More than half, 53 percent, of financial advisors' clients are between 50 and 70 years old, according to research from global analytics firm Cerulli Associates.

"Advisors are finding it increasingly difficult to attract young investors," Kenton Shirk, associate director at Cerulli, said.

 "The endless availability of online resources, as well as easy-to-use direct platforms is diminishing the need for advisors within the do-it-yourself generations."

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