The End is near. The End is near. first it was the end of the U.S. economy. Now, it appears to be the end of the recession.

As we begin to heal from months of a financial pounding, it's becoming apparent that it's not really the end but the beginning of a different era, and not necessarily a great one. The Dow has started to climb significantly while unemployment is still rising, albeit at a slower pace. And it seems the economy is righting itself, throwing off industries that are no longer relevant or efficient or profitable.

Consider the newspaper industry. The New York Times-whether you love it or hate it-has long been the gold standard of its industry. Now, it is struggling as a new generation of potential readers and advertisers gravitate to online news outlets. Other newspapers have become web-only versions of their former selves, while still others have gone out of business entirely.

Financial services haven't been immune either, as you all know. Forced mergers, takeovers and bankruptcies have hit this industry as well. When Ken Lewis, chief executive officer of Bank of America, recently testified before the House Oversight Committee, he acknowledged that BofA's acquisition of Merrill Lynch at the urging of the federal government came with considerable risk. But it also came with the promise of considerable rewards, he said. The risks materialized when Merrill recognized significant losses in the fourth quarter of last year. But, he argued that the purchase of Merrill has been worthwhile. It is allowing BofA to create possibly the preeminent brokerage business in the U.S. because of the 14,000 advisors that came with the deal. Furthermore, when BofA announced a $4.2 billion profit in the first quarter of this year, Merrill Lynch was responsible for $3.7 billion of that amount, Lewis told the congressional panel.

Merrill Lynch and its advisors haven't disappeared; just transformed. The same is true with the Morgan Stanley Smith Barney joint venture and the Wells Fargo/Wachovia deal. Still, the financial advisors-the people-within these companies have to take a long, hard look at what's in store for the future-whether it's the future of the industry, their company or themselves.

Clients have lost assets and lost confidence in this industry, which is a big challenge for advisors going forward.

But building back investor confidence isn't the job of advisors alone. Regulators, politicians and policymakers are all grappling with different approaches to that problem. As Associate Editor Helen Kearney writes in "The F Word Stirs Up Controversy" on page 42, one battle is over the standard of care that advisors must use when dealing with clients. Is the fiduciary standard really ideal or is it just inevitable as public outrage over highly publicized investment losses and scams reach a fever pitch?

The one way advisors can take matters into their own hands to win back skittish clients is to delve into new investment strategies and assess how to help clients facing different financial scenarios.

For instance, our "Peak Performance" department leads off on page 53 with "High Yield Bonds: Complex Risks and Opportunities" by Tim Knepp of Genworth Financial. He points out where you can find value. In addition, we provide a list of the Top 50 High Yield Bond Funds ranked by one-year return from Morningstar.

How best to serve your clients is always the point in the "Case Study." This month Pamela Rosenau of UBS Financial Services discusses her rationale for not outsourcing the actual investment decision-making process and how that affected one client for the better. Take a look at "Some Clients Crave Comfort Investing" beginning on page 61.

And, make sure you read "Corporate Culture" with insight from recruiter Bill Willis. In "Culture Shock" on page 67, he tells advisors just what to do if their company has been taken over or if they've made the move to a new place themselves.

So remember: The end isn't near. A new beginning is at hand and you need to be prepared.