So with everyone speculating about a recession in our future, what are the financial experts actually telling their clients about the financial climate for 2023?

Hank Smith, head of investment strategy for Haverford Trust Company in Radnor, offered his advice at a Philadelphia Business Journal Economic Forecast event Thursday, writes Jeff Blumenthal for Philadelphia Business Journal.

A recession in 2023 is likely, Smith said, but “we think it’s going to be a mild, brief recession—may be so mild it’s called a soft landing.”

The financial system is in great shape.

Banks are well-capitalized.

The labor market is structurally strong.

Corporate profits are resilient.

And there are profit tailwinds coming up—the dollar’s down, and China’s lockdown has ended freeing up the supply chain at the same time companies are cutting costs and inventories are down.

“So you put this all together, we’re telling our clients to stay the course, stick to the asset allocation that we originally agreed on. Even if we do go through a recession, even if there is a lower bottom in this bear market, you’re never gonna time it, and the market will recover well, well before the recession.” Smith said.

Read more about Hank Smith’s advice to his clients in the Philadelphia Business Journal.

Warren Buffet offers his investment advice for 2023.