It's no secret that 2009 was a rough year. However, branch managers were hit with some of the biggest changes. More large firms went to a system of "complexes" that united many branch offices. In addition, the industry has seen the return and, in fact, an increased demand for the producing branch manager.

So, it's even more meaningful this year to be named as one of On Wall Street's Top Branch Managers of Year, the annual contest sponsored by MainStay Investments. The Top Ten will be announced soon but on the opposite page MainStay lists 100 honorees who met the challenges of 2009 with hard work, integrity and tenacity.

Among those challenges facing branch managers looking to recruit the best and brightest advisors are the changes that brokerage firms made to their payout grids. Whether those modifications were mere tweaks or wholesale transformations this year, our cover story beginning on page 22 offers some surprises.

Perhaps the biggest surprise in "Compensation 2010" is the movement of some firms in our comparative charts.

Consider UBS, a firm that has faced a rocky year in the headlines and a reshuffling of management in its brokerage arm here in the United States. Clearly, Robert McCann, the recently installed chief executive officer of UBS Wealth Management Americas, means business. At UBS, its GrowthPlus award propelled it to the top spot at the $1 million-plus producer level. And Wells Fargo, still attempting to integrate its legacy A.G. Edwards advisors, gave them a higher payout to soften that transition.

Some regional firms have created new categories and boosted their cash compensation for their biggest producers. For instance, RBC Wealth Management, whose president graces our cover this month, had a record recruiting year in 2009. The firm brought on 308 advisors with a combined $168 million in revenue. To accommodate some of its biggest producers, RBC added three new categories at the top end of its payout grid this year. Now it goes all the way to $5 million-plus, with a 50% payout-one of the highest in the industry. Not to be outdone, Morgan Keegan created a million-dollar plus category for the first time, with a 43% payout. Previously its highest category was $750,000-plus.

As usual, we utilized the skills of compensation expert Andy Tasnady to create our comparative charts on pages 30 and 31. (For more of Tasnady's insights into the compensation landscape for advisors and branch managers, take a look at his video interview at onwallstreet.com.)

Another feature you will find on our website is a three-part video interview with recruiter Mindy Diamond, who tells you where the opportunities are for financial advisors and branch managers at all levels.

This is a rich issue, with two perspectives on the use of social media and blogs from lawyers Mark Astarita in By the Rules on page 18 and Alan J. Foxman in his compliance column on page 46. We also talk with Timothy Ryan Jr., the president of SIFMA, to get his views on the financial industry reform proposals coming from President Barack Obama in our Five Questions interview on page 20. In our departments, Tim Knepp discusses REITs and whether property is looking attractive again in "Real Estate: Is It Time To Get Back In?" on page 37.

And, Christopher G. Didier offers us his take on the financial benefits of valuing collectibles that may make up a significant portion of a wealthy investor's portfolio. "Treating collectibles as an asset class is tricky," Didier points out in "Does Passion Have a Place in Wealth Management?" on page 41. He takes you through certain indices for different collections and also shares insights into the considerations that advisors must take into account when dealing with these types of assets. Overall, these articles and other pieces in this issue will give you a lot to ponder this month.