Barron's Advisor Entrepreneurship, Hiring, and Incentives: Advisory Practice Tips | Next Gen
Jan 16, 2025
Matthew Somberg, co-founder of Gottfried & Somberg Wealth Management, shares insights from his 25-year journey in the advisory world. He discusses the importance of hiring to enhance team strengths, highlighting mentorship and collaboration as keys to a successful partnership. Somberg dives into client pricing strategies and the significance of aligning pricing with strong client relationships. He also reflects on the legacy of leadership and the impact of fostering a supportive company culture.
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Meeting of the Co-Founders
- Matthew Somberg and Josh Gottfried met as interns at an insurance-based broker-dealer in the mid-90s.
- Despite lacking business backgrounds, they saw an opportunity to help people and started their own firm.
Two Paths for Starting Advisors
- When starting in financial advising, attach yourself to a mentor or a team to learn the ropes.
- Alternatively, find a niche market, become an expert in it, and exploit it, though this is harder.
Client-Focused Hiring
- Hiring decisions at Gottfried & Somberg consider how well a candidate interacts with their typical client.
- The firm prioritizes client communication style over corporate experience, especially in their close-knit environment.