NU Online News Service, Aug. 2, 11:13 a.m. – Tiburon Strategic Advisors, Tiburon, Calif., says fee-only financial advisory firms appear to be doing a poor job of documenting their employment policies.

Tiburon sells management consulting services to advisory firms and other financial services firms.

Only 22% of the firms it surveyed had manuals describing their executive policies and procedures, and only 13% had employee handbooks, the company says.

Although larger survey participants did a better job of putting their policies in writing than the smaller firms, only 20% of the firms with more than $200 million in assets under management had executive manuals, and only 30% had employee handbooks.

The lack of an employee handbook could cause problems for new employees, and it could also lead to legal problems if a firm ever has to defend its policies in court, Tiburon says.