Now is the time for advisors to take a hard look at their compliance program with an eye toward bullet-proofing their practice against potential litigation after the Department of Labor's new fiduciary rule, legal and compliance experts caution.

The DoL's rule, with a compliance date of April 2017, expands the fiduciary responsibilities for advisors and brokers working with retirement savers and plans, and lays out contractual provisions that would enable clients to sue their financial professionals over a potential breach of fiduciary duty. The DoL is currently defending its fiduciary regulation against a series of lawsuits seeking to overturn the rule.

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