Despite the stress experienced by the financial services industry, now is not necessarily the time to abandon capital-intensive technology investments, Mr. Kumar said.
Rapid economic recovery isn't likely during 2009, and American investors will have to grapple with a major crisis of confidence.
"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.
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."
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."
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.
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.
The best part about the year ahead will be that it will only last 12 months, Mr. Malkiel 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.
Commercial real estate is heading into its worst year since the industry's crash of 1991-92 and likely won't see a significant rebound until 2011 at the earliest, according to industry experts.
