The number of financial advisers in the country fell from 314,000 in 2004 to 310,000 at the end of 2008, according to a study by Cerulli Associates. The decline is expected to accelerate as more brokers reach the age of retirement. "As the Baby Boom advisers retire, the financial advisory industry runs the risk of not being able to meet" investors' demands, analysts at Cerulli wrote.

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