We all know tough times await us over the next few months. Just take a look at the recent conclusions of SIFMA's Economic Advisory Roundtable.

Its participants expect the U.S. economy to continue to contract each quarter through mid-year, with a bit of growth by December. Job losses will continue to mount and in the new world order for financial advisors, we see Morgan Stanley taking over Smith Barney— reflecting the latest massive upheaval that has hit the wirehouse world.

In our Industry story, Associate Editor Helen Kearney gives us the latest on the Morgan Stanley/Smith Barney deal. A little more than a year ago, one of the panelists in our Recruiters Roundtable predicted that Citigroup would sell Smith Barney and it finally came to pass as 2009 got underway. But as Citi's fortunes declined and the mightiest institutions of the U.S. financial services industry began to falter and fail, deals like the Smith Barney sale became not only more fathomable but, more likely. It is, unfortunately, survival of the fittest.

What does this mean for financial advisors? Well, as fear and disgust with the financial world spreads, advisors are going to have to redouble their efforts to win over clients.

Don't believe me? Consider the latest findings of the Spectrem Group. It reports that American millionaires have seen their assets decline 30% during this financial crisis and that nearly one-fifth of this group has experienced a 40% decline. A vast majority of these millionaires believe the economic downturn will last another 22 months. What's worse is that only 36% of this group believes their advisor performed adequately during these bad times and only 14% said they would increase their use of advisors in the future.

How do you fight that kind of thinking? You talk to your clients. "The first priority is making the conversations happen," says Rene Kim in our cover story "Nowhere To Hide." Kim, senior vice president of product services for Charles Schwab, joins two other panelists to discuss how the retirement landscape has become more challenging since the economy has taken a nosedive. They tell you what you should be discussing with your clients.

This month, we also offer you some sage advice from Martin Shenkman, a lawyer and specialist in estate planning. In "Market Changes Force a Revision of After-Life Plans," he says that now is the time to take a new look at your clients' wills and other paperwork and assess declining values in estates.

There's much more throughout this issue from insight into the oil and gas sector in Sector Savvy, to recruiter Danny Sarch's column "Four Easy Ways to Screw Up Your Career."

And with a new president in the White House, we bring you an executive in Outside the Grid whose family tree boasts a U.S. President, two senators and even a dean of Yale University. John Taft of RBC Wealth Management explains his chosen path.

In all, this month's issue addresses many of your concerns by discussing some pragmatic solutions.