Matt Somberg on The Art and Science of Scaling to $2 Billion in AUM

Guest: Matt Somberg, the co-founder of Gottfried & Somberg Wealth Management in Glastonbury, CT. Matt’s firm has nearly $2B in AUM and Matt has been ranked by Barron’s as one of the top 100 independent advisors in the country.

In a Nutshell: Many established advisors came up in an “eat what you kill” environment. Today, one key to sustainable organic growth is to keep advisor-client relationships “alive” as long as possible and nurture those relationships across every touchpoint in the firm. Matt Somberg and his partner went so far as to build a 20,000 square foot “one-stop shop” that houses their firm and complementary services including attorneys and CPAs. In our conversation, Matt explains how that vision and level of service attracts 50 – 100 new clients per year with almost no marketing.

.Matt Somberg and I discuss:

  • The typical career path Matt’s firm lays out to prospective talent, often starting with interns from local universities.
  • Teaching new advisors how to balance rainmaking and client service responsibilities, including a real-world example of Matt’s mentorship in action.
  • Why Matt places high importance on monitoring “advisor capacity.”
  • Why Matt refers clients to third-party support professionals (like CPAs) rather than employing those pros in house.
  • How Matt and his team are working through “the messy middle” and sustaining their organic growth.
  • The importance of reinvention and continuous learning.
  • How Matt envisions using technology to create a positive client experience 365 days per year, not just when you’re sitting down with clients.

.Resources Related to This Episode

Note: The image of Matt was created using Midjourney AI.

2023-06-27T22:07:03-05:00By |Barron's Podcast, Blog-Podcast, Growing, Investing, Leader Interviews, Podcast|Comments Off on Matt Somberg on The Art and Science of Scaling to $2 Billion in AUM

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About the Author:

Steve Sanduski, CFP® is the founder of Belay Advisor, the CEO of ROL Advisor, business coach, New York Times bestselling author, and host of the Between Now and Success podcast.
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