17% of UAE residents do not trust independent financial advisers in the region, Insight Discovery research has found.
But the research was more positive for IFAs as it was the first time they were tied with bank-employed advisers, as they have scored worse than their bank peers in previous surveys.
The survey of over 1,000 individuals, found that recruiters (52%) have maintained the top spot for least trustworthy professionals, followed by call centre operative (33%), credit card issuers (31%), real estate agents (25%) and social media influencers (25%).
For this year’s study, Insight Discovery allowed survey participants to select multiple industry sectors. Western expats seem to be the most dissatisfied, ticking more boxes than any other group. Arab expats, on the other hand, reported themselves to be the least dissatisfied, closely followed by UAE nationals.
Nigel Sillitoe, chief executive of Insight Discovery, said: “It’s disappointing to see recruiters called out yet again for having the lowest professional reputation in the country. This matters because demand for talent is growing exponentially as more and more companies set up or expand in the UAE. Hiring managers and job seekers need efficient, trustworthy recruiters, and we all need them to succeed to keep the economy moving forwards.”
“For those good recruiters out there, this is their time to shine and to gain advantage over those that are causing so much dissatisfaction. Simple steps, like being responsive and giving clear guidance to individuals who are looking for a new job, can make a big reputational difference quite quickly.
“For IFA firms, the results from this year’s study will be encouraging. With so many new advisory firms setting up in the UAE, particularly in the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Markets (ADGM), our survey is well timed. As for why their reputation has improved it’s probably due to a number of factors, including greater transparency and tighter regulations.”
