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 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.
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.
Mr. Kleintop predicts that the U.S. economy will emerge from the recession in the second half of 2009. He also expects the economy to experience a deflationary period earlier in the year, leading to the return of inflation toward its end.
The fixed-income market — particularly the distressed corporate-bond area — offers the strongest opportunities in the year ahead, he 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."
The markets will probably rebound in 2009, but it's not a sure thing, Mr. Molumphy said. An "extended or protracted" economic recession could delay a market recovery until 2010, he said.
Mr. Slott is convinced that taxes will go up in 2009 and believes that advisers should work with eligible clients to help convert individual retirement accounts to Roth IRAs.
The best part about the year ahead will be that it will only last 12 months, Mr. Malkiel said.
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.
