WASHINGTON -- If the graying financial services industry is to replenish the ranks of retiring advisors and brokers, firms and trade groups must take a more active role in promoting the field to millennials and countering the tendency of young people to associate all professions in the sector with the worst excesses of Wall Street.

That reputational hit, combined with the industry's lackluster self-promotion, helps explain why just 22% of advisors practicing today are under the age of 40, according to Mark Tibergien, CEO and managing director of Pershing Advisor Solutions.

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