Goldman Sachs and Morgan Stanley did exactly that—forsaking the investment bank model for the bank holding structure. Merrill Lynch found refuge in the arms of Bank of America while the much-courted Wachovia spurned Citigroup and chose Wells Fargo.

Despite so much change in just a few short weeks, one constant remains: the retail brokerage sales force that makes up this industry. It will contract but it will endure and there will be more demand than ever for the top producers.

So, while there are those who bemoan the loss of the Wall Street as we knew it, realize this: This isn't the end of Wall Street but a rebirth, albeit an extremely painful one.

For months, we have suffered through the news of foreclosures, rising unemployment, writedowns and losses at financial institutions, before the credit crunch finally squeezed the U.S. economy so tightly, it nearly asphyxiated it. Then the federal government stepped into the fray with case-by-case fixes and then the $700 billion financial package that was to be the tourniquet that would stop the bleeding.

Through all this, the world markets reacted with fear and panic, stunning all of us with the record one-day drops such as the 777-point debacle. But we made it through several weeks of agony to see a rebound finally on a lightly-traded Columbus Day holiday.

So we decided to recap the events that drove the market gyrations in our cover story "Wall Street's Trillion-Dollar Nightmare."

As Wall Street evolves, it's essential that you read "Ellyn McColgan: Staying Cool in the Crisis." Associate Editor Helen Kearney spoke with McColgan, and other others who know her, to discover that she is a quiet, yet determined, force to be reckoned with because of her attention to detail and her leadership qualities.

In a piece that is critical to your careers, six recruiters have their say during this time of transformation. In "Headhunters Weigh In On Advisor Mobility" they discuss whether the deals have changed, whether they think more advisors will head for the hills of independence and just how much movement they expect to see.

Carri Degenhardt-Burke, another recruiter and columnist, spells out more guidance in "Lessons From The Trenches." She urges younger advisors to seek the counsel of the brokerage veterans who have lived through other tortured markets. And, she offers examples of some advisors who are doing quite well amid the turmoil.

Then, Dr. Alden Cass gives sound and similar advice in "Age Before Beauty." Taking a somewhat different tack, he hands out the words of wisdom from some of those experienced advisors on how to stay positive and not let panicky clients get the better of you.

This issue is rich in advice on how to navigate through these volatile, evolving and interesting times. After all, there is still more difficulty ahead and a new administration has tough days ahead of it as we all adjust to the new reality of the Street and the economy.