providend Wealth in 2001, Singapore’s financial advisory industry was barely taking shape. The Financial Advisers Act had not yet been implemented, and the idea of a “fee-only” advisory model, one that separated advice from product sales was unheard of. Yet, on September 11, 2001, as the world witnessed tragedy unfold in New York, a small but momentous event was also taking place in Singapore: Tan and his partner signed a tenancy agreement that marked the official birth of Providend.

I still remember going home after signing that lease and seeing the planes crash into the World Trade Center,” recalls Tan. “We thought it was a movie. It was surreal.”

That day became symbolic of what lay ahead – a volatile journey defined by uncertainty, courage, and conviction.

Tan entered the financial industry in 1998, starting at an insurance company because, as he puts it, “that was the only way to be a financial adviser in Singapore.” He quickly rose through the ranks, earning over S$200,000 in commissions by his third year. Yet, despite the success, he felt an emptiness.

“I wanted to help people plan their finances, not just sell insurance,” Tan says. The turning point came during a meeting with a long-time client who said, “Chris, I always buy something from you when you come. But surely one day, I won’t need any more insurance.”

That moment of uncomfortable truth hit hard. “I realised he wasn’t buying because he needed it – he was buying to support me,” says Tan. “I felt guilty. That was when I knew I had to change.”

Leaving behind a lucrative income and the security of an established career, Tan took a leap of faith. With his co-founder, he decided to build Singapore’s fee-only advisory firm, grounded in independence, integrity, and a belief that true financial advice should be free of product bias.

What followed, however, was not the overnight success story some might imagine. Providend spent its first year without a licence because the Singapore government delayed implementing the Financial Advisers Act after 9/11. The founders survived on savings and sheer conviction. “We didn’t know what we didn’t know,” Tan laughs. “It was naively stupid – but also beautifully brave.”

For nearly two decades, Providend grew slowly and steadily, operating as a niche player in a commission-driven industry. “Up until 2018, our AUM was about S$283 million,” Tan shares. “It was only in the last five years that we experienced exponential growth.”

That growth, however, was built on two decades of groundwork – values, culture, and trust.

Today, Providend manages S$1.56 billion in assets (as of August 2025) and employs around 70 staff across two entities: its core wealth advisory firm and an insurance specialist arm.

Yet Tan is the first to downplay the word “success.” “It took 20 years of grind before the growth came,” he says. “The last five years were exponential, but they were built on the first twenty of perseverance.”

What kept Tan and his founding team together through the tough years was what he calls a “leadership burden.”

“All my founding members were successful commission-based advisers who gave up everything to join me,” he says. “For many years, they earned far less than before. Yet they stayed. They believed in the vision.”

He speaks with deep gratitude for his team. “We never once quarrelled about money, leadership, or recognition. They submitted to my leadership, even though I was the youngest and least experienced. And when I made mistakes – and there were many – they never said, ‘We told you so.’”

That trust, he says, is sacred. “I’ve always carried a leadership burden – to make sure that the firm thrives, that the team is rewarded, and that the families behind each team member are taken care of. Because when we pursue our dreams, our families pay the price.”

Providend’s philosophy, “helping people make life decisions before financial decisions,” is deeply intertwined with Tan’s worldview. He calls it the philosophy of sufficiency, a belief that financial freedom is not about having more, but about knowing what is enough. “There is a trade-off in life,” he says. “We help our clients define what matters most, and then arrange their finances to support those life goals.”

Looking back, Tan sees leadership as a mirror. “When I started, I was very confident, maybe even arrogant,” he admits. “I believed that if I worked hard, everything would go my way. But over time, I learned that life doesn’t always reward effort. You can do your best and still not get the result you want.”

Failure, he says, taught him humility. “I like myself better now than 20 years ago,” he smiles. “I’m more grounded, more grateful.”

Asked what advice he’d give his 20-year-old self, Tan pauses. “Honestly, I wouldn’t change anything. Every mistake shaped me. If I told my younger self to ‘be humble,’ I wouldn’t have understood it. You can only understand humility after failure.”

As technology reshapes every aspect of financial services, Tan is clear-eyed about what it can – and cannot – replace.

“With AI today, you can generate a financial plan or a trust document,” he says. “If our value lies only in number-crunching or recommending products, then yes, AI will replace us.”

But human advisers, he insists, have something no algorithm can replicate: empathy.

“Advisers must be skilled in understanding people, what motivates them, what they value, what gives them purpose,” says Tan. “Empathy requires relationship, and bots cannot build relationships.”

He draws inspiration from the Japanese concept of ikigai, a reason for being. “A good life,” Tan says, “is living in a place you belong, with people you love, doing the right work, on purpose.” Helping clients discover that is the true future of advice.

Tan sees the next generation of advisers needing a blend of technical knowledge and emotional intelligence. “We still need to understand the math. But we must also become better listeners, listening not just to words, but to tone, emotions, and context.”

He’s training his team in this human-centred approach, focusing on “discovery questions” that help clients gain clarity about themselves, not just their money. “The best questions aren’t for us, they’re for the client,” Tan says.

Now in his mid-50s, Tan is turning his focus to succession – something he’s been planning intentionally for the past five years. “It’s a 10-year plan,” Tan explains. “We’re working on both leadership and ownership transition.”

Rather than selling Providend to a larger financial institution, Tan and his founding partners are determined to keep it employee-owned. “It may not give us the best buyout, but it’s the best thing for our clients and our legacy,” he says. “Our own retirement money is with the firm, so we want to make sure it remains in safe, trusted hands.”

By the age of 60, Tan hopes to step back from the business. “I want to have the option to retire from financial services and move into something that aligns with my passions, probably life coaching. That’s where my heart is.”

From a small unlicensed startup in 2001 to one of Singapore’s most respected independent advisory firms, Chris Tan’s journey with Providend is a testament to conviction and character.

His story isn’t one of instant success, but of quiet persistence, faith in people, and the courage to lead differently.

“I’ve always said I’ll be the last man standing,” Tan reflects. “If things fail, I’ll be the last one out the door, because leadership is not about privilege, it’s about responsibility.”

As Providend looks to its future, Tan’s influence will remain, woven into the firm’s DNA of authenticity, empathy, and purpose. For him, the measure of success has never been assets under management or awards won, but lives changed, both those of the firm’s clients and his team.

“I’m just grateful,” he says simply. “Grateful that after all the mistakes and all the years, we’re still here – and we’re still making a difference.”

Chris Tan is a co-founder at Providend Wealth, based in Singapore. You can meet Chris at the upcoming The Inside Network’s INASIA: Investment Leaders Forum.