Business owners make up almost a third of high-net-worth individuals in the U.S., yet are among the underserved segments of the financial planning market, according to a new survey.
   The survey by Phoenix Companies Inc. found that almost a third of high-net-worth business owners-those with a net worth of $1 million or more, not including primary residences-do not have a primary financial advisor. Of those who do have an advisor, according to a survey, about 18% are not satisfied.
   The survey also found that 68% of these business owners have never had their business professionally valued and that 24% say they are not knowledgeable about financial matters in general. The wealth survey found that 30% of the nation's high-net-worth population is comprised of business owners.
    "We also know that up to 70% of family business don't survive to the next generation due to lack of planning," says Robert Primmer, senior vice president of Phoenix's Life Distribution and Sales division. "Business owners need to protect the assets they've worked so hard to create, and this translates into an enormous opportunity for advisors." The survey found, for example, that 69% of wealthy business owners do not have life insurance for business-related purposes, 63% do not have a succession plan, and 50% do not have a business transfer or continuation plan.
   The annual Phoenix Wealth Survey consisted of 1,514 interviews conducted online in January.