One year ago, the global financial crisis brought panic to investors and businesses, as stock prices were cut in half and bank lending dried up. Now, the crisis has calmed and the market has bounced back, but concerns remain. Unemployment is at its highest in decades, the commercial and residential real estate markets remain strained, and global trade is stagnant.

Is this the new normal? Are we at the beginning of a new bull market? Or are we about to face another wave of bad news? These questions were addressed at this week's session of the Financial Advisor Webinar Series. Don Phillips, managing director of Morningstar, and Fran Kinniry, principal of Vanguard, reflected on the past year and discussed their expectations for the future. They identified areas of concern and highlighted sectors primed for strong performance.

Phillips is president of Fund Research at Morningstar, while Kinniry is a senior member of Vanguard's Investment Strategy Group. Both Phillips and Kinniry presented at the Financial Advisor Webinar Series during the height of the credit crisis. Their sessions were two of the highest rated of the past year.

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