Washington -- As a younger generation of investors begins to grapple with planning for retirement, advisors and the fund companies that populate IRAs, 401(k)s and other plans should take note of the distinct concerns that millennials bring with them as they weigh their financial picture, industry executives say.

In a panel discussion at the recent Investment Company Institute's general membership meeting, officials from leading financial houses outlined some of the contours of the millennial generation, the cohort that cuts off at the age of 34.

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