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  • There’s a ton worth streaming in November 2023. So as prices rise, here’s how to avoid breaking the bank.

    There’s a ton worth streaming in November 2023. So as prices rise, here’s how to avoid breaking the bank.

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    November offers a false spring for streaming viewers.

    After a slow couple of months, there’s suddenly an abundance of top-tier shows on the way, but don’t be fooled — the streaming scene is going to be largely bleak in the coming months, until productions fully ramp up sometime next year following the strikes that have crippled Hollywood.

    Meanwhile, streaming costs keep rising (Netflix’s top tier is the first to cross the $20 barrier) and consumers are getting less for their money, with fewer new shows and smaller libraries, while streamers push subscribers toward ad-supported tiers that generate more revenue per user while providing a worse viewing experience. Still, all the ad-supported tiers cost less than $10 a month, meaning it may be time for budget-conscious consumers to suck it up and deal with commercials if they don’t want to break the bank.

    Read more: Netflix is raising prices to get you to watch ads, and it will probably work

    That’s why it’s even more important to examine which services you’re really willing to pay for. The days of subscribing to six streaming services — even though you might only regularly watch three — are over. But by adding and canceling services month to month, you can save money while still being able to watch your favorite shows (for example, instead of watching a 12-episode show that drops every week and paying for three months, subscribe for just one month once the show nears its end and binge it all at once).

    Such a churn strategy takes some planning, but it pays off. Keep in mind that a billing cycle starts when you sign up, not necessarily at the beginning of the month.

    Each month, this column offers tips on how to maximize your streaming and your budget, rating the major services as a “play,” “pause” or “stop” — similar to investment analysts’ traditional ratings of buy, hold or sell, and picks the best shows to help you make your monthly decisions.

    Here’s a look at what’s coming to the various streaming services in November 2023, and what’s really worth the monthly subscription fee:

    Apple TV+ ($9.99 a month)

    The price of Apple TV+ has doubled in a little over a year, and in any other month, it’d be easy to argue it has priced itself out of the range of casual viewers. But Apple’s November lineup is so impressive that it’s actually somehow still a good deal.

    The alt-history space drama “For All Mankind” (Nov. 10) returns for its fourth season, with an eight-year time jump after Season 3’s shocking finale. The Mars colony is now thriving, but tensions are rising over the mining of mineral-rich asteroids. Toby Kebbell (“Servant”) joins the cast, along with Daniel Stern and Tyner Rushing, who join holdovers Joel Kinnaman, Krys Marshall, Wrenn Schmidt and Coral Pena. It’s a fantastic and frequently thrilling series, and arguably Apple’s best drama.

    And a challenger to that title is also coming back. “Slow Horses” (Nov. 29), the darkly funny thriller about a group of washed-up spies, returns for its third season. Gary Oldman stars as perpetually disgruntled spymaster Jackson Lamb, leading his team of misfits as they get dragged into an international conspiracy after one of their own is kidnapped. Based on the novels by Mick Herron, “Slow Horses” is smart and cynical, a terrific twist on traditional spy stories.

    Then there’s “Monarch: Legacy of Monsters” (Nov. 17), an action-conspiracy series about a ragtag group trying to expose a secretive organization that knows the truth about Godzilla and other kaiju creatures terrorizing the planet. Kurt Russell stars with his son, Wyatt (who plays his dad in flashbacks), along with Anna Sawai, Ren Watabe and Kiersey Clemons. The series is intended to slide right into the MonsterVerse that includes “Godzilla vs. Kong,” “Kong: Skull Island” and “Godzilla: King of the Monsters,” and for anyone who grew up watching monster movies, this could be a lot of fun.

    Apple
    AAPL,
    +1.87%
    also has “Fingernails” (Nov. 3), a sci-fi romance movie starring Jessie Buckley, Riz Ahmed, Jeremy Allen White and Luke Wilson; “The Buccaneers” (Nov. 8), a “Bridgerton”-esque period drama based on the Edith Wharton novel about a group of rich American girls who hit London in the 1870s looking for suitable husbands; the holiday musical special “Hannah Waddingham: Home for Christmas” (Nov. 22); and a new version of the tear-jerking children’s classic “The Velveteen Rabbit” (Nov. 22).

    Meanwhile, Martin Scorsese’s critically acclaimed “Killers of the Flower Moon” should hit Apple TV+ within the next month or two, after it completes its theatrical run, and Ridley Scott’s historical epic “Napoleon,” starring Joaquin Phoenix, his theaters Nov. 22. It, too, will stream on Apple at an as-yet-undisclosed date in the coming months.

    There are also new episodes every week of “Lessons in Chemistry” (finale Nov. 24), and “The Morning Show” (season finale Nov. 8). If that’s not enough, you could always catch up on “Foundation,” “Swagger,” “Platonic” or discover “Bad Sisters.”

    Who’s Apple TV+ for? It offers a little something for everyone, but not necessarily enough for anyone — although it’s getting there.

    Play, pause or stop? Play. Even though its price has soared, Apple is still cheaper than most, and it delivers value this month. (Remember, you can get three free months of Apple TV+ if you buy a new Apple device.)

    Hulu ($7.99 a month with ads, or $17.99 with no ads)

    After a fallow October, Hulu has a lot more to offer in November, continuing its strong year.

    FX’s “A Murder at the End of the World” (Nov. 14) was pushed back from an August release date due to the Hollywood strikes, but it should fit better in a colder season anyway. From Brit Marling and Zal Batmanglij, the producers of Netflix’s cult favorite sci-fi series “The OA,” the limited series is an Agatha Christie-style murder mystery set at a billionaire’s secluded, snowbound retreat in Iceland. Emma Corrin (“The Crown”) stars as an amateur detective while Clive Owen (“Children of Men”) plays the mysterious tycoon.

    A wintry setting also plays a key role in the fifth season of FX’s “Fargo” (Nov. 22), the latest installment in Noah Hawley’s noirish crime anthology. Juno Temple (“Ted Lasso”) plays a seemingly ordinary Midwestern housewife who’s not at all what she appears to be. She’s joined by an all-star cast that includes Jon Hamm, Jennifer Jason Leigh, Lamorne Morris and Dave Foley. Each season of “Fargo” is a quirky, violent delight, and this one looks no different.

    Also: Disney officially plans to buy remaining Hulu stake from Comcast

    Just to make things confusing, while both “A Murder at the End of the World” and “Fargo” are FX series, “Murder” will stream exclusively on Hulu, while “Fargo” episodes will first air on FX then stream a day later.

    In an interesting experiment, director Baz Luhrmann has recut his 2008 romantic drama “Australia,” starring Nicole Kidman and Hugh Jackman, and turned it into a six-episode miniseries — renamed “Faraway Downs” (Nov. 26) — using extra footage shot during the original filming. The movie flopped in theaters, but Luhrmann says it should work better as a miniseries, saying “episodic storytelling has been reinvigorated by the streaming world.”

    For more: Here’s what’s new on Hulu in November 2023 — and what’s leaving

    Hulu also has “Black Cake” (Nov. 1), a generations-spanning family drama based on the bestselling novel by Charmaine Wilkerson; “Quiz Lady” (Nov. 3), a comedy movie about estranged sisters, starring Awkwafina and Sandra Oh; and a handful of sports documentaries, including “The League” (Nov. 9), about Negro League baseball, and “Brawn: The Impossible Formula 1 Story” (Nov. 15), hosted by Keanu Reeves.

    Fresh off October’s addition of “Moonlighting,” Hulu is adding all eight seasons of another 1980s classic, “L.A. Law” (Nov. 3), along with a ton of holiday fare, including “Adam Sandler’s Eight Crazy Nights” and “Miracle on 34th Street” (both Nov. 1), and “Elf” and “National Lampoon’s Christmas Vacation” (both Nov. 23).

    And don’t forget the season finales of “Welcome to Wrexham” (Nov. 15) and “Goosebumps” (Nov. 17), as well as next-day streams of network shows such as “The Golden Bachelor” and “Bob’s Burgers.”

    Who’s Hulu for? TV lovers. There’s a deep library for those who want older TV series and next-day streaming of many current network and cable shows.

    Play, pause or stop? Pause and think it over. If you’re on the ad-supported plan, it’s well worth it. But for the pricey, $18 ad-free plan, you may want to wait until December and see how some of these new series pan out.

    Netflix ($6.99 a month for basic with ads, $15.49 standard with no ads, $22.99 premium with no ads)

    Netflix just raised some prices again, but for most customers, it’s still a good value.

    The critically acclaimed royal-family drama “The Crown” (Nov. 16) is back for the first half of its sixth and final season (four episodes drop this month, with the final six coming in December). Events pick up in 1997 after the marriage of Prince Charles (Dominic West) and Princess Diana (Elizabeth Debicki) ends, as Queen Elizabeth II (Imelda Staunton) reflects on her legacy. There’s already controversy over how it’ll handle Diana’s tragic death.

    Read more: Here’s what’s new on Netflix in November 2023 — and what’s leaving

    Netflix
    NFLX,
    +2.06%
     also has “The Killer” (Nov. 10) a “slick but conventional” thriller movie from director David Fincher, starring Michael Fassbender as a hit man on the run; “Squid Game: The Challenge” (Nov. 22), a reality competition show putting 456 players through challenges inspired by the hit Korean drama (minus the murders, presumably); “Scott Pilgrim Takes Off” (Nov. 17), an anime version of the graphic novels and cult-favorite movie “Scott Pilgrim vs. the World” (which is also coming Nov. 1); “All the Light We Cannot See” (Nov. 2), a critically panned miniseries about a blind French girl and a German soldier in the final days of WWII, starring Aria Mia Loberti, Louis Hofmann and Mark Ruffalo; Season 5, Part 2 of the popular small-town romantic drama “Virgin River” (Nov. 30); and “The Netflix Cup: Swing to Survive” (Nov. 14), Netflix’s first livestreamed sporting event, with teams of Formula 1 drivers and PGA stars in a match-play golf tournament from Las Vegas.

    There are also fresh episodes of “The Great British Baking Show” every Friday until its season finale Dec. 1.

    Who’s Netflix for? Fans of buzz-worthy original shows and movies.

    Play, pause or stop? Pause. “The Crown” and “The Great British Baking Show” are the top draws, but aside from those, there’s not a lot else to move the needle this month. However, if you can live with commercials, you can find value at $7.

    Paramount+ ($5.99 a month with ads, $11.99 a month with Showtime and no ads)

    Paramount+ has some interesting stuff in November. But is it enough to justify a subscription?

    “Lawmen: Bass Reeves” (Nov. 5), joins the streaming service’s extensive slate of shows produced by Taylor Sheridan, telling the story of one of the Wild West’s most overlooked real-life heroes: Bass Reeves (played by David Oyelowo), who was the first Black U.S. marshal west of the Mississippi and overcame countless hurdles in enforcing the law in the era of Reconstruction. A marksman with something like 3,000 arrests to his name, Reeves was purportedly the inspiration for the story of the Lone Ranger. Say what you will about Sheridan’s formulaic shows, but he knows how to make a good Western. This should be worth a watch.

    There’s also “The Curse“ (Nov. 10), an intriguing new Showtime series starring Nathan Fielder (“Nathan for You”) and Oscar-winner Emma Stone that puts a dark twist to an HGTV-like home-improvement show; and “Good Burger 2” (Nov. 22), a sequel to the 1997 cult-classic fast-food comedy starring Kenan Thompson and Kel Mitchell.

    On the sports side, Paramount has NFL football every Sunday, Big Ten and SEC college football every Saturday, and a full slate of UEFA Champions League soccer.

    Who’s Paramount+ for? Gen X cord-cutters who miss live sports and familiar Paramount Global 
    PARA,
    -0.74%
      broadcast and cable shows.

    Play, pause or stop? Pause. There’s decent value with a couple of promising new shows, especially when factoring in Paramount’s live sports and vast library of movies and network shows.

    Max ($9.99 a month with ads, $15.99 with no ads, or $19.99 ‘Ultimate’ with no ads)

    It’s a very skippable month for Max.

    The Warner Bros. Discovery 
    WBD,
    +1.41%
     streaming service only has a handful of new originals to offer, including Season 2 of Issa Rae’s hip-hop comedy “Rap Sh!t” (Nov. 19), as Shawna (Aida Osman) and Mia (KaMillion) come to a crossroads on their road to fame; Season 2 of the biographical drama “Julia” (Nov. 16), starring Sarah Lancashire as iconic chef Julia Child as she and her husband return from France and face new challenges; “Bookie” (Nov. 30), a new comedy from Chuck Lorre (“Big Bang Theory”) and Nick Bakay about an L.A. bookie looking for new angles as the potential legalization of sports gambling threatens to upend his shady business; and Rob Reiner’s documentary “Albert Brooks: Defending My Life” (Nov. 11), delving into the life of the comedy legend.

    Also: Here’s everything coming to Max in November 2023 — and what’s leaving

    There are also a ton of holiday-themed shows from Food Network, HGTV and OWN; live sports on its free (for now) Bleacher Report tier that includes NBA and NHL games, college basketball and U.S. men’s soccer (Nov. 16 and 20); and new episodes of “The Gilded Age” and “Last Week Tonight with John Oliver.”

    Who’s Max for? HBO fans and movie lovers. And now, unscripted TV fans too, with a slew of Discovery shows.

    Play, pause or stop? Stop. Max still has a great library, but the new offerings fall short. Even the ad tier isn’t worth it — try again another month.

    Amazon’s Prime Video ($14.99 a month, or $8.99 without Prime membership)

    “The Boys” spinoff “Gen V” ends its first season on Nov. 3, but fans of ultra-violent superheroes will be able to slide right into Season 2 of the hit animated series “Invincible” (Nov. 3), which returns to Prime Video after a two-and-a-half-year layoff. Based on the graphic novels by Robert Kirkman, Cory Walker and Ryan Ottley, the very adult series picks up with Mark (Steven Yeun) still reeling from the revelations about his superhero father (J.K. Simmons) at the end of Season 1, while a new villain (voiced by Sterling K. Brown) appears on the scene. Annoyingly, Season 2 will be split in two, with four episodes in November and another four coming in early 2024.

    More: What’s new on Amazon’s Prime Video and Freevee in November 2023

    Amazon’s
    AMZN,
    +2.94%
     streaming service also has “007: Road to a Million” (Nov. 10), an “Amazing Race”-like competition series hosted by Brian Cox where nine teams of two endure James Bond-inspired challenges around the globe to try to win a big cash prize, and “Twin Love” (Nov. 17), a reality dating show involving 10 sets of identical twins split into two houses.

    Who’s Prime Video for? Movie lovers, TV-series fans who value quality over quantity.

    Play, pause or stop? Stop. There’s no a compelling reason to start a relatively pricey subscription now. That even goes for “Invincible” fans, who would be better off waiting until the second half drops and bingeing when all episodes are available. Splitting up eight episodes is ridiculous.

    Disney+ ($7.99 a month with ads, $13.99 with no ads)

    Tim Allen returns for Season 2 of “The Santa Clauses” (Nov. 8), as the jolly one continues his search for a successor. Eric Stonestreet joins the cast as the exiled “Mad Santa,” along with Gabriel Iglesias as Kris Kringle and Tracey Morgan as the Easter Bunny (because, of course!).

    Meanwhile, Lil Rel Howry, Ludacris and Oscar Nunez star in the new family comedy movie “Dashing Through the Snow” (Nov. 17), and Danny Glover will play Santa in the Disney Channel original film “The Naughty Nine” (Nov. 23).

    In non-holiday fare, Disney has three upcoming Doctor Who specials celebrating the iconic sci-fi series’ 60th anniversary. The first, “Doctor Who: The Star Beast” (Nov. 25), reunites David Tennant and Catherine Tate, as the Doctor and Donna Noble battle the villainous Toymaker (Neil Patrick Harris), with the other two specials coming in December, when the 15th Doctor (Ncuti Gatwa of “Sex Education”) will be introduced.

    There’s also 2019’s “Spider-Man: Far From Home” (Nov. 3), and new episodes of “Loki” (finale Nov. 9), “Goosebumps” (finale Nov. 17) and “Dancing With the Stars.”

    Who’s Disney+ for? Families with kids, hardcore “Star Wars” and Marvel fans. For people not in those groups, Disney’s
    DIS,
    -0.64%
     library can be lacking.

    Play, pause or stop? Stop. After a recent price hike, there’s just not enough to justify a subscription (unless your kids will absolutely melt down without it).

    Peacock ($5.99 a month with ads, or $11.99 with no ads)

    It’s a pretty bleak month for Peacock originals, with only the reality dating spinoff “Love Island Games” (Nov. 1); “Please Don’t Destroy: The Treasure of Foggy Mountain” (Nov. 17), the first movie from the “SNL” comedy trio; and Season 2 of the Paris Hilton reality series “Paris in Love” (Nov. 30).

    It’s a bit brighter on the sports side, with Big Ten college basketball starting Nov. 6, Big Ten college football every Saturday, NFL Sunday Night Football and a full slate of English Premier League soccer, golf, motorsports and winter sports.

    And on Thanksgiving (Nov. 23), Peacock will stream the annual Macy’s Thanksgiving Day Parade, the National Dog Show and an NFL game, as the 49ers play the Seahawks.

    Who’s Peacock for? Live sports and next-day shows from Comcast’s 
    CMCSA,
    +1.28%
     NBCUniversal are the main draw, but there’s a good library of shows and movies.

    Play, pause or stop? Stop. The live-sports offerings are the only lure.

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  • You can save up to $23,000 in your 401(k) next year, IRS says

    You can save up to $23,000 in your 401(k) next year, IRS says

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    Retirement savers can tuck away slightly more in 2024 than in 2023, but this year’s contribution increases are more modest than last year’s, according to new inflation-related adjustments released by the IRS.

    People who are building up their 401(k) accounts will be able to contribute a maximum of $23,000, a more than 2% increase from the $22,500 maximum for 2023.

    IRA contribution limits will climb to $7,000 for 2024, a 7.6% increase over the $6,500 limit in 2023.

    When the IRS announced its adjustments for 2023, 401(k) savers got a big increase of nearly 10% year over year, and the IRA contribution limit went up more than 8%.

    The 2024 adjustments reflect an economy where inflation rates, although cooling, are still warm.

    For 2024, the catch-up amount for workers 50 and older is holding at a maximum of $1,000 on IRA contributions and of $7,500 for people with 401(k)s and other defined-contribution plans, the IRS said.

    The IRS numbers set a limit on how much people can set aside each year in 401(k) accounts, but data suggest many people fall far short of those maximums.

    In 2022, people with retirement accounts through Vanguard had an average account balance of $112,572. The median account balance was $27,376, the wealth-management giant reported.

    The new retirement-account contribution limits are part of the tax code’s yearly changes to account for inflation.

    Taxpayers are still awaiting the IRS adjustments for tax brackets, standard-deduction amounts and other provisions for tax year 2024.

    The tax agency adjusted the ranges on income-tax brackets last year by 7%.

    Roth IRA rules and the Saver’s Credit

    The numbers on 401(K) and IRA contributions were just one part of the IRS announcement Wednesday.

    The tax agency also lifted the income thresholds for people making Roth IRA contributions. Roth IRAs are funded with after-tax dollars, so they aren’t taxed when account holders pull out the money.

    Read also: If saving $23,000 in your 401(k) next year isn’t enough, you can double that (or more) with the right strategy — and it’s legal

    But Roth IRA contributions hinge on household income. In 2024, individuals and people filing as head of household who make between $146,00 and $161,000 must limit their Roth IRA contributions. People with incomes above $161,000 won’t be able to contribute to a Roth IRA.

    That’s up from a 2023 phase-out range of $138,000 to $153,000.

    For married couples filing jointly, the phase-out range climbs to $230,000 – $240,000. That’s an increase from this year’s range of $218,000 to $228,000.

    Other retirement tax rules are also slated for 2024 updates.

    For example, there’s the “saver’s credit” which is designed to help low- and moderate-income households that are finding a way to put aside money for retirement. It pays up to $1,000 for individuals and up to $2,000 for married couples. The amount depends on income and contribution amounts.

    For 2024, married couples saving for retirement are eligible for the credit if their income stays under $76,500, up from $73,000. The income maximum is $38,250 for individuals, up from $36,500.

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  • Orsted Books $4 Bln Impairments, Walks Away From Two US Offshore Projects

    Orsted Books $4 Bln Impairments, Walks Away From Two US Offshore Projects

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    Updated Nov. 1, 2023 3:33 am ET

    Orsted booked a 28.4 billion Danish kroner ($4.02 billion) impairment charge in the third quarter related to its U.S. offshore wind portfolio and said it will stop development of two wind farm projects off the coast of New Jersey amid spiraling costs and supplier delays.

    The Danish renewable-energy company had previously warned of up to DKK16 billion of impairments after flagging increasing supply-chain risks at U.S. projects, while a lack of favorable progress on U.S. tax credits and higher interest rates were also sending project costs higher.

    Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • Who is having the most influence over your money in 2023? Meet the MarketWatch 50.

    Who is having the most influence over your money in 2023? Meet the MarketWatch 50.

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    What do Elon Musk, Warren Buffett, Shawn Fain and Lina Khan have in common? On the surface, it might not seem like much — one is an impetuous tech-bro genius, another is a buy-and-hold nonagenarian investor, and the other two are a tough union boss and a business-busting regulator. 

    But each of them are having a serious impact on your money. They all appear on this year’s MarketWatch 50 list of the most influential people in markets. The MarketWatch 50 is our tally of the investors, CEOs, policymakers, AI players and financial…

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  • Here’s why Zillow, Redfin and other real-estate stocks tanked after a jury ruling

    Here’s why Zillow, Redfin and other real-estate stocks tanked after a jury ruling

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    Shares of real-estate names plunged Tuesday following a jury ruling that has the potential to shake up the way people purchase homes.

    A Missouri jury earlier Tuesday deemed that the National Association of Realtors, HomeServices of America and Keller Williams colluded to inflate or maintain high commission rates. Jefferies analyst John Conaltuoni said in a note to clients that a judge could issue an injunction preventing commission sharing on MLSs, or multiple listing services, which would hurt the buyer-agent business.

    See more: A Missouri jury goes after the real-estate industry’s commission structure. Here’s what that could mean for homeowners.

    Shares of Opendoor Technologies Inc.
    OPEN,
    -9.09%
    plunged 9% on Tuesday, while shares of Zillow Group Inc.
    ZG,
    -6.87%

    Z,
    -6.98%
    fell 7%, shares of Redfin Corp.
    RDFN,
    -5.67%
    dropped 6% and shares of RE/MAX Holdings Inc.
    RMAX,
    -4.36%
    declined 4%.

    Conaltuoni thinks the recent ruling could bring big changes to the Participation Rule, which is an NAR requirement for seller agents to disclose the compensation being offered to buyer agents when they list through an MLS. The Participation Rule could soon get banned or turn optional, in his view.

    Such a ban “would cause negotiations about buyer agent commissions to occur when an offer is presented, since there would no longer be an avenue to communicate splits up front,” he wrote. “This would eliminate the seller’s incentive to compensate buyer agents, which would force them to seek compensation directly. Shifting the burden of payment to buyers would likely meaningfully reduce their use of agents given most already struggle to cover closing costs.”

    Conaltuoni further commented that were the rule to become optional, the “status quo” likely would continue.

    Read: Why aren’t homeowners selling their homes? It’s not just the ‘lock-in effect’

    What would these developments mean for Zillow, which reports earnings Wednesday afternoon? He flagged that nearly two-thirds of the company’s revenue comes from its Premier Agent business, which itself is primarily made up of revenue from buyer agents. “[A] reduction in their usage would force [Zillow] to pivot to offering products for seller agents and create near-term headwinds to revenue,” he wrote, while cutting his price target on Zillow’s stock to $48 from $60.

    Bernstein’s Nikhil Devnani wrote that Zillow “is NOT part of this case and not directly impacted by the ruling,” but there’s the potential for repercussions down the line.

    “Premier Agent is built around buyer commissions,” Devnani said. “And a reduction to commission rates (which could happen if cooperative compensation were outright banned in the worst case scenario) would create challenges for industry revenue growth, in our view. Maintaining the current structure with more transparency would have less impact we believe. It would need a stronger decoupling of who pays for buyer and seller agents.”

    While Redfin shares dropped Tuesday along with other names, Chief Executive Glenn Kelman put out a blog post titled: “Change Comes to the Real Estate Industry.”

    “The judge may take days or weeks to decide what structural changes the jury’s verdict will entail,” he wrote, and appeals could take years.

    But traditional brokers “will undoubtedly now train their agents to welcome conversations about fees, just as Redfin has been doing for years, especially when advising a seller on what fee to offer to buyers’ agents,” he continued. “Rather than saying that a fee for the buyers’ agent of 2% or 3% is customary or recommended, agents will say that a buyers’ agent fee, if one is offered at all, is entirely up to the seller. This is as it should be.”

    RBC Capital Markets analyst Brad Erickson wrote after the ruling that just over half of Redfin transactions come from the buyside. Its stock and Zillow’s “partially reflected these risks coming in,” in his view.

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  • AI could spark the next financial crisis, SEC Chair Gary Gensler says

    AI could spark the next financial crisis, SEC Chair Gary Gensler says

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    Securities and Exchange Commission Chair Gary Gensler has plenty to worry about as he seeks to bring order and fairness to America’s $100 trillion capital markets, and there are few issues that cause him more concern than the spread of artificial-intelligence technology. 

    In an exclusive interview with MarketWatch, the regulator argued that generative AI technologies in the vein of ChatGPT have the potential to revolutionize the way we invest by leveraging large data sets to “predict things that were unimaginable even 10 years ago,” but that these new powers will come with great risks. 

    “A growing issue is that [AI] could lead to a risk in the whole system,” Gensler said. “As many financial actors rely on one or just two or three models in the middle … you create a monoculture, you create herding.” 

    Gary Gensler: AI could pose ‘a risk in the whole system.’

    This herding effect can be dangerous if there is a flaw in the model that might reverberate through markets during a time of stress, causing abrupt and unpredictable price changes in markets. Gensler pointed to the examples of cloud computing and search engines as markets for tech products that have quickly become dominated by one or two major players, and he said he worries about similar concentration in the market for AI technology.

    The regulator said this issue is especially difficult because of the fragmented nature of the U.S. regulatory apparatus, which relies on the SEC to oversee securities markets while other agencies have responsibility for banks or commodity markets. 

    “This is more of a cross-entity issue,” Gensler said. “That’s the challenge for these new technologies.”

    As SEC chair, Gensler has escalated his regulatory agency’s crackdown on the cryptocurrency industry in 2023 by launching lawsuits against Binance and Coinbase, the two largest digital asset exchanges in the world by trading volume. The SEC alleges the two companies are operating unregistered securities exchanges in the U.S., but the companies say they are not running afoul of securities laws.

    Gensler is simultaneously pushing forward the most fundamental market-structure reform measures in a generation. Gensler lands on The MarketWatch 50 list of the most influential people in markets. 

    But AI is another issue that Gensler is starting to ring alarm bells over. There’s a little bit of irony because the promise of AI has largely been responsible for the S&P 500’s
    SPX
    gains in 2023. The SEC chair said that his agency is already contemplating new rules to regulate artificial intelligence. For example, the SEC proposed a rule this summer to address conflicts of interest associated with stock brokers and investment advisors that leverage algorithms to predict and guide investor decisions through their smartphone applications or web interfaces.

    The industry is pushing back on the proposal, arguing that existing rules are sufficient to prevent harm to investors and that a new rule would prevent brokers from using technology to create a better experience for clients. 

    Gensler said that the SEC benefits from such feedback, but still believes that regulators must be vigilant about the impact of these so-called predictive analytical tools. “If they do that to suggest a certain movie on a streaming app, okay,” he said. “But if they’re doing that about your financial help … we should address those conflicts.”

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  • Carlsberg CEO says the Putin regime stole brewery operations in Russia

    Carlsberg CEO says the Putin regime stole brewery operations in Russia

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    “There is no way around the fact that they have stolen our business in Russia, and we are not going to help them make that look legitimate.”

    That’s new Carlsberg CEO Jacob Aarup-Anderson, according to a Reuters account of a journalist call on Tuesday, after Russian President Vladimir Putin this summer ordered the seizure of Carlsberg’s stake in its Baltika subsidiary. Earlier this month, Carlsberg ended license agreements that allow for its beers to be produced in the country.

    According to the presidential decree, Carlsberg retains title to the shares in Baltika Breweries but no longer has any control or influence over the company.

    From the archive (March 2022): Carlsberg and Heineken both say they will exit the Russian market

    Carlsberg reported a 3% decline in organic volume growth, as a 6.3% slide in Central and Eastern Europe and a 5.2% decline in Western Europe was partly offset by a 1.5% rise in Asia.

    The brewer said two-thirds of the volume decline was due to bad weather and another one-third to consumer sentiment.

    Organic revenue, however, rose by 5.8%, on price hikes. It kept its operating-profit guidance for the year unchanged at 4% to 7% growth, and launched a new stock-buyback program valued at 1 billion Danish crowns.

    Carlsberg said comparisons in the fourth quarter will be positive in China, in light of the year-ago lockdown, but the weak macro environment in Southeast Asia will continue to impact markets.

    Carlsberg shares
    CARL.B,
    -0.83%
    were steady on Tuesday but have dropped 8% this year.

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  • JetBlue stock loses altitude after facing ‘staggering’ weather delays — and warns of a wider-than-expected Q4 loss

    JetBlue stock loses altitude after facing ‘staggering’ weather delays — and warns of a wider-than-expected Q4 loss

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    JetBlue Airways Corp.’s stock fell 7% in premarket trades on Tuesday after the carrier warned it would post a wider-than-expected fourth-quarter loss, while it missed analyst estimates for its third-quarter loss and revenue.

    “While we have been able to offset some of the costs associated with the challenging operational backdrop, the sheer magnitude of the air traffic control and weather-related delays has been staggering,” the carrier said. 

    JetBlue
    JBLU,
    +1.69%
    said it lost $153 million, or 46 cents a share in the third quarter. In the year-ago quarter, JetBlue reported net income of $57 million, or 18 cents a share.

    Adjusted loss in the latest quarter was 39 cents a share, wider than the FactSet consensus estimate for a loss of 25 cents a share.

    JetBlue’s revenue fell 8% to $2.35 billion, below the analyst estimate of $2.38 billion.

    For the fourth quarter, JetBlue expects to report an adjusted loss of 55 cents to 35 cents a share against an analyst estimate of a loss of 15 cents a share.

    Also read: Airline stocks rocked as Israel-Hamas war fuels profit concerns

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  • BP Profit Rose on Higher Refining Margins, Strong Oil Trading

    BP Profit Rose on Higher Refining Margins, Strong Oil Trading

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    Updated Oct. 31, 2023 4:24 am ET

    BP said its third-quarter profit rose, benefiting from higher realized refining margins and oil and gas production, although it missed expectations.

    The British oil-and-gas major said Tuesday that it made an underlying replacement cost profit—a metric similar to net income that U.S. oil companies report—of $3.29 billion in the three months to the end of September, up from $2.59 billion in the preceding quarter. This missed an averaged analysts’ forecast compiled by the company of $4.01 billion.

    Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • BP PLC 3Q EPS 27.59c

    BP PLC 3Q EPS 27.59c

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    BP replacement cost profit of $3.29B misses forecasts, announces $1.5 bn buyback

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  • Sluggish EV and auto sales could continue next year, based on what these chip makers just said

    Sluggish EV and auto sales could continue next year, based on what these chip makers just said

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    A couple of lesser-known chip companies and a battery maker have confirmed growing fears among investors about the slowdown in electric-vehicle and overall auto sales, which appears likely to continue into next year.

    Monday was loaded with bad news from companies that make industrial chips for the auto industry, as earnings reports from On Semiconductor Corp.
    ON,
    -21.77%
    in the morning and Lattice Semiconductor Inc.
    LSCC,
    -4.05%
    in the afternoon disappointed Wall Street with their forecasts.

    If inflation and high interest rates continue into next year, which is feasible, the slump in auto sales is expected to continue.

    “We think it will carry through into the first part of next year, with most cycles running six to nine months,” said David Williams, an analyst with Benchmark who had predicted that the outlook for On Semi would have to be tempered.  “However, the reduced consumer buying power and overall macro backdrop will likely keep buyers on the sidelines for the next couple of quarters.”

    On Semi said that because of the shortfall in an order from one unnamed automotive customer in Europe, it now expects to ship $200 million less this year of its silicon carbide chips, which are used in EVs. The company did not give further details on its customer, but pointed out that at $800 million, its 2023 revenue will still be four times higher than 2022.

    Last year, On Semi touted a new plant in Hudson, N.H., to make chips out of silicon carbide, an energy-efficient semiconductor material made of silicon and carbon, and predicted those chips would exceed $1 billion in sales in 2023.

    “EVs are going to grow,” On Semi Chief Executive Hassane El-Khoury said Monday. “They’re going to grow for us in the fourth quarter as well. It’s just not going to grow in the fourth quarter at the rate that we expected… I think EVs are a long-term growth opportunity — even with the backdrop of a lot of the headlines that we’re seeing, customer designs have not slowed down.”

    Even as company executives spun the positives, investors were rattled and On’s shares tumbled nearly 22%. Lattice Semiconductor also disappointed Wall Street with its outlook for the fourth quarter. Lattice sells chips that are used in advanced driver-assistance systems in cars, and shares tumbled 13% in extended trading after its fourth-quarter outlook came in lower than expected, due to fewer customers in Asia.

    “In the last kind of four to six weeks of Q3, we started to see demand soften from our industrial and automotive customers,” Lattice CEO Jim Anderson told analysts. “I would say that it was really localized to the Asia geography, and we expect that softness we started to see at the end of Q3 extend into the current quarter.”

    In addition, Tesla Inc.’s battery partner, Panasonic Holdings
    6752,
    -8.35%
    of Japan, said it was slashing its production by 60% due to slower sales of some models to Tesla. That fueled a 4.8% drop in Tesla stock
    TSLA,
    -4.79%    ,
    to its lowest close since late May. Investors have been nervous about the EV market, especially after Ford
    F,
    -1.91%
    executives said last week that consumers were unwilling right now to pay a premium for EVs.

    Semiconductor companies are often harbingers of future end-product demand in a wide variety of industries. Now that automakers use so many semiconductors, they can also be a big indicator of auto demand, especially in the hot arena of EVs. And those indicators don’t look good in the short term.

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  • Prosecutors hammer at Sam Bankman-Fried’s credibility in FTX criminal fraud trial

    Prosecutors hammer at Sam Bankman-Fried’s credibility in FTX criminal fraud trial

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    Federal prosecutors on Monday sought to chip away at FTX founder Sam Bankman-Fried’s credibility, pointing to discrepancies between his public comments and actions taken behind the scenes as the company collapsed.

    In a steady drumbeat of questions, Assistant U.S. Attorney Danielle Sassoon tried to paint Bankman-Fried, the 31-year-old former wunderkind of the crypto world, as someone who lied to his customers about the safety of their investments, while secretly raiding their accounts to fund his own risky investments, luxury real estate purchases, costly celebrity endorsements and political contributions.   

    In his second day of testimony before a jury in his criminal fraud trial in Manhattan’s federal court, Bankman-Fried repeatedly said he couldn’t remember exactly what he had said in numerous media interviews in the days and weeks after FTX had declared bankruptcy and $8 billion in customer deposits had vanished. 

    He also sought to distance himself from decision-making at FTX’s sister investment firm, Alameda Research, whose risky bets helped bring the crypto trading platform down. 

    Sassoon pointed to multiple public comments by Bankman-Fried in which he claimed FTX’s risk management protocols made it safer than other crypto currency trading platforms, while the company allowed its own investment arm, Alameda Research to make risky bets without limit. 

    FTX ultimately collapsed largely as a result of the billions in loans it had extended to Alameda, which prosecutors allege was done using customer money.

    Federal prosecutors have alleged that Alameda was effectively granted carte blanche to use FTX customer money to make risky bets. One key element was that certain risk-management systems that FTX used to to liquidate customer accounts that had entered into negative territory were disabled for Alameda, allowing it unfettered ability to make high-risk moves.

    Throughout his testimony, Bankman-Fried claimed he had limited visibility as to what was happening at Alameda, which he founded and mostly owned, but which had ceased running day-to-day in 2021, when his ex-girlfriend Caroline Ellison took over as CEO. 

    He said he only became aware of how bad a liquidity issue Alameda faced well after a financial crisis began sweeping through the crypto industry in the summer of 2022.  Bankman-Fried said he had told Ellison, who had pleaded guilty and testified against him, that she should have taken hedge positions earlier to lessen the company’s risk.

    But he said he continued to believe up until just days before the companies collapsed, that both Alameda and FTX were on firmer financial footing.

    “I viewed Alameda as solvent and FTX as solvent and decently liquid,” he testified. “Had that analysis come up any other way, I would have been in full on crisis mode. But in my view at the time that wasn’t the case.”

    Bankman-Fried did admit that he consulted frequently with Ellison about moves that Alameda made and even signed off on several billion-dollar investments. 

    “I think a few billion of them were my decision,” he said when asked about several large investments made by Alameda in 2021 and 2022. 

    Bankman-Fried is expected back in court for further cross examination on Tuesday. The judge in the case said he expected the case may go to the jury as early as Friday. 

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  • UAW, GM have a tentative deal, all but ending the autoworkers’ strike

    UAW, GM have a tentative deal, all but ending the autoworkers’ strike

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    The United Auto Workers said late Monday it has reached a tentative agreement with General Motors Co.
    GM,
    +0.51%    ,
    the third and last of the Big Three carmakers to have such a deal with its workers. GM workers on strike will return to their jobs as the agreement goes through a ratification process. “Like the agreements with Ford
    F,
    -1.91%
    and Stellantis
    STLA,
    -0.22%    ,
    the GM agreement has turned record profits into a record contract,” the union said. “The deal includes gains valued at more than four times the gains from the union’s 2019 contract.” That year, the UAW had a strike at GM only; this year, workers at several Big Three facilities walked out, a break with tradition for the union. The tentative agreement with GM grants 25% base-wage increases through the four years of the contract, cumulatively raising the top wage by 33% plus cost-of-living adjustments to more than $42 an hour, the union said. GM’s starting wage will increase by 70% compounded with estimated COLA to over $30 an hour. Shares of GM edged lower in the extended session Monday after ending the regular trading day up 0.5%.

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  • Detroit Is Paying Up to End the UAW Strike. Now Carmakers Will Live With the Costs.

    Detroit Is Paying Up to End the UAW Strike. Now Carmakers Will Live With the Costs.

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    Updated Oct. 30, 2023 12:50 pm ET

    The United Auto Workers campaign against Detroit’s three automakers can be described as one thing for the union: a win.

    The strike, now in its seventh week, is nearing its conclusion with General Motors on Monday reaching a tentative labor deal with the UAW following similar pacts with Ford Motor and Chrysler-parent Stellantis.

    Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • GM’s stock bounces of more than 3-year low after report of tentative deal reached with UAW to end strike

    GM’s stock bounces of more than 3-year low after report of tentative deal reached with UAW to end strike

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    Shares of General Motors Co.
    GM,
    +0.04%
    bounced 1.2% off a 3 1/2-year low in morning trading Monday, after CNBC reported that the automaker reached an tentative deal with the United Auto Workers that would end the six-week long labor strike. The report comes a day after the UAW widened its strike against GM, as the Associated Press reported, hours after a tentative deal was reached with fellow Big 3 automaker Stellantis N.V.
    STLA,
    -0.19%
    and about a week after Ford Motor Co.
    F,
    -1.61%
    also reached a deal. CNBC reported that the UAW’s 4 1/2-year agreement with GM includes a 25% wage increase, including a 68% increase in starting hourly wages to $28 an hour. and UAW didn’t immediately respond to a request for comment. The stock, which closed Friday at the lowest price since Aug. 7,. 2020, has tumbled 28.1% over the past three months while the S&P 500
    SPX,
    +0.81%
    has shed 9.2%.

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  • HSBC Holdings 3Q Net $5.62B Vs. Net $2.00B >0005.HK

    HSBC Holdings 3Q Net $5.62B Vs. Net $2.00B >0005.HK

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    By Sherry Qin

    HSBC Holdings PLC’s third-quarter net profit more than doubled as the London-based banking giant continued to benefit from higher interest rates and sharply higher non-interest income.
    

    The Asia-focused lender posted net profit of $5.62 billion for the three months to Sept. 30, up from $2.00 billion in the year-earlier period, it said Monday. HSBC’s pretax profit, the bank’s preferred profit measure, rose to $7.71 billion from $3.23 billion.
    

    

    The bank’s quarterly revenue rose 40% compared with the same period a year earlier to $16.2 billion. It attributed the growth to the higher interest rate environment, which supported growth in net interest income in all of their global businesses and higher non-interest income.
    

    Its non-interest income rose 97% on year to $6.9 billion, primarily due to the sale of its retail banking operations in France.
    

    The bank’s net interest income, its main source of income, reached $9.25 billion, from $8.01 billion in the same period last year. Its net interest margin increased by 19 basis points to 1.70% from the year-earlier period.
    

    “We have had three consecutive quarters of strong financial performance and are on track to achieve our mid-teens return on tangible equity target for 2023,” HSBC Chief Executive Noel Quinn said.
    

    HSBC reiterated its guidance for 2023 net interest income to be above $35 billion, it said.
    

    The board has approved a third interim dividend of $0.10 per share. It also intends to initiate a further share buyback of up to $3 billion after announcing three share buybacks in 2023 totaling up to $7 billion.
    

    Write to Sherry Qin at sherry.qin@wsj.com
    

    

    

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  • 
		
		
    
			
    Big Tech earnings have been strong, but Apple is about to answer the thousand-dollar question
    
			
    Big Tech earnings have been strong, but Apple is about to answer the thousand-dollar question
    
			
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    While the stock market reactions may not prove it, Big Tech is four-for-four so far this earnings reporting season. 
    

    Alphabet Inc.
    
        GOOG,
    
        -0.03%
    

            GOOGL,
    
        -0.09%    ,
    
       Amazon.com Inc.
    
        AMZN,
    
        +6.83%    ,
    
       Meta Platforms Inc.
    
        META,
    
        +2.91%
    
       and Microsoft Corp.
    
        MSFT,
    
        +0.59%
    
       all beat earnings and revenue expectations for the latest quarter, showing, among other things that the advertising market was healthy in the latest quarter and that software spending is holding up.
    

    

    But one more major test looms in the week ahead. Apple Inc.
    
        AAPL,
    
        +0.80%
    
       is due to deliver September-quarter results on Thursday and those earnings will answer a key question: Are consumers still so willing to purchase thousand-dollar iPhones in the current economy?
    

    Results from other companies in recent weeks have painted a mixed picture of consumer spending. Visa Inc.
    
        V,
    
        -0.87%    ,
    
       Mastercard Inc.
    
        MA,
    
        -0.14%
    
       and American Express Co.
    
        AXP,
    
        -1.42%
    
       say that spending remains resilient, but there are also signs that cracks are starting to form in categories deemed non-essential. Just look at Align Technology Inc.
    
        ALGN,
    
        +0.20%    ,
    
       the maker of Invisalign orthodontic aligners, which saw its stock plunge last week after noting that people seem to be putting off dental and orthodontic visits. 
    

    Read: Invisalign maker’s stock craters after soft earnings, but analysts still say it’s a buy
    

    Granted, some might say that iPhones are glorified necessities these days for Apple fans, even with their high price tags. But Apple conducted an effective price increase on its iPhone 15 Pro model when it rolled out its new phones in September, all while delivering a mostly incremental suite of feature upgrades across all its latest models. Will the new phones prove enticing enough in a period of stretched budgets?
    

    Just judging by S&P 500
    
        SPX
    
       results so far in the aggregate, the odds would seem to be in Apple’s favor for a beat this quarter. About half of index components have already reported, and 78% have posted earnings upside, while 62% have surprised positively on the top line, according to FactSet.
    

    Revenue will be the key item for Apple, as consensus expectations call for a small decline on the metric, which would mark the fourth consecutive year-over-year drop. It’s also worth noting that companies on the whole haven’t been topping revenue estimates by their usual margin. S&P 500 components in aggregate have reported revenue 0.8% above expectations, which compares with a five-year average of 2.0%, FactSet Senior Earnings Analyst John Butters wrote in a recent report.
    

    Apple’s report could also highlight the impact of currency on corporate results, as the company generates more than half of its revenue internationally. 
    

    “Given the stronger U.S. dollar in recent months, are S&P 500 companies with more international revenue exposure reporting lower (year-over-year) earnings and revenues for Q3 compared to S&P 500 companies with more domestic revenue exposure?” Butters asked. “The answer is yes.”
    

    This week in earnings
    

    Many U.S. investors in financial-technology companies likely hadn’t heard of European payments player Worldline SA
    
        WLN,
    
        +9.06%
    
       before last week, but a warning from the French company about deteriorating conditions in Europe helped send shares of PayPal Holdings Inc.
    
        PYPL,
    
        -2.63%
    
       and Block Inc.
    
        SQ,
    
        -3.98%
    
       sharply lower Wednesday, in a selloff one analyst deemed an overreaction. Those companies will look to reassure Wall Street about the health of their businesses with their own reports this week. Plus, while not a payments name, SoFi Technologies Inc.
    
        SOFI,
    
        -0.43%
    
       will provide another read on the fintech sector. Investors will be watching to see how the end of the student-loan moratorium impacted student lending volumes. 
    

    The week ahead will also shed light on how consumers’ dining preferences have evolved in the current economy. Starbucks Corp.
    
        SBUX,
    
        -0.70%    ,
    
       Dine Brands Global Inc.
    
        DIN,
    
        -0.12%    ,
    
       Cheesecake Factory Inc.
    
        CAKE,
    
        -0.47%
    
       and Sweetgreen Inc.
    
        SG,
    
        +0.59%
    
       are among names on the docket. Plus, amid concerns about the impact of GLP-1 drugs such as Ozempic and Wegovy on eating habits, Kraft Heinz Co.’s management will be in the spotlight.
    

    Don’t miss: What exactly are patients taking new weight-loss drugs eating and what are they avoiding? Bernstein asked them.
    

    The call to put on your calendar
    

    You can’t spell Advanced Micro Devices without AI (sort of): Nvidia Corp.
    
        NVDA,
    
        +0.43%
    
       has been ruling the chip world this year thanks to its dominance with the sort of hardware needed to power the corporate AI fervor. Investors will be watching Tuesday afternoon to see how quickly Advanced Micro Devices Inc.’s
    
        AMD,
    
        +2.95%
    
       own AI story is coming together. “The AMD narrative feels all about their data center (and, particularly, their AI story) right now,” Bernstein analyst Stacy Rasgon wrote in a note to clients. “In the near term the achievability of their 2H data-center growth (guided to 50% half-over-half) will be the question.” Rasgon expects AMD to discuss recent customer wins for its MI300X chip, though he thinks it will take time for the company to see “real volume.”
    

    The number to watch
    

    PayPal transaction margins: Shares of the one-time investor darling are trading at their lowest levels since May 2017, and the latest source of anguish for Wall Street is the company’s transaction margins. PayPal’s lower-margin unbranded checkout business has been growing more quickly than its higher-margin branded checkout product, a trend that’s been weighing on overall transaction margins. Barclays analyst Ramsey El-Assal expects the third quarter to mark a bottom on the metric before trends stabilize in the fourth quarter. “We do not believe the stock is crowded on the long or short side into earnings, as investors lack conviction regarding the magnitude of transaction margin headwinds in Q3,” he wrote in a recent preview. “In any case, we view Q3 as a potential clearing event.” PayPal posts results Wednesday afternoon.
    

    

    

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  • 
		
		
    
			
    WSJ News Exclusive | Hedge Fund Two Sigma Is Hit by Trading Scandal
    
			
    WSJ News Exclusive | Hedge Fund Two Sigma Is Hit by Trading Scandal
    
			
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    A researcher at Two Sigma Investments adjusted the hedge fund’s investing models without authorization, the firm has told clients, leading to losses in some funds, big gains in others and fresh regulatory scrutiny.
    

    The researcher, Jian Wu, a senior vice president at New York-based Two Sigma, was trying to boost his compensation, Two Sigma has told clients, without identifying Wu. He made changes over the past year that resulted in a total of $620 million in unexpected gains and losses, according to people close to the matter and investor letters. Two Sigma has placed Wu on administrative leave.
    

    

    Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
    

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  • 
		
		
    
			
    WSJ News Exclusive | UAW Expands Strike With GM After Reaching Tentative Agreement With Stellantis
    
			
    WSJ News Exclusive | UAW Expands Strike With GM After Reaching Tentative Agreement With Stellantis
    
			
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    Updated Oct. 28, 2023 10:03 pm ET
    

    

    

    

    

    

    

    

    The United Auto Workers called a fresh strike at a General Motors factory in Tennessee, a surprise walkout after negotiators had been working nearly around the clock to finalize a new contract this weekend.
    

    Workers at GM’s factory in Spring Hill, Tenn., were ordered to go on strike Saturday evening, according to people with knowledge of the union’s plans. The strike came just as the UAW confirmed that it reached a tentative agreement with Chrysler parent Stellantis on a new labor contract.
    

    

    Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
    

    

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    Financial advisers make rich people richer. But is that all there is?
    
			
    Financial advisers make rich people richer. But is that all there is?
    
			
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    In 1989, author Marsha Sinetar wrote a bestselling book, “Do What You Love, The Money Will Follow.” She urges readers to pursue a career that stokes their passion.
    

    Many advisers take that advice. They love what they do. And the money follows: Median pay for U.S. financial advisers was $95,390 in 2022, according to the Bureau of Labor Statistics.
    

    

    Lately, though, the passion is waning for some advisers. They still love the practice of wealth management — customizing financial plans, constructing client portfolios and analyzing the ever-growing menu of investment products.
    

    They’re just not as enamored of their clients’ wealth. Reassuring wealthy retirees that they can afford to buy a second (or third) vacation home has its merits. But helping them accumulate more and more wealth rings hollow after awhile.
    

    Steve Oniya, a Houston-based certified financial planner, works with a diverse mix of clients. He enjoys helping them achieve their goals, regardless of their net worth. “It’s more gratifying helping them get over some hurdles to get to the life that they really want,” he said. “You make more of an impact that way.”
    

    He compares his work to a firefighter’s job. Some days, they rescue people from burning buildings. Other days, they put out a dumpster fire. Yet they’re always driven to excel and perform at a high level.
    

    Nevertheless, if an adviser serves rich clients who hoard their money, don’t give to charity and lack perspective on what matters most in life, a day at the office can feel dispiriting. “Sometimes advisers may be passionately opposed to certain clients’ values,” Oniya said. “In those instances, end the relationship or limit the scope.”
    

    Oniya said he does not find clients’ wealth objectionable. He sees his role as an ally who seeks to understand — and not judge — others’ beliefs and values.
    

    “I like to stay in the neutral camp,” Oniya said. “It’s easy to empathize with another person and see they are a person who needs help just like others. We’re generally here to advise them on how to be more efficient and effective financially in attaining their goals.”
    

    The arc of an adviser’s career comes into play as well. To build a practice, newly minted financial planners might welcome pretty much anyone with sufficient assets.
    

    Once they establish a stable book of business, advisers may get picky in deciding whom to serve. Their onboarding process might get more rigorous in an effort to determine if they’re aligned with a potential client’s aspirations, goals and priorities.
    

    Some advisers shift gears as they gain experience working with different types of clients. They come to realize what they like most about the job and adjust their practice — and the type of clients they serve — accordingly.
    

    “Everyone evolves,” said Angeli Gianchandani, a professor of marketing at University of New Haven’s Pompea College of Business. “Advisers may see there’s a greater reward and opportunity helping people in a different income bracket.”
    

    As a self-test, advisers at a career crossroads might want to ask themselves how they’d respond to two clients. The first one says, “You saved me $5 million. Now I want to save $10 million to buy a bigger yacht.”
    

    The other says, “You helped me pay off my student debt” or “You helped me save enough for a down payment to buy my first house.”
    

    “You may feel more valued and appreciated as an adviser” if you pave the way for someone who lacks vast wealth to build a nest egg for the future, Gianchandani says.
    

    Advisers who have misgivings about helping wealthy people attain greater wealth are not alone. Brooke Harrington, a sociology professor at Dartmouth College, interviewed 65 wealth managers between 2007 and 2015. About one-quarter expressed qualms about helping lower ultra-wealthy clients’ tax liabilities.
    

    Still, another 25% did not feel such qualms. They saw their role as defending their clients from an unjust tax code.
    

    More: Wall Street legend Byron Wien dies at 90. Here are his ’20 life lessons’
    

    Also read: The IRS is auditing the rich. Can you fly under the radar if you’re not wealthy?
    

    

    

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