Now that Uncle Sam owns much of Wall Street and the banking industry, the government feels it has earned the right to dictate executive compensation.

There are critics of the announced compensation caps who insist that funding from the federal government should come with little or no strings attached. But, let's face it: that's not going to go over well with the American public who elect our politicians.

Banks can't have their cake and eat it, too. Not now; not in this political and economic climate. After all, the titans of the Street have brought this on themselves. You can't perform this poorly, watch the economy tank, ask for a bailout and expect no repercussions.

While the media takes Wall Street's executives to task for its hubris, it is the financial advisors who are caught in the middle. Whether they are toiling at a wirehouse or one of the regionals or in the independent channel, it is the rank-and-file advisors who have sit face-to-face with their clients. It is the advisors who have to apologize for the losses in client portfolios and win back their clients' trust. And, it is the advisors who are left wondering how their own compensation will be affected by both the politics and economics of these tough times.

Indeed, compensation is on everyone's lips nowadays and we, at On Wall Street, are no exception. This month we present our annual issue on advisor compensation, complete with its comparative chart and the payout grids of major firms. So, start reading "Uncertainty Changes the Rules." In reporting on this story, the On Wall Street staff discovered that regional firms don't have to pay top dollar for talent because some wirehouse advisors don't want to keep explaining management missteps to their wealthy clients. We cover the impact of the deteriorating markets on stock-based deferred compensation and we tell you which firms appear to be riding out the storm. Let's hope that all of us—investors and advisors alike—can weather this storm.

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