Greg & Mike,

I've always thought of the relationship of preaching and counseling in terms of one phrase: "Authority goes to those who preach the Word."   As you exposit the Scriptures, and as people grow to trust the Scriptures and your faithful handling of the Scriptures, they will seek you out.  Not the youth minister.  Not the associate pastor.  But the senior minister, the man who is charged with the task of proclaiming the Word weekly.   New ministers  won't get  much counseling because they are unknown commodities.  As trust in the minster and trust in his  proclamation of the Word grows, so does the  counseling.  And Greg is certainly right--faithful expositional preaching (not story-telling, moralism, or the like)---will pierce hearts, stirring up conviction of sin and eagerness for righteousness. 

Counseling has an interesting effect on preaching---it should aid the preacher in sermon application.  It helps you apply the truth because you have specific knowledge about the joys and struggles of the lives of members in one specific congregation.   

One thing that some of our pastors do during sermon preparation is to turn to a page of the directory and think about how a particular point in the sermon will apply to the different people in the directory.   This type of exercise helps you think about how truth changes the lives of specific people in your congregation!  (Obviously, you don't call specific people out by name in the middle of your sermon, but this does help you take broad application and turn it to more specific application at different points in your sermon....you need both specific and broad application when you preach!)