In the third or fourth quarter, he thinks think money will come back to the industry with a vengeance. Pension funds are going to realize that their asset allocations are out of whack, Mr. Lo said.
The effects of government action domestically and globally will be felt in a positive manner, with the recession ending in the second or third quarter, Mr. Klosterman said.
Ms. Lassus, whose organization represents fee-only advisors, predicted that the economy will begin to rebound between the latter half of the summer of 2009 and into 2010.
The fixed-income market — particularly the distressed corporate-bond area — offers the strongest opportunities in the year ahead, he said.
Despite the stress experienced by the financial services industry, now is not necessarily the time to abandon capital-intensive technology investments, Mr. Kumar said.
All signs point toward a brighter 2009, according to Mr. Richardson, with one caveat. "It's almost too easy to predict the stock market is going up in 2009," he said. "Of course, I'm assuming the success of the government's efforts."
Rapid economic recovery isn't likely during 2009, and American investors will have to grapple with a major crisis of confidence.
Over the next few months, there will be a lot of focus on the ongoing effects of the credit crisis and regulatory reform. "At the same time, we want to continue to focus on the core investor protections issues."
"A big transition will be [occurring] in the international marketplace," said Mr. Schreiner, who manages money using probability-based measures and technical tools, and also uses outside managers who employ quantitative strategies.
Although Mr. Regan isn't optimistic about the economy, he does foresee a strong year for wealth management companies who cater to high-net-worth investors.
