Monday's Headlines: Advisery business hires younger recruits as it frets over serving Gens Y and X

What do youngsters know, anyway? Well, Generations Y and X know they don't too much care for financial advisers, and the industry is scrambling to find ways to appeal to and attract customers in this group, according to the Financial News

To combat challenges in this demographic -- which tends to be less interested in investing, more risk adverse, and more likely to drop an adviser -- advisories including Waddell & Reed report plans to expand their adviser force and focus on younger candidates.

Other news:

A lawsuit against JPMorgan sheds new light on whether banks treat their clients' money with the same care that they treat their own. [NY Times ]

NYSE rejects bids from Nasdaq and ICE, likely setting off a battle over the Big Board operator. [DealBook]

FINRA is prepared to spank Leo Well's REIT broker-dealer for alleged advertising and client information protection breaches. [Investment News]

British government report did not recommend a full split of retail and investment banking as bankers worried. [DealBook]

Former Gartmore fund managers Roger Guy and Guillaume Rambourg are to launch a hedge fund this year. [Reuters ]