The investment management industry will be revitalized from the tragedies of 2008, but that cannot comfort investors who lost an estimated 20% to 40% of their assets, on average, last year. Some consultants say this is the time for wealth managers to pick up clients from wirehouses and those firms that failed to deliver on promises. "I think there will be an identity crisis in the next six to 12 months in the adviser community," says Wisconsin financial planner Michael Dubis.

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