The Practice Doctor is IN

Al Depman, CLU, ChFC, CMFC, BH

Practice Management Consultant

Pop Music Practice Formula

I’ve been a fan of pop music ever since receiving my first monaural record player in 1959. My record collection at one point tallied up in the thousands of 45s and vinyl 33RPM albums. Then there were the cassettes, followed by the CDs (I managed to avoid the dreaded 8-track period). Now there are downloads and MP3 files. Through all that time, however, I remained a fan of the catchy top-10 pop tune.

It’s a weakness, an addiction. I may need an intervention. On a routine basis I check in on the nation’s top tunes via Billboard and iTunes. I am rewarded every so often with a couple of songs that fasten themselves to my subconscious and seem to surface anyplace and anytime (“Party in the USA” by Miley Cyrus, anyone?). 

Part of this is due to having three teenagers in the house: ages 13, 17, and 18 who appear to have iPods embedded in their ears during all waking hours. As a model parent (ahem), I need to stay aware of what they’re listening to, constantly hoping it’s not as scandalous to me as my 60s and 70s music was to my parents. The hip-hop and rap influences are a challenge, but I’m happy to report that catchy pop tunes still rule the airwaves and cyberspace.

My favorite type of pop song is the “layered” variety. You may remember some of these––they appear on the charts every so often. The record starts off simply, and as it progresses, each instrument is layered in, culminating in a complete song with vocals and a crescendo of sound.

1968 was a good year for these songs, with two standout top-10 hits: “Dance to the Music” by Sly and the Family Stone and “Tighten Up” by Archie Bell and the Drells.

Sly’s hit was particularly catchy; the lyrics going something like this:

Cynthia: Get up and dance to the music!

Get on up and dance to the funky music!
All: Dance to the Music

Freddie (Stone, guitar): Hey Greg!
Greg (Errico, drummer): What?
Freddie: All we need is a drummer, for people who only need a beat.
I'm gonna add a little guitar and make it easy to move your feet.

Larry (Graham, bassist): I'm gonna add some bottom, so that the dancers just won't hide.
Sly (Stone): You might like to hear my organ playing "Ride Sally Ride"
You might like to hear the horns blowin',
Cynthia (Robinson, trumpet) on the throne, yeah!
Cynthia & Jerry got a message they're sayin':
Cynthia: All the squares, go home!
All: Dance to the Music, Dance to the Music*

Archie Bell and the Drells’ “Tighten Up” followed a similar format. 

All this came back to me recently after spending a week interviewing and studying some top performers in a large financial services company. Wearing my practice management consultant hat, I was peeling back the layers that made these practices stellar. Invariably they were as finely tuned as a well-crafted pop hit.

At the core were the articulated values of the advisor, usually stated simply and represented by an eye-catching graphic: All we need is a drummer, for people who only need a beat.

Next was a smooth referral and center-of-influence process, well-honed and consistently feeding the practice new names and challenging situations: I'm gonna add a little guitar and make it easy to move your feet.

Layered on that was a thorough discovery and sales process, not leaving anything on the table, with clear, concise client education and choices: I'm gonna add some bottom, so that the dancers just won't hide.

Their underwriting and issue back offices were seamless, with the advisor only seeing what was necessary. The final case solution was presented in a consistent format and beautifully arranged: You might like to hear my organ playing.

Once a client was brought on board, a strong client contact and relationship management system took over…birthdays celebrated, reviews held, appreciation events scheduled, plenty of––but not too many––touches through the year: You might like to hear the horns blowin'.

Finally, the practice’s message was loud and clear: “We value you as a client and you will know that by our actions:” (We) got a message we're sayin'.

The production and engineering of these hit records were inspired and provided role models for the soul/psychedelic fusion movement spawned by Sly and the Family Stone’s catalogue of music and the 70s disco era set into motion by Archie Bell’s one-hit wonderment.

How’s your practice sound? Is it memorable, catchy, and pacesetting? Do you have a talented supporting band (team members)? Are in you the right studio (firm, b/d) for producing the right sound? 

Making a hit record requires hours of practice and nuancing. Creating a solid practice requires no less. Playing the music live to a sold-out audience is both exhilarating and disciplined. Advisors play to live audiences every day and if they allow the energy to flag or creativity to wane, their success suffers.

How’s the melody your practice is making? Will it hold up over time or will it appear dated in a few years?

Let’s dance to your music!

Until next month…

The Practice Doctor is OUT.

*©Stone Flower Music

Al Depman, CLU, ChFC, CMFC, BH, a.k.a. “The Practice Doctor”, is MitchAnthony.com’s Business Practice Consultant. He is the creator of “The Practice Management Assessment” tool and materials and has authored numerous articles in professional publications on practice management, and author of the book, How to Build Your Financial Advisory Business and Sell It at a Profit, now available from McGraw Hill. Al combined his Liberal Arts studies with 10 years of management experience with McDonald’s Corporation to enter the financial services world 25 years ago. Since then, Al has evolved from an MDRT-level sales rep into a full-time consultant specializing in helping others engineer their business practices to the next level. Contact him at al@mitchanthony.com.

© 2009 Al Depman