Matthew Somberg, owner of Gottfried & Somberg Wealth Management, LLC, believes it is his team’s dedication to collaboration that really sets them apart in the industry.
"Any recognition we receive ... is really a testament to our entire team," Somberg tells IN. “It's unrealistic for one person to be the expert at everything. Over the years, this is our 25th year as a first-generation business. We started with nothing and have grown one client at a time. Today our assets under management exceed $2 billion."
For Somberg, he’s passionate about one core concept: continuous self-development.
"We've added more and more talented people to our firm, with diverse skills and expertise," he explains. "If you're not increasing the talent in your organization, you risk losing clients because your services can become stagnant. We do the opposite. Each year, our team members pursue more designations and degrees to bring back more knowledge and do an even better job for our clients.”
One of Gottfried & Somberg’s most notable accreditations is their approach to retirement planning and growth management. Having always been independent, and never affiliated with a national bank, they have grown their client base organically, which is challenging in such a competitive market.
“Starting out 25 years ago with no brand was [challenging], but it pushed us to find ways to differentiate ourselves. Over a period of time, we acquired land and constructed 20,000 square foot office building with the idea that we wanted to have complementary professionals to create the ability of a family office for the average person.”
Gottfried & Somberg created a one-stop shop of in-house professionals including two estate attorneys, a mortgage specialist, a tax advisor, and a personal injury firm.
“It put people in a position, particularly as they get older and further along into retirement, where they can go to one place to get everything they need. It makes their lives easier. And when they have all their advisors together under one roof, ultimately it leads to more efficient advice and all likelihood better results. Not necessarily from an investment performance standpoint, but better results in terms of all their advisors talking to each other.”
Collaboration of like-minded professionals adds value for clients working with the Gottfried & Somberg team. "We were very picky and choosy about who we let into our building as tenants,” adds Somberg. “We wanted professionals that communicated with our clients the same way that we do, with the same bedside manner and ethics. All the professionals in the building are pretty collaborative.”
However, Somberg emphasized that clients are not required to use the services of professionals within the building.
“The two estate attorneys we have are not necessarily the only ones we want our clients to work with,” explains Somberg. “Depending on the complexity of the client's situation, geography, and price, there are many reasons to hire someone not in our building. There is certainly a huge element of convenience and easiness that comes with having everything right here.”
This strategic selection of tenants ensures that all professionals share the same values and approach to client service - making Gottfried & Somberg Wealth Management a uniquely client-oriented firm.
"We brought in the right people, not just any attorney or tax person.”
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Two C-level leaders reveal the new time-saving tools they've implemented and what advisors are doing with their newly freed-up hours.
The RIA led by Merrill Lynch veteran John Thiel is helping its advisors take part in the growing trend toward fee-based annuities.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
