Wealth managers at all four wirehouses had reason to raise their glasses in January, after the banks announced healthy surges in advisor-related business for 2013. However, the jury’s out on how long that market-fueled performance can last.

Morgan Stanley’s advisory division enjoyed a 12% rise in revenues and a 13% rise in assets between fourth-quarter 2012 and 4Q2013. Moreover, the bank hopes the division will buoy profits in the next few years, according to The Wall Street Journal. Meanwhile, Bank of America Merrill Lynch experienced a record 32% leap in profits during 2013 despite cutting 1,100 advisors. The Wells Fargo advisory division’s whopping 40% profit gain last year seems due to its 7% increase in assets and an accompanying hike in fees, according to WealthManagement.com. As FA-IQ has reported, last year UBS pulled in more client assets through recruitment than its larger rivals.

Yet as the market giveth, so it taketh away. Client assets and exuberance soared last year along with a record-breaking rise in the S&P 500 index. But the next crash, however unpredictable, is inevitable. Once it hits, advisory profits are likely to ebb along with client assets. That raises long-term questions about the sustainability of UBS’s recruitment efforts and Merrill Lynch’s investment in goals-based investing tools for its FAs.

In the near term, wealth managers may feel they have eclipsed their investment-banking brethren on Wall Street, who in recent years have struggled to do deals and stay employed. But advisors may return to second-class citizenship at the big banks sooner rather than later. Initial public offerings and M&A activity are both on the rise, thanks to successes like the Twitter IPO and hundreds of smaller deals, The Economist reports. If a flood of new companies come to market in 2014, investment bankers may be the ones bragging a year from now.