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The industry needs an infusion of young advisors—but those newbies need more than traditional training, according to MarketWatch.

Experts say aspiring advisors should understand how business models are evolving. Retainer fees and subscription models are catching on, for example, says Kate Healy, managing director of Generation Next for TD Ameritrade Institutional.

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  • Starting a 401(k) is a popular option for those beginning to save for retirement.
  • Many are uninformed about the steps in transferring old 401(k) plans, which could lead to missed opportunities for generating more savings.
  • Leaving your 401(k), cashing it out, rolling your account into a rollover IRA or a new 401(k) are the most popular options; however, some methods are more recommended than others.

Starting a 401(k) plan is the most popular way for many in the workforce to grow their nest egg for retirement.

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  • Roth IRAs are "hidden gems," especially for younger investors, says Gen Y advisor.
  • Roth IRA contribution limits are based on household income.
  • Investors contribute after-tax dollars from their paychecks and can withdraw any earnings tax-free in retirement

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