When financial advisors get together with their clients these days, the No. 1 conversation -- at times the only conversation -- is what to make of the stock-market rally. The Dow, after all, is up 36% from its March lows.

In view of the epic financial crisis and crushing recession, some are deeply skeptical of the run-up. Dawn Bennett, who runs her own advisory firm in Washington, firmly believes it is nothing but an ephemeral bear-market rally. She has pared clients' U.S. stock exposure to exactly zero. "Until they clean up this mess, we aren't going to be investing in the United States," says Bennett, who is one of the top 100 women financial advisors in Barron's latest ranking.