Principal Financial Group has launched a new initiative in an effort to encourage low succession planning among business owners in the U.S.

Principal's new initiative includes highlighting employee stock ownership plans (ESOPs), providing support for advisers, and engaging in what the company calls an "action-oriented website to guide conversations about succession planning."

“We’ve worked with advisers around the country to facilitate many business succession plans and ESOPs,” Principal's Vice President of Consulting Jerry Ripperger said in a statement. “While ESOPs are not a new phenomenon, they are an underutilized strategy in helping business owners successfully plan their exit strategy and leave behind a legacy they can be proud of. ESOPs are a smart strategy with multiple benefits for trusted advisers working to help business owners overcome challenges and maximize opportunities."

According to Principal, resources that can be found on its principal.com/esopbenefits website include the value of succession plans, top questions and answers about ESOPs, a survey assessment for advisers to see if ESOP is right for their client or potential client, and access to Principal's succession planning and ESOP expertise. 

Principal, founded in 1879, offers retirement, insurance and asset management solutions through a family of companies with offices in 19 countries.