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Naturally, the interests of client and society do not always coincide, and the principles of legal ethics do not always indicate the lawyer's obligations in such situations.
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Trust accounts require advisers to be even more diligent in putting the interests of clients ahead of the banks'.
There are, of course, many other intermediaries who operate within the rules and act in the best interests of clients.
It should be considered a red flag when insiders say this: "28 percent of respondents felt that the financial services industry does not put the interests of clients first".
At the heart of the debate over the new rules is the balancing of lawyers' obligations to represent the interests of clients against a larger, societal good.
By requiring that fund managers disclose how they vote shareholders' proxy votes, the S.E.C. hopes to ensure that advisers vote in the best interests of clients.
No doubt the legal profession will maintain that it works in the best interests of clients and aims to resolve matters swiftly.
Another need for regulation is to address the inherent conflicts of interest when counselors who are supposed to be acting in the best interests of clients are compensated by the company promoting reverse mortgages.
A barrister is required to accept any case for a proper professional fee, for example, regardless of his personal feelings, except when there are circumstances of conflicting interests of clients.
But he urged the senators to distinguish between proprietary trading and hedging and risk-management activities driven by the interests of clients -- which he called "natural activities of banks and bank holding companies".
But clearly the interests of clients are at stake, too.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com