Fewer investors across all age groups are using traditional advisors as their primary provider of financial guidance, according to research group Cerulli Associates.

The decline is most pronounced among Americans younger than 50. In 2005, 22% of households headed by individuals in their 20s used advisors as their primary advice provider. By 2011, only 7% did. The use of advisors also fell among investors in their 30s and 40s, falling from 20% and 27%, respectively, to 9% and 16%.

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