"I think it will be a little bit bumpy for the economy and the markets for the first few months of the year, but then we will gain some traction," Mr. Glovsky said. He thinks the second half of 2009 will be strong.
"Most of the bad economic news that can possibly happen has already happened."
Mr. Dinallo will focus on securities lending this year, asking each life insurance company about its approach toward these transactions and preparing to evaluate the carriers' programs.
Despite the market turmoil, which caused a decrease in assets under management in 2008, financial advisers and the independent broker-dealers who serve them will see business boom in 2009.
The stock market hasn't hit bottom yet, but by the end of 2009 it will have turned positive.
"There is tons of money sitting on the sidelines and companies have tons of money sitting on their books."
Issues that affect the retail segment of the financial services industry may not win immediate attention from Congress and President-elect Barack Obama’s administration.
In 2009, look for an increase in individual lawsuits, rather than class actions, filed by institutional investors such as pension funds and insurance companies in litigation stemming from the subprime debacle.
"It will be a difficult year. We expect commercial-property investment volume to increase 15% from the depressed levels of 2008 as more distressed assets come to market," Mr. Bach 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.
