The financial advisory industry is facing a shortage of talent, according to a newly released report from research firm Cerulli Associates.

The financial advisory workforce has been in an ongoing decline, with the number of advisors in the U.S. dropping for the fifth consecutive year, according to Fox Business. Since 2008, the size of the workforce has posted a 12 percent drop.

The consulting firm Moss Adams predicted that the financial advisory industry could be up against a shortage of more than 200,000 workers by 2022, CNBC reported.

An aging workforce and a lack of young talent is largely responsible for the shortage. The report found that the average age of financial advisors in the U.S. is 50.9 years, and that only 11 percent of advisors are younger than 35, according to the source.

Increasing the availability of comprehensive college training and degree programs in financial advising may be one solution to countering the talent shortage, Fox Business reported. It noted a TD Ameritrade Institutional Program, NextGen Financial Planning Scholarships, that supports young people pursuing a career in the industry.