Many financial advisors are failing to consider their own future business and retirement plans, according to a new survey by the Financial Planning Association Research and Practice Institute.

The survey report, The Future of Practice Management, says 50 percent of financial advisors do not have a written business plan. In addition, 46 percent do not have a retirement plan, despite the fact that 40 percent plan to retire within the next 14 years.

The report was based on a survey of nearly 2,400 financial professionals.

Only 25 percent of financial advisors have a succession plan; that increases to 31 percent for those advisors 60 to 64 years of age and to 41 percent for those 65 and older, according to the survey.

The FPA Research and Practice Institute speculates that a lack of time may be the primary reason advisors are not planning for their futures.

“In any business, your chief priority is to serve your clients and customers. Unfortunately, that often means sacrificing your own well-being,” says Lauren Schadle, FPA executive director and CEO. “What is encouraging is that our study revealed that younger advisors (those under age 40) are more likely to have a written business plan (61 percent) than older advisors. Not surprisingly, the study also revealed that larger firms are more likely to have a plan in place.”