A new report released by Pershing LLC, a unit of BNY Mellon, suggests that while most wirehouses and independent broker-dealers recognize that their core advisors are aging and will soon need to be replaced, few have done much in the past three years to address the problem.

Thanks in large part to the moribund economy of the past three or four years, financial services firms have spent a disproportionate amount of their time trimming lower-producing employees -- most of which were of the younger and just-starting-out variety -- to parse costs and improve the overall bottom line.

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