“Neurodivergent” has become something of a buzz word in recent years, though Yulania Financial founder and principal adviser Katherine Spitzkowsky said that a client’s neurodivergence is an important factor to consider, particularly when it comes to effective communication.
“It’s an umbrella term for a number of different conditions ranging from ADHD or the old ADD, autism, the old Asperger’s, which is now included in autism, bipolar, borderline personality, OCD, all of those, those types of medical conditions,” Spitzkowsky said on The ifa Show.
“Anyone who falls under that is deemed neurodivergent and anyone who falls outside of that is what can be known as neurotypical.”
Spitzkowsky suggested that, regardless of their neurotype, advisers should be asking all their clients about how they prefer to communicate and receive information to ensure they are given the opportunity to fully understand the advice being given.
Some clients, she explained, prefer to go through a statement of advice (SOA) in their own time and come back to her with questions later while others would prefer their adviser walk them through the document, asking questions as they go.
“Being able to record meetings and provide them back to clients, I find, is very useful as well, particularly in the neurodivergent community. Sometimes when we feel a little overloaded with a lot of information, information stops going in the same way that it would otherwise,” Spitzkowsky said.
“So, being able to provide extra support to people and know when they may need those extra supports, I think, is really important.”
However, this can often go against standard practice for the advice profession, which can cause friction for advisers and clients alike.
“A lot of places I’ve worked before, it was: send the document, the statement of advice, on the day of presentation and get them to sign that day, and I would say all in all, neurodivergent people may be a little more hesitant,” Spitzkowsky said.
“They may be a little more worried that they’re doing the wrong thing, signing the wrong thing. Maybe they’ve had bad experiences in the past. So, just allowing them time and space to process that 30, 40, 50-page document before saying please sign on this dotted line, I have found is really good as well.
“I tend to have at least a one-hour session going through the document and then another half an hour follow-up so that they can ask any questions that they didn’t get to the first time.”
She said she has also created a bank of explanatory videos to allow clients to get answers and absorb information in their own time. However, Spitzkowsky also stressed the importance of making the time to clearly explain the reasoning behind decisions in a way the client can understand.
“Making sure that we’re really detailed in our definitions and why we’re selecting different strategies and products is really important. It may be something that doesn’t seem important to someone who’s not part of the neurodivergent community,” she said.
“You don’t know why something is important to someone else. So, just taking the time to make sure everyone’s comfortable without really pushing that sales thing.”
Being labelled ‘difficult’
While Spitzkowsky has been able to integrate these considerations into her business, particularly since she herself is neurodivergent, other advice firms have been less inclined to do so.
“I would say I have had experiences where I’ve come into a business, I’ve been given a book of clients and I have been told, ‘Oh, these couple of clients here, they’re pretty difficult. We don’t really know that they’re good clients. If you lose those relationships, so be it. If you can salvage them, great’,” she said.
“Literally, every one of those clients were neurodivergent.”
At the end of the day, she said, financial advice is a sales job and those who aren’t moving at the desired pace can be deemed “problematic” or “too slow”.
“To advisers out there, if you find yourself with a client who is asking a lot of questions or is dragging their feet on things, there’s a million and one different reasons why that might be the case, take a step back,” Spitzkowsky said.
“When I’ve had subpar experiences with clients or I’ve thought, ‘That didn’t go as well as I wanted it to’, it is important to reflect and go, ‘Well, what exactly are they asking me? Are they asking me the same questions over and over again?’
“Because if they’re asking the same questions over and over again, then you’re giving them the answer in a way that they don’t understand. Perhaps it’s worth saying, if you’re over email, ‘Maybe we pick up the phone on this one and try to communicate in a different way’.”
If challenges persist, Spitzkowsky suggested that the ways you operate or your styles of communication could be incompatible, at which point it is best to pass them along to another adviser who is better suited to meet their needs.
“You’ve got to meet people where they are and if a client doesn’t meet your idea of the right client and they are asking too many questions or that type of thing, then, it is a misalignment and then I think the real question is, are you the right adviser for that?” she said.
“I think we, as an industry, need to get better at identifying when someone is not a good fit for us and being comfortable referring them elsewhere because there is more than enough business to go around.
“We do want everybody to be having really good experiences so that they encourage more Australians to be seeking advice and engaging with us. Because we are good at our jobs, we do get better outcomes for the average Australian and if you can do that, then we’ll generate more business as a whole.”
With the current demand for financial advice significantly outstripping the supply in Australia, Spitzkowsky said advisers need to be willing to accept that they will not be the best option for all clients without the inherent fear that may come with turning away work.
“I think my success to date out on my own is proof that there is space in the market. People do want an average, more casual financial adviser. Not everybody wants the blue pinstripe suit and frankly, if they do, there’s plenty of them out there,” she said.
“Some neurodivergent clients are a bit more brash than I am and they take my more laid-back approach to things as not taking things seriously. So, I want to assure everyone I take my job very seriously. I just also have a bit of a potty mouth and a septum piercing.
“Just different.”
To hear more from Katherine Spitzkowsky, tune in here.
