If you sell brick houses, and the wooden houses next door catch fire, it's natural to see a marketing opportunity in your future.

But financial advisers and separately managed account experts are divided about whether the current mutual fund scandal provides a marketing opportunity for SMAs. Scott MacKillop of Trivium Consulting in Evergreen, Colo., says he had a sort of "visceral reaction" when he first heard the idea, that it would just be asking for trouble.

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