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Komfie Manalo, Opalesque Asia:

A study by BNY Mellon's Pershing has found that the financial services industry has yet to fully embrace initiatives that will make it relevant to the next generation of investors. The study titled, Business Transformation: Navigating A Path Forward also found that regulatory uncertainty may be overshadowing some of the longer-term challenges facing the industry.

"The findings largely reaffirm what we are seeing in the marketplace," said Rob Cirrotti, managing director of Investment and Retirement Solutions at BNY Mellon's Pershing. "Firms have spent a fair amount of time adapting to the changes in the regulatory environment. Now, it is time to move beyond the regulatory uncertainty. We must engage in a wider conversation about how technology and talent can create the scale and efficiencies needed to transform the business for the future."

The study, which was conducted by the research and advisory firm Aite Group, added that uncertainty in the political and regulatory landscape is cited as the main challenge to business by 71 percent of respondents, followed by the Department of Labor's Fiduciary Rule (67%), and an aging client base and difficulties in reaching young clients (65%).

The majority (68%) of financial professionals responding to the survey acknowledge that reaching new ......................

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