"I think the revenue will be there for the better practices," he continues. "I think the strength of business development--there are a lot of opportunities now to add clients and increase market share--will help most advisors weather the storm."

Palaveev said it took a few years after the '00-'02 bear market for money to rush back into the market. And when it did, the advisory industry in 2004 saw revenue growth zoom by 40%. And those who followed best practices in the areas of financial management, business strategy and marketing did best of all.

"What you do in a time of crisis tends to define your position over the next five to six years," he says.

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