There are conflicting views regarding the capital implications of Mamp;A Advisory work.

There are conflicting views regarding the capital implications of M&A Advisory work. Describe a situation in which it is reasonable for an advisory team to attribute some portion of their firm's balance sheet capital as a cost of operating their advisory business. 

Describe a situation where it is reasonable for an advisory team to assign no cost of capital from utilising their firm's balance sheet to operate their advisory business.