For many advisors, succession planning has become a hot topic. For 70-year-old Harold Evensky, widely considered one of the grandfathers of financial planning, it's a personal one.

Financial advisors have increasingly realized that they've been subpar in planning how to pass on the reins of their business. More than two-thirds of advisors (68%) have no formal succession plan for their businesses and among those who do, the plans are vague, according to a survey released earlier this year by SEI. More than a third of advisors (39%) with a succession plan admit they’re not sure to whom they ultimately transition their businesses.

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