Sallie Krawcheck has made her return to the financial advisory world with a splash. As the new head of Bank of America's Global Wealth Management and Investment Management unit, she takes Merrill Lynch under her wing.

And what a job she has ahead of her. Not only does she have to adapt to the new culture of Bank of America but she also has to find a way to integrate Merrill Lynch's personality—which she isn't familiar with—into BofA's. When OWS interviewed Krawcheck for our January 2008 issue, she was then heading up Citigroup's wealth management unit, which included the Smith Barney brokerage. At that time, the big question was: Could she recapture Smith Barney's glory days?

Well, quite a lot has happened since then: the economy sputtered, Wall Street went to the verge of collapse, Krawcheck left Citigroup, and Smith Barney has merged with rival, Morgan Stanley.

Now, Krawcheck has reemerged into a top slot of another merged entity. True, she is inheriting a challenge. But while much is expected, much is given. What she gets (in addition to the 63,000 shares of BofA valued at $1 million that she bought last month) is one of the largest broker sales forces in the nation at more than 15,000 strong. With the addition of Merrill, BofA has added $5.1 billion in revenue and $800 million in net income in the six months ended June 30, 2009, according to regulatory filings. And total client assets for the unit were $1.3 trillion as of June 30th.

But after all the bad publicity, which includes the economic meltdown, the writedowns, the losses, the dispute with the government over executive bonuses and even the controversial acquisition itself, BofA and Merrill have an uphill battle. In "On Life Support a Year Ago, Merrill Pays for Top Producers" on page 15, associate editor Helen Kearney talked to headhunters, brokers and research firms to find out just how lucrative the package is for new recruits. She notes that Merrill, under BofA, is faced with an unusual situation. For years, the mighty Merrill didn't have to go to war over financial advisors who wanted to be part of the storied thundering herd. But, it's a new day and headhunters are saying that Merrill, to stay competitive, is taking a much more aggressive approach in hiring.

Kearney did double-duty this month with her cover story, "What Wealthy Clients Want Now" on page 25. She talked to advisors who defied the daunting economic circumstances and came out of this recession with more assets under management. These advisors explain what they did to stay ahead of the pack and what you should be doing as well.

That's not all. As part of that story, managing editor Lee Conrad spoke with four millionaire investors from the Tiger 21 group. They discussed their pet peeves as well as their needs in terms of what they want in a financial advisor. It's essential reading for every advisor.

Our resident legal expert Alan Foxman delves into the murky world of specialty titles that are all the rage in the advisory business. In " 'Senior' Designations Can Be a Touchy Subject for Your Firm" on page 38, Foxman states that your firm is obligated to make sure your financial credentials are legitimate. Those who specialize in servicing older clients need to be particularly careful as do their firms. Foxman also gives you the lowdown on what to do when clients want to buy stock in a large company that has filed for bankruptcy protection. The information he doles out is priceless.

That's just a tidbit of what's in this month's issue. There is so much more, so take your time, read on and send me your thoughts and opinions.