Amidst the worried debate over whether the United States will tumble into recession this year, market watchers agree on one thing: volatility is here to stay.

Even if policymakers in Europe solve the debt crisis swiftly and their U.S. counterparts come to agreement on how to handle this country's own debt woes, Wall Street expects markets will continue to gyrate unpredictably. After the last few years, markets are so spooked that even serious improvements from both sides of the Atlantic are unlikely to restore equilibrium, strategists say. That means financial advisors should prepare by taking a fresh look at risk, and build in allowances for increased volatility in client portfolios.

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