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Click here to print out a pdf version of the Top 40 Advisors Under 40 from the December 2008 issue of On Wall Street magazine.

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In a truly historic market, a cliché best describes it all: What a difference a year makes. And if there is any doubt, consider the fact that trillions of dollars in wealth have evaporated since the highs of last year.

Few advisors—indeed, few people—have lived through a market as wrenching as the one we've seen in the past four months. Values plummeted while stalwart companies vanished, merged or restructured—even though that last option meant they would be subject to more regulation.

So what exactly can advisors do when every asset class seems to be in free fall? While some may be hiding under their desks, the proactive ones are embodying the mantras they all spout during the good times: hold clients' hands, soothe, educate and reassess risk.

Indeed, almost all advisors will say they call clients often, but several of the winners showcased in our Top 40 Advisors Under 40 elaborated and said the main goal of communication in the current market is not to talk, but to listen. But even they acknowledge that it's easier said than done. As Morgan Stanley's Sean Cusack says: "We're inundated with information that we love to pass on to our clients."

In compiling our list, we asked the reps' companies to identify their advisors, under the age of 40, with the most assets under management. We further separated the individuals' assets from their teams and ranked them accordingly. If two advisors had the same amount of assets we ranked them according to their trailing-12 production numbers, which we have included for the first time.

All top 40 names came from big firms, so we also included an abbreviated list of advisors from the regional players.

It's all here. Read all about their experiences and the strategies they have cultivated along their career paths.

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1. Patrick McBrien, 39 & Scott Zelnick, 39
Deutsche Bank Alex. Brown, New York
$3.42 billion in assets each month

These are strange times indeed for Patrick McBrien and Scott Zelnick. The Deutsche duo, which topped our list for the second straight year, isn't wowing clients this year with sophisticated investment strategies. Instead, the two are relying on instruments they haven't used in their 18-year careers—certificates of deposit and principal-protected notes. "Is it something I'm excited about? Not necessarily, but it allows me to move to what needs to be done for this environment," says Zelnick.

This attitude reflects their number-one rule: Always put the client first. It's one that has engendered loyalty throughout their careers from their 80 clients, which have an average net worth of $100 million and an average account size of $25 million. Indeed, the two have retained some of the original clients from when they started in the competitive Lehman Brothers training program in 1991. McBrien, who moved to the

U.S. from Athlone, Ireland after college, recalls a "tough and intimidating" environment where only 2% of the trainees made it through the program. He and Zelnick, a New York native, teamed up at Lehman and focused on executives at the firm's banking clients, long before there was any established, company-wide referral program. From the start they shared their clients so there would always be someone available to take phone calls and provide advice. "I think the wealthier people are, the less patience they have," says Zelnick. "A lot of what it's about is being there. We believe the service aspect of the business is very important and it's something you can control, unlike the markets."