Happy Financial Planning Month, for those unaware of it.
October has long been characterized as being a scary month for stocks. It is not due to Halloween landing on the month’s final day, but because of the panic caused by the market crash that took place on Black Tuesday, October 29, 1929. Nearly $14 billion of stock value was lost on that day, wiping out thousands of investors and setting the stage for the Great Depression.
Almost a hundred years later, the month of October still gets a bad rap. Memories of that financially catastrophic day have truly never left Wall Street.
Perhaps that’s why the powers that be anointed October as Financial Planning Month – to help resuscitate the month’s image.
Maybe. Maybe not. Either way, it provides as good a reason as any for advisors to guide clients through a structured review of their financial goals, portfolio positioning, and tax strategies. And the timing to do this, right before year-end, could not be better, advisors say.
“This time of year gives us the perfect balance between knowing what’s already happened and still having time to make smart, advantageous moves. Strategies like tax-loss harvesting and weaving charitable giving into allocation adjustments work best when they’re done early,” said Dustin Wolk, certified financial planner at Crescent Grove Advisors.
If you wait until the last minute, or worse, into the new year, you risk missing meaningful opportunities, Wolk noted.
“By the time your CPA gets your tax data, it’s usually too late to make any real changes,” Wolk said.
Similarly, Denis Poljak, wealth manager at Steward Partners, calls Financial Planning Month a timely reminder that the final quarter is about being proactive, not reactive. In his view, the final three months of the year are the perfect time to guide clients through tax optimization through loss harvesting, potential Roth conversions, rebalancing portfolios to correct allocation drift and maximizing retirement contributions.
“These actions can help create real financial leverage heading into 2026, ensuring investors start the new year positioned for growth, liquidity, and tax efficiency,” Poljak said.
It takes more than a month
Statistics now show couples have a 50% chance of one member living until age 95, and a 20% chance of one member living to age 100. At the same time, persistent inflation requires considering the possibility of price levels that may double or even more over decades. For retirees and their financial planners, the challenge of providing adequate lifetime cash flow is greater than ever, according to Russell Hackmann, president of Hackmann Wealth Partners.
“Fresh thinking is required. Insured products that provide guaranteed lifetime cash flow should be considered, as should products that offer full or partial principal protection along with market upside. Careful modeling of budgets, inflation, baseline and stress scenarios, and tax planning is necessary,” Hackmann said, adding that “careful consideration” of when to start social security is also required.
Finally, Scott Bowers, chief strategy & distribution officer at FIDx, says Baby Boomers are rapidly entering retirement and the majority are unprepared and have undersaved for retirement. In his opinion, only through the use of a diversified set of financial instruments, asset classes and strategies, can clients hope to navigate retirement.
The new U.S. Bank 2025 Wealth Report reveals only 37% of non-retired adults are actively preparing for retirement, while only 58% believe their money will last them through retirement. The study showed 63% worry they’ll need to return to work.
“FIDx’s mandate is to connect all of the disparate platforms together to provide a connected wealth management platform that enables financial advisors’ seamless access to protection and income guarantees,” Bowers said of the importance of financial planning.
And not just in October.
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