The European Central Bank (ECB) earlier this month declared it would make open-ended purchases of short-term bonds to shore up the balance sheets of distressed Eurozone member countries. That was followed, after lengthy and strained discussions, by approval to create the permanent bailout structure called the European Stability Mechanism (ESM).
 
Then last week, the US Federal Reserve instituted a third quantitative easing (QE3) and announced it would make open-ended bond purchases until long after the unemployment rate improved to acceptable levels.
 
Markets have now become concerned that the world’s largest economies are competing to see how much money each can pump into their respective economies despite side effects that may not be healthy.
 
Japan’s yen consistently trades at a high level—a bane of Japanese policy makers—primarily because the US Fed has kept interest rates so low.
 
The mechanism used by all three countries is a focus on buying government bonds, among other securities. The purpose is to ease access to needed funds by businesses and households. Buying bonds keeps interest rates low and reduces risk premiums.
 
Easing action by the Bank of Japan (BoJ), its central bank, was widely expected but not to the amount and extent announced by the bank.
 
The markets responded favorably and sent the dollar soaring through the 79 yen level and boosting the Nikkei index by 1.2%.
 
The BoJ did not change its overnight call loan rate, which stands at .0% to .1%. The BoJ committed to buying another 5 trillion yen in bonds by the end of 2013 and an additional 5 trillion yen in short-term bonds by the end of June 2013.
 
The key will be to see which countries can deftly navigate the balance of aggressive stimulus with rising inflation concerns and keep economies from giving the world a hyper-inflation situation.

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With classes approved for over a decade by the CFP Board, IWI, and NASBA, Advisors4Advisors CE classes are an optimal knowledge stream for CFP®, CIMA®, CPA, CPA/PFS®, CFA®, and other practitioners. It's not a grab bag of speakers willing to sponsor CE content. Nor is it a one-man CE course. It's a group of subject matter experts with amazing communication skills and a history of thought leadership that, together, give advisors a well-rounded knowledge system for running a professional practice ethically and intelligently.

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A4A CE classes for financial professionals began in October 2008, the week Lehman Bros. collapsed. Initially billed as “The Financial Crisis Webinar Series,” A4A connects advisors with authoritative sources on investing, tax, and financial planning, chosen by A4A Editor Andrew Gluck, a veteran financial reporter. A4A members get a stream of CE classes for an advisor who: 

  • holds a CFP®, CIMA®, CPA, CPA/PFS, CFA or other designation requiring CE annually 
  • values monthly CE classes by Fritz Meyer, Craig Israelsen, Bob Keebler, Frank Murtha, or Andrew Gluck
  • diversifies a core of client portfolios in low-expense funds
  • invests based on MPT and economic fundamentals
  • advises on tax and financial planning as well as investing
  • needs financial counseling skills
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  • insists on objective evidenced-based tax and investment planning analysis
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William Desormeau, Jr.  
It is not possible for me to overstate the cumulative value that Craig, Bob and Fritz have added for over 10 years to my investment advisory practice, as well as for personal and family financial planning. A4A gets my highest recommendation
Lynn Najman, CFP®
I’ve subscribed to A4A since its inception, and always find it intellectually stimulating and on point. It’s one of the few CE solutions out there that doesn’t waste my time by pushing product or talking down to me.

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Pete Deacon, CPA, CFP®
A4A has had a profound effect on my business. Since 2009, I’ve relied on the consistent messaging and updates to run my business successfully. Being able to present the information from Bob, Fritz, and Craig's ongoing CE webinars has been a significant benefit.

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Fredric Mayerson, MBA, PhD, CFP®
I've been a financial professional and professor of finance for 35 years and find Fritz Meyer and Robert Keebler to be among the most engaging, incredibly knowledgeable, and experienced presenters I’ve encountered. They deliver an extraordinary amount of information in an extremely interesting way — sequentially and developmentally, utilizing pedagogical tools and techniques that few possess.  A4A to is the most consistently excellent CE program available.  
Ron Roge, MS, CFP®
I’ve been attending A4A many years because the CE classes are outstanding, and my time is valuable. Though I have over 35 years of experience, I’m always learning something new on A4A. I attend fewer conferences now because the CE is generally not advanced. If you want to learn from the best, in a faster, easier, and less expensive way, I highly recommend A4A.

John R. Day, CPA/PFS®

I’ve been a member since 2011 and never miss the monthly webinars with Fritz Meyer. I appreciate Fritz’s independent views on the economy and markets and Bob Keebler keeps me updated on excellent tax planning ideas. A4A is a great value!

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Norman Politziner, CFP

I wouldn't miss a Fritz Meyer webinar unless my pants were on fire. I've relied on Andrew Gluck's knowledge systems --client communications and CE -- for two decades. It's simply the best solution for tax, financial, investment, and risk-management professionals.®   

Dan Hawley, CFP® 

A4A, for over a decade, has been a great resource for useful and accurate information and CE. A4A and Advisor Products are bargains for an advisory practice. 

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Kevin Brosious, MBA, CFP®, CPA/PFS®

I get CPA CE credit and CFP credit for the webinars.  But not only that, the A4A content is terrific