The Apostle Paul, who was hand picked by Jesus himself, taught the following:
Ephesians 4:11-14
11 And he gave some, apostles; and some, prophets; and some, evangelists; and some, pastors and teachers;
12 For the perfecting of the saints, for the work of the ministry, for the edifying of the body of Christ:
13 Till we all come in the unity of the faith, and of the knowledge of the Son of God, unto a perfect man, unto the measure of the stature of the fulness of Christ:
14 That we henceforth be no more children, tossed to and fro, and carried about with every wind of doctrine, by the sleight of men, and cunning craftiness, whereby they lie in wait to deceive;
Here we learn that Apostles and Prophets along with other offices of priesthood are given to be part of Christ's church till we all come to the unity of the faith and the knowledge of the Son of God, unto a perfect man, unto the measure of the stature of the fulness of Christ. In other words, until we come to the measure and stature of the fulness of Christ we are to have Apostles and Prophets in the church along with others who are authorized to teach the gospel. The reason that this practice has not been followed throughout all the days since Christ came upon the earth is because man has fallen away from the teaching of Christ and the Church that Christ established fell into a state of apostacy. The protestants figured this out and broke away from the Catholic church but they did not have the authority of the priesthood to establish the priesthood leadership in the church. The Lord, through the prophet Joseph Smith, restored the church again upon the face of the earth with all the priesthood keys and powers in these latter days. Whenever the true church of Jesus Christ is to be found on the earth, it will have Apostles and Prophets to to lead the members toward becoming a more Christ like people as Paul has so clearly taught.