This anxiety may be part of why succession plans are so difficult — and so often fail.

This issue is especially fraught in the wealth management industry, which is badly in need of successors as financial services is set to explode in demand in the coming years with the anticipated "Great Wealth Transfer."

Developing a strategic succession plan is vital to prevent advisors from stumbling into a crisis during a period of booming business.

Learn how advisors can navigate the minefield of succession planning here →

Unlock access to this story and exclusive benefits with our limited-time sale.