Wirehouses and regional firms may be banged up and bruised following the financial crisis, but they are still alive and beginning to fight back.

There's been a lot of press about this channel's demise but when you start to look closer, you see that these firms are still the dominant force in the brokerage industry. Yes, the independents are making a dent but wirehouses, regionals and boutiques aren't going to just roll over and let the competition walk away with their talent, their clients or their assets under management.

That's what writer Aarti Maharaj discovered in this month's cover story on page 22, "The Wirehouse Way." One advisor interviewed by Maharaj explained his decision to stay within the channel like this: "I like waking up and going into a branch every morning. . .it's important to feel that you are part of something bigger than yourself."

Just how big? Take just one of these firms-Morgan Stanley Smith Barney. In its most recent earnings report, the global wealth management unit reported approximately $3.1 billion in revenue during the second quarter, with client assets of $1.5 trillion and 18,087 advisors.

While advisors are moving back and forth within this channel, it's not easy, says Careers columnist and recruiter, Carri Degenhardt-Burke. In "Tough Career Paths" on page 36, she describes how changing firms just got harder for both the advisor looking to land a new gig and the hiring manager trying to find a candidate that is the perfect fit. In the past few months, she has seen at least five managers walk away from potential deals because the vetting process has grown so intense.

Now, consider these other statistics. According to research firm, Cerulli, wirehouses now manage an estimated $3.3 trillion in high-net-worth assets, down from about $4 trillion in 2007. Last year, assets in all channels fell, but wirehouses still had the upper hand and Cerulli says wirehouses will continue to lead the pack for at least the next four years.

In fact, the wirehouse firms along with the regionals and the high-end elites keep proving that they are no lightweights. So bring on the independents and let's see how each side responds in this continuing battle for the best and brightest advisors and the assets of their high-net-worth clients.

As the channels evolve so does financial regulation. As this issue goes to press, President Barack Obama signed into law a sweeping overhaul of our country's financial services system. "Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes," Obama said. "There will be no more taxpayer-funded bailouts. Period. If a large financial institution should ever fail, this reform gives us the ability to wind it down without endangering the broader economy."

Still, the debate that surrounds this law and its implementation rages on. Weighing in on this issue in "By the Rules" on page 17 this month is Democratic Sen. Tim Johnson of South Dakota, who calls the financial reform law "strong legislation." A senior member of the Senate Banking Committee, Johnson notes, like many others, that there is more work to be done. But he wants to see cooperation between nations because so many corporations have global operations. "All the rules don't need to be identical but they should achieve the same goals," he says.

Also offering his perspective this month is Richard Ketchum, the chairman and CEO of FINRA. Answering "Five Questions" on page 18, Ketchum explains why we need new rules and why the time has come for a single fiduciary standard.

Finally, we provide a separate offering online over the regulatory debate. In two video interviews on AdvisorTV, John Taft, incoming SIFMA chairman and head of RBC Wealth, discusses the most important aspects of the financial reform legislation for advisors and how our industry lost its way. It's a provocative interview, so head online to onwallstreet.com and go to AdvisorTV.