10% of UAE residents do not trust financial advisers in the region, Insight Discovery research has found.
Financial advisers came fifth in the worst reputation poll for the third year in a row. The profession received a similar score in 2021, up from 9% the previous year.
The survey of 1,016 individuals, found that recruiters have maintained the top spot for least trustworthy professionals, followed by credit card issuers (20%), call centres (18%), real estate companies (12%) and independent financial advisers (10%).
Nigel Sillitoe, chief executive of Insight Discovery, said: “The past 12 months have been exceptionally challenging in lots of ways, especially in relation to job security for many individuals, across all types of sectors. Recruiters don’t seem to have responded by showing the right professional support or guidance for candidates who need it.
“They need to be responsive and give clear guidance to individuals who are looking for a new job, or perhaps even a change of career.”
By contrast, Sillitoe added, financial advisers fared relatively well in the survey. “For IFAs not to appear on this list next time, two things probably need to happen.
“For starters cold calling must stop, whilst less prevalent than in the past, this annoying and antiquated practice still goes with one or two IFA firms being guilty parties.
“Secondly, unregulated firms making outrageous return claims don’t help as they are misleading investors and tarnishing the good work done by so many IFAs in the region.
“Having interviewed so many chief executives at IFA firms, Insight Discovery plans to help the industry by launching a campaign to make it harder for unregulated firms to advertise and generate business leads.”