November 6, 2008: New York investment advisors and financial planners ponder their future.

With the recent downturn in the markets and massive layoffs on Wall Street, many financial advisors for New York firms are wondering what the future holds. The ironic issue is that Americans need financial advice right now more than ever.

Although the near term may be disruptive, the long term outlook for the financial advice profession looks bright. The near term issues include tarnished reputations of Wall Street firms and volatile markets which have hit many client's portfolios. However, the volatile markets reinforce the need for financial advice. Since the first Baby Boomers are just beginning to retire, they are realizing they can't figure out their financial plan on their own. Many of these individuals have failed at do-it-yourself investing and planning and are now looking for a professional investment advisor. Even among individuals already working with an advisor, there isn't a lot of trust, so many are at least looking to find a financial advisor to offer a second opinion on their current situation. Either way, for financial advisors with a strong, focused business, it provides a good opportunity to meet with people who need their help.