Authors: Walter H. Zultowski, senior VP, research/concept development, and Rich Shaeffer, VP of business strategies, The Phoenix Companies.

Methodology: The ninth Phoenix Wealth Survey interviewed 1,900 high-net-worth individuals in the U.S.

Major Findings: Business owners represent 37% of HNW households and nearly one-third of retirees. The number of those who used to own businesses jumps to 52% among retirees with more than $5 million in assets. But these wealthy entrepreneurs present unique challenges to advisors.

Business owners are confident in their knowledge of finance. More than 70% want to be involved in the day-to-day management of their financial affairs. More than half consider themselves to be very or somewhat knowledgeable about the stock market.

Despite this confidence, business owners don't have time to deal with their finances. In fact, 40% don't take the necessary time to properly manage their finances.

And in the recent market downturn, one-third have become confused about the best way to invest their money. Enter advisors.

Well, unfortunately, business owners often like to work with many financial advisors at once—nearly 30% use more than one advisor. And one-third make their financial decisions without consulting anyone.

Many business owners get most of their financial advice from their accountant, often the same one who manages their books. More than 60% get their advice from full-service brokers, commission planners and lawyers. Only 17% have fee-based planners as their main advisors.

Highlights: Although business owners' No. 1 goal is to retire comfortably, only half plan to retire at all. In fact, 24% have no plans to retire and a quarter are unsure about retiring.

The reasons: 90% say they enjoy working; nearly a third say their business needs them. Others are concerned about outliving their assets. One challenge is that business owners don't acquire substantial wealth until they liquidate their businesses, which usually comes later in life.

The Author Says: "It's important to create relationships with the 50-plus business owners who aren't yet retired," says Shaeffer. "Fifty percent of HNW business owners have no succession plan; 40% don't have a continuation plan. By helping them raise those issues and find solutions, advisors can differentiate themselves from the pack and get that relationship going."