Who is Responsible for the poor financial advice in the UAE?

Friends Provident International(FPI) says “the quality of financial advice resulted in dissatisfaction among the customers of UAE".
Financial Advisors in the UAE act as marketing agents rather than independent advisors.
An increase is seen in complaints from customers who are dissatisfied by high fees and poor performance of the Financial Advisors.

Studies show that 54 percent of UAE investors use a financial adviser, while only 32 percent consider them trustworthy.

Talks around poor budgetary exhortation in the UAE have increased as of late as guarantors and counsels fight it out finished who is at fault. 

Companions Provident International, one of the greatest suppliers of costly settled term speculation designs, has faulted "the nature of money related exhortation" for "discontent among clients" in the UAE. 

In a segment penned for The National, Philip Cernik, Friends Provident International's head advertising officer, says: "The assets of back up plans ought to be put resources into enhancing the norms of the counselors they are working with, for a definitive advantage of their clients." 

His remarks come right around a year after he composed another segment expressing that legally binding reserve funds designs are coming up short clients and that the organization "could improve the situation". FPI, as the most back up plans, pays counselors high commissions on the offer of its settled term items. 

Justin Quan, a senior partner at the private value organization Berkeley Assets, which works with counselors, says the UAE's "under-flame free money related guides [IFA]" are being made the substitute for the constrained supply of venture items, for example, retirement advantage designs and instruction reserve funds design made accessible in the market by seaward benefits suppliers. 

"Purchasers are requesting better items and arrangements from their IFAs and are much more shrewd. Thus, they will never again acknowledge costly items with poor comes back from counsels who are fixing to a few suppliers and go about as promoting operators as opposed to autonomous consultants," says Mr. Quan. 

"The best IFAs are the ones who are moving far from the long haul, rigid funds designs offered by life organizations and moving to a truly fair-minded warning administration which offers arrangements over the full range of speculations and resource classes."

source