Dog days are the summer weeks when Sirius, the Dog Star, is visible at dawn. The phrase was coined in ancient times; since Al Pacino starred in Dog Day Afternoon, it refers to times that are hot and nasty (and not in a good way). From the vantage point of Financial Planning's offices in New York City's financial district, this summer has been full of dog days. More billions have been lost; tens of thousands of workers have packed up their belongings and been escorted from their offices. If there's any upside to Wall Street's downturn, it's that you can get seats at restaurants the same day you call for a reservation.

As independent advisors, you may think that the times serve Wall Street right. Greed led to a terrible fall. But along with the bigwigs who were left with heads down but pockets full, there were innocent bystanders—support staff and oh, yeah, clients—who got hurt. The doggy mood around town led me to wonder what's coming for asset mangers, from their point of view. Although it may feel like the end of an era around the neighborhod, life goes on. So I put on my writing hat—something I rarely do these days—to talk to the very best investors about portfolio management. What, if anything, is changing? You can read what I learned in "The New, New Economy."

As the financial world shifts, independent advisors certainly stand to benefit. But you may face increased competition as well, as wirehouse wealth managers decide to hang out their own shingles. Don't think they don't know what you know. They're smart, well credentialed and they know how to reel in new clients. Our cover story, by advisory consultant Stephanie Bogan, challenges the industry to think about new ways to train and reward the next generation of advisors, who know tons about planning, but much less about client acquisition. Take a look at "Who Will Succeed,"—and think about how you've structured your own practice.

—Marion Asnes