The report revealed that in addition to concerns on business succession, the other concerns were found out to be retirement planning and tax minimization.

Commenting on the survey findings, Howard Kabot, vice-president of financial planning at RBC Wealth Management Services, said: "We are seeing a recent shift in the concerns of our high net worth clients. While they continue to seek out advice on retirement planning, and as part of that, tax minimization to ensure a successful retirement, they are also now increasingly putting on their business-owner hat and seeking out advice around the succession of their business."

"Business owners, because of demographics and because of our offerings and expertise in this field, are realizing issues around the successful transition of their business are not only crucial to the future of their businesses but also to the well-being of their own personal and family’s financial future," he added.

Anthony Maiorino, vice-president and head, RBC Wealth Management Services said: "Focusing on the needs of business owners has become a huge priority for us. To that end, we have created the Business Owner Planning Team within RBC Wealth Management Services with best-in-class experts specializing in the needs of business owners. In the last year, high net worth business owners across Canada were offered the opportunity to take advantage of complimentary Business Owner Planning Sessions, which we feel has resulted in this increased demand for our services."