October Is Financial Planning Month: A Strategic Time to Revisit Your Strategy

As the year winds down, October offers a valuable window of opportunity. It’s officially Financial Planning Month, a timely reminder to review your financial picture, make adjustments where needed, and ensure you’re on track to meet your long-term goals.

For high-net-worth individuals, business owners, and families with complex financial needs, this time of year isn’t just about checking boxes. It’s about making intentional decisions that support the life you’ve built and the legacy you’re creating.

At DPH Financial, we believe financial planning is a lifelong process. October simply gives us a reason to pause and realign.

Why Financial Planning Month Matters

The last quarter of the year is often filled with activity: business deadlines, family commitments, and holiday planning. But before things get too busy, October offers a natural opportunity to reflect on your financial goals and make meaningful updates before year-end.

Key areas to consider include:

• Tax planning and charitable contributions

• Business succession planning

• Insurance coverage updates

• Estate and wealth transfer strategies

• Retirement contributions and distributions

• Liquidity considerations

Taking time now allows you to coordinate with your broader advisory team, including attorneys, CPAs, and investment professionals, without the pressure of December deadlines.

More Than Budgeting: What Financial Planning Really Means

For individuals with significant wealth or complex financial lives, planning is about far more than managing a budget. It’s about aligning your wealth with your values, family priorities, and long-term vision. A comprehensive plan may include:

• Risk management and asset protection

• Tax-efficient wealth transfer

• Business exit planning

• Executive benefit strategies

• Charitable and philanthropic goals

• Life insurance design

Yet, according to a 2025 study by Northwestern Mutual, nearly half of Americans say their financial planning needs improvement, and roughly one-third have not taken any steps at all to prepare for their future. Even those with significant wealth can fall behind if they haven’t revisited their plans recently.

What to Review This Month

If your financial plan hasn’t been updated recently, or if you’ve experienced changes in your personal or business life, now is a good time to reconnect with your advisors. Here are a few key areas to review.

1. Estate Planning and Wealth Transfer

The current federal estate and gift tax exemption is historically high, at $13.61 million per person for 2024. However, this exemption is scheduled to drop significantly after 2025 unless new legislation is passed. That means time is limited to take advantage of existing opportunities.

Strategies such as irrevocable life insurance trusts (ILITs), spousal lifetime access trusts (SLATs), and other planning vehicles can help reduce future estate tax exposure while keeping your wealth aligned with family priorities.

2. Life Insurance and Liquidity Planning

For many affluent families, life insurance plays a critical role in overall wealth strategy. Whether it’s funding an estate plan, creating liquidity, or equalizing inheritance among children, insurance offers solutions that are both flexible and powerful.

Business owners, in particular, should also review policies related to succession and key-person planning. These tools not only help protect enterprise value but also provide stability through leadership transitions.

3. Business Succession and Exit Planning

If your wealth is closely tied to a business, Financial Planning Month is a good time to think ahead.

• Have you outlined a clear exit strategy?

• Do you know how the business will be valued and funded in the event of your retirement, disability, or death?

For closely held companies, planning early is one of the best ways to maximize value and minimize disruption. Executive benefit strategies, such as SERPs or deferred compensation plans, can also help retain top talent through the transition.

4. Charitable and Tax Planning

The end of the year is also the time to finalize charitable giving strategies. Donor-advised funds, charitable remainder trusts, and insurance-based giving can help you support causes that matter to you while also reducing taxable income.

If you’ve experienced a large income year due to a business sale, bonus, or investment gain, planning now can help ease the tax burden later.

The Value of Acting Before Year-End

Waiting to plan often limits your options. Tax laws can change. Health events may arise. And once specific deadlines pass, opportunities can be lost.

High-net-worth planning is about being proactive, not reactive. According to Forbes, effective planning is not only about reducing taxes, but also about preventing future complications and ensuring your wealth is distributed according to your wishes³.

October offers a clean checkpoint. It gives you enough time to act without being rushed, and helps ensure that your financial plan reflects where you are now—not where you were five years ago.

Final Thought: Financial Planning Is an Act of Stewardship

Financial Planning Month serves as more than a reminder. It’s an opportunity to lead with intention and clarity.

At DPH Financial, we partner with individuals and families who understand that strategic planning is the foundation for both protection and growth. Our role is to help ensure your strategies are aligned, efficient, and responsive to change. We work closely with your trusted advisors to deliver planning that fits seamlessly into your overall financial picture.

If it’s been a while since you’ve reviewed your plan, or if you’re considering a second opinion before year-end, let’s start the conversation.