The credit crisis and the mortgage mess has created a unique opportunity for wealth managers. The fact is that most customers do not necessarily associate the ills of Wall Street and large banks with their advisors--unless they've been given specific reason to. If advisors have been building his or her relationships the right way, they likely are finding themselves being looked to as the answer, rather than the problem.

According to a recent survey by Bank of America Merrill Lynch, nearly 85 percent of affluent Americans have stuck with the same wealth management firm in the past year. The biggest reason is the strength of their relationship with their advisor (64 percent), which is more than twice as important as positive investment performance (30 percent), notes Financial Planning. The key here is to do right by clients, even if that means keeping them on the sidelines.

Cash management has emerged as a big issue in the advisory business, as many clients get conservative to ride out the economic storms. The upside is that these clients will likely put that cash to work in a portfolio once they feel they are back in the clear. Patience and relationship-building are key virtues right now.

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