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—Each of Firm’s Practice Groups Continues Rapid Growth—
Southborough, MA— February 28, 2007—Pinnacle Financial Group, a leading insurance and benefits consulting and brokerage firm, recently completed another record year of growth in its life insurance and benefits practices. On a firm-wide basis, annualized revenues grew 61% during 2006, and over a 2-year period the firm’s revenue base has grown 107%.
Pinnacle’s benefits consulting practice, which consists of consulting on health and welfare, retirement and executive benefits, realized the most substantial growth.
During 2006, the firm’s health and welfare revenue base doubled. Similarly, the firm’s retirement plan consulting practice remained one of the region’s fastest growing by increasing its revenue base by 43% during 2006 and 126% over a 2-year period. The firm’s assets under advisement have correspondingly increased exponentially.
“The growth of our benefits consulting business has been tremendous and is a tribute to our consultants and the quality of the services provided to our clients. Our strategy of serving the void left between product-focused, traditional brokers and strategically focused consultants has resonated in the market,” commented Michael A. Mingolelli, Jr., Esq., CEO of Pinnacle Financial Group.
The firm’s life insurance consulting and brokerage practice, the practice group on which the firm was initially founded, continues to drive the firm and remains its most profitable practice group. Over the last two years the practice has grown 30% while staying narrowly-focused on affluent families and business owners. This growth includes the firm’s fee-based life insurance consulting business.
“Our life insurance practice remains a cornerstone of our firm, and we have purposefully narrowed the scope of our services and tailored them exclusively to affluent families, business owners and their advisors. Our growth in our life insurance practice is driven by the specialization of each of our consultants,” added Michael Mingolelli, Jr.
About Pinnacle Financial Group
Pinnacle Financial Group, founded in 1973, is a leading benefits and insurance consulting firm. The firm’s benefits consultants serve middle market companies, small businesses and their respective advisors. The firm’s insurance consulting practice caters to affluent families, executives, family businesses, family offices, trusts and each of their respective advisors. Pinnacle Financial Group offers clients objective, professional advice and service not found in traditional insurance and benefits brokers.
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