The Dunderhead Sharks

There is research that gives you fresh insight, and there is research that confirms what you already know. A report this week from Zurich International Life which tells us expats in the Middle East are loathe to use financial advisors, is very much in the latter category.
While one in three expats say savings and investment is their number one priority, less than 10% turn to financial advisors for advice. Most prefer to take advice from family and friends, 38% work things out for themselves. Worryingly, just 2% of expat Arabs use financial advisors.
Full marks to Zurich for doing the work (500 expats were polled in Bahrain the UAE), but the report falls short of telling is why there is such a lack of take up. I'd suggest an absence of proper regulation, too many fly-by-night operations, a history of rip-offs, and commission-based sales. There may be very many good financial advisors in the region, but the perception is of an industry staffed with sharks. Having met several new recruits to the industry, in the bars of Dubai, fresh off the plane, it is image many seem to revel in.
Will the financial industry take any notice? Does it care? While there are quick bucks to be made from cold calling (I once met a financial advisor who would steal the business cards from the drop bowls in expat restaurants, and start calling the next day), why invest in long-term brand building?