"Most of the bad economic news that can possibly happen has already happened."
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.
"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.
Market predictions have little value for Mr. Lamb, but he is willing to hazard a guess that later this year, "we may see a glimmer of hope that the world is not going to zero." At that point, a vigorous rally could ignite, he said.
The economy will continue to be under pressure from rising unemployment and declining industrial output through the first half of 2009. Unemployment will reach 8.5% to 9% by yearend.
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.
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.
