With demographics changing in the United States, large money managers are actively searching for more women and younger financial advisors to better reflect the changing face of society and be more in tune with peoples' plans for their cash.

Wealth management in the U.S. has been historically dominated by men, with women making up less than 12 percent of advisors, according to analytics firm Cerulli Associates.

With women expected to take control of as much as two-thirds of U.S. personal wealth in the next 10 years, executives are looking to get more women into the advisor workforce.

"We are very focused on increasing the number of female financial advisors and the number of women in our executive leadership team," said Greg Fleming, president of Morgan Stanley's wealth and asset management businesses, at the Reuters Wealth Management Summit on Tuesday in New York.

Morgan Stanley, the biggest brokerage in the world by number of advisors it employs, and rival Bank of America <BAC.N> Merrill Lynch, have both put a priority on hiring advisors from the "Millennial" generation, who were born between 1981 and 1999.

The average financial advisor is now 52, according to Cerulli Associates. Similar research by the software company PriceMetrix puts the average wealth management client at 62 years old.

Hiring younger advisors could help firms lower the average ages in both categories.

Merrill Lynch, which has one of Wall Street's most robust training programs for young advisors, added 230 new trainees in the first quarter.

"We have never strayed away from our commitment to our training program," which is key to addressing the needs of clients and Millennials, John Thiel, head of Merrill Lynch Wealth Management, said at Reuters Wealth Management Summit.

The bigger picture, Thiel said, is the overall growing amount of wealth in the U.S., which will require the help of experienced advisors.

This is especially true now that the multi-year bull market in equities is losing steam. Investors say the long-running calculus of splitting investments between stocks and bonds likely will not earn enough income to secure comfortable retirement income.