RESOURCE DiRECTORY - Financial Planning

“ Young people
should position
themselves to
learn from older
mentors.”
Matthew Somberg
Gottfried & Somberg Wealth Management
Find A Mentor
“The easiest way to become a successful planner is to have
high-net-worth parents with a lot of rich friends whom you
can make your clients,” jokes Matthew Somberg, a principal
and founder of Gottfried & Somberg Wealth Management,
with offices in central Connecticut. Though this may
not necessarily be Somberg’s personal background, he is still
an undeniably successful up-and-comer. One of Commonwealth
Financial Network’s most successful financial advisors,
Somberg, at the relatively young age of 34, has $160
million in assets under management, all of it fee based.
Somberg began in the business at age 22, only a year
out of college. He was offered a position working for a rep
at an insurance broker-dealer and Somberg’s job was to
give financial planning seminars to public school teachers.
“I was a 22-year-old talking about retirement planning. It
was sink or swim,” he says. Somberg swam: He carved out
the teacher and other public employee market as his niche,
in addition to honing his expertise in retirement income
planning. Often he comes across people who are on the
“retirement one-yard line,” as he puts it, who are days away
from retirement but with virtually no planning and few
assets. In this worst-case scenario, Somberg still wants to
be able to help, and provides hourly consulting services.
Consulting clients often ultimately become referral sources.
The age gap between Somberg and his clients facing
retirement is actually a good thing, he says. “I’m helping
people who are 60 and up but they want to hire a young
planner because they don’t want to have to ‘change horses.’
They want a planner who is going be with them a lifetime.”
In terms of replicating his personal success, Somberg’s
advice to other planners is very direct: “Find a mentor,
someone who is willing to be a guide for you and answer
your questions.” There is no substitute for experience but
having a mentor with wide experience—both in what
to do and not do—can help. Hence, the career guidance
from the up-and-coming Somburg, based on his own experience
is pretty simple: “Young people should position
themselves to learn from older mentors.” Enough said.
Building A Business One Client At A Time
Putting clients first, doing the best by and for them and
building a business based on this philosophy is something
many planners pay lip service to, but Cheryl Young actually
puts it into practice. Young is a private wealth advisor and
CEO of independent firm Young & Associates, Raymond
James Financial Services, based in Silicon Valley. “Earlier
in my career I had managers say ‘If you don’t sell high com-
“ You don’t get
referrals unless
you are talking
to your clients.
A lot.”
Cheryl Young
Young & Associates, Raymond James Financial Services
15 Broker-Dealer Guide / SourceMedia Marketing Solutions Group