Global financial markets have remained resilient in the face of a series of geopolitical disruptions, ranging from Ukraine to Syria to Egypt and Libya. But how well they manage to handle the end of quantitative easing in the second half of 2014 is an open question.

Benjamin Pace, chief investment officer for Deutsche Bank Wealth Management, expects at least some disruptions this fall, but thinks the Fed won't tighten aggressively any time soon. Pace told attendees at the annual Investment Management Consultants Association conference in Boston that it would ultimately be a "good thing" for the markets to exit QE.

Jeffrey Kleintop, chief market strategist at LPL Financial, noted that the economy is starting to see signs of inflation in both wages and prices. Based on company conference calls in April, Kleintop said, CEOs now believe that "they can jack up prices in the mid-single digits."

Jeff L. Knight, head of global asset allocation for Columbia Management, called the prospect of higher inflation an important change. "Inflation might threaten P/E multiples," Knight said. "When it gets going, it could be a major inflection point."

Could inflationary pressures cause the end of the current bull market? Conceivably, but Kleintop doesn't see that happening in the near future.

"An inverted yield curve is [usually] what it takes to end a bull market," Kleintop told attendees. He doesn't expect the Federal Reserve Board to raise the Fed funds rate to the 4 percent range until 2016 or 2017. But that doesn't mean the fixed-income markets might not feel a lot of pain between now and then.

Pace said he expects the U.S. will remain the leader of global markets, adding that Deutsche Bank wealth managers are advising clients to "come home" somewhat with their portfolios. He believes bonds could exhibit negative returns and warned advisors to look out for unintended duration risk.

Kleintop bluntly stated that there presently is "no value in the bond market" and urged attendees to find income alternatives to bonds, including REITs, MLPs, business development companies and bank loan funds. Furthermore, he anticipates business spending to come back, making old-tech companies and industrial concerns attractive investments. Stodgy old U.S. companies have been outperforming the high-flyers so far this year.