By Barron's Advisor Staff

The Tax Foundation put Wyoming at the top of its annual ranking of states based on the favorability of their tax policies. The bottom spot went to New York. Researchers at the nonpartisan think tank looked at more than 150 variables to compile its ranking. Wyoming, like No. 2 South Dakota, has no corporate or individual income tax. New York was dinged for having high individual income rates, local taxes, and benefit-recapture policies.

Among other most-read wealth management articles this week:

Is 'Warn' Buffett sending a signal? Last Saturday, Berkshire Hathaway announced better-than-expected third-quarter operating profits, but its recent investment moves indicate that management is cautious about the stock market. The company is holding a record amount of cash and is a net seller of stocks. Buffett fans may also want to reduce risk in their portfolios.

First Trust tests limit of steak dinners . From 2018 to 2024, First Trust wholesalers handed out lavish gifts, such as $3,200 courtside tickets and $400 bottles of alcohol, as part of an aggressive sales strategy, brokerage-industry regulator Finra alleges. The brokerage industry regulator has slapped the firm with a $10 million fine. The gift-giving was "so frequent and extensive as to raise questions of propriety," the Finra order said.

Under-the-radar investing ideas . Judging from today's headlines, it might seem that artificial intelligence is the only sector worth investing in. But many advisors are looking farther afield for value and opportunity. For this week's Barron's Advisor Big Q, we asked investment professionals which non-AI investment themes deserve more attention. They make compelling cases for emerging markets, the lower-middle-market segment of private equity, and new ETFs that offer some of the benefits of structured notes.

Books that will change your life . For a recent Barron's Advisor Big Q, We asked financial advisors to tell us about the books they most often recommend to clients and colleagues. They named some seminal titles, such as The Psychology of Money and The Millionaire Next Door. We also learned of some books we hadn't heard of, like Chatter: The Voice in Our Head, Why It Matters, and How to Harness It, by Ethan Kross.

LPL's update on Commonwealth . In its latest quarterly report to investors, LPL Financial said it is on track to meet its advisor retention goals for its acquisition of Commonwealth Financial Network. The company also reported better-than-expected third-quarter earnings. And growth in assets weren't too shabby either. Total advisory and brokerage assets increased 45% year over year to $2.3 trillion, with 7% annualized organic net new asset growth.

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November 07, 2025 14:50 ET (19:50 GMT)

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