1. A N N U A L
R E V I E W
2014

2. Constants and Constant Change: A Vital Balance
The Charles River originates from a quiet source in Hopkinton, Massachusetts known as Echo Lake.
The river traverses land and cityscapes that have been in constant states of change and evolution
for hundreds of years while maintaining its natural steady course to Boston and the Atlantic that has
existed for much longer.
One lesson I’ve learned over the past several years of growth at Pinnacle in the midst of market
volatility, stagnant interest rates, changing tax laws and regulatory reforms is that being adaptive
and sometimes transformative is critical. We derive our success by balancing staying true to
the core principles upon which our firm was founded while simultaneously evolving to achieve the
deepest level of expertise and highest level of service for our clients.
At Pinnacle, evolving means ongoing improvement through technology, talent and collaboration in
order to deliver a different experience from the very first interaction. Whether you are a private
client advisor using our recent “whiteboard” video to help explain to a family the tax-efficient
fundamentals of private placement insurance or an employer growing a retirement plan program
through our one-on-one participant concierge service, you can be sure Pinnacle is always devising
new ways to better serve you.
2015 will bring new changes and challenges. We won’t be able to
predict all of them, but we will be honored and prepared to work
diligently on behalf of our clients throughout the year to navigate
and adapt to whatever lies ahead – as we have done for more
than four decades.
Sincerely,
Michael A. Mingolelli, Jr., Esq.
Chief Executive Officer
A LETTER FROM THE CEO
PINNACLE CORE PRINCIPLES
• Put the client first.
• Be the best through expertise and innovation.
• Create an empowering environment.
• Be a leader in corporate citizenship.
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PhotobyMitchRidderPhotography

3. P I N N A C L E F I N A N C I A L C O N S U LTA N T S . C O M 3
PINNACLE SERVICES
Private Client Consulting
• Life Insurance Portfolio Construction
& Implementation
• Life Insurance Portfolio Management
• Life Insurance Fiduciary Review
Private Placement Investing
• Portfolio Design and Implementation
• Portfolio Management
Retirement Benefits
• 401(k) Qualified Plans
• Nonqualified Plans
• The total amount of in-force life insurance for which we provide advice and service exceeded
$8 billion in death benefit.
• Pinnacle qualified and nonqualified retirement plan assets under management for which we
provide consulting services exceeded $4 billion.
• Pinnacle hosted an exclusive Boston appearance by renowned
Washington political and tax expert, Andy Friedman. He shared
his “Washington D.C. Update” with advisors and clients,
addressing the current tax climate, elections, corporate inversions
and health care reform with an eye on how Washington D.C.
action or inaction may impact the future.
• We extended our video production to include what is known
as an “explainer” or “whiteboard” video. This video boiled
down the benefit and function of private placement insurance
products into a 3-minute capsule.
• Kevin Coffey, Pinnacle CFO and Director of Operations, was
elected to serve on the Financial Executives International (FEI)
Boston Chapter’s Board of Directors.
• Extended consulting capabilities to clients in over
30 states nationwide.
CORPORATE HIGHLIGHTS

4. Marc E. Mingolelli, AIF
Director of Client Relations
Ideally, all Boston families would have the
resources they need to thrive, but since that is
not the reality, I’m very proud of the efforts of
Pinnacle as a team — and by our employees —
to make a difference in many areas of community
service and fundraising.
“
”
In support of our core principle to be an active corporate citizen, we spent our annual company
day of service at the Cradles to Crayons Giving Factory in Brighton, Massachusetts. The team
sorted donated items and put together “Outfit Packs” for children that included much needed
clothing, outerwear and boots to meet the demands of a Boston winter.
In addition to our company-wide service, several Pinnacle employees went the extra mile —
literally — for special events and causes such as the MS Muckfest (National MS Society) and the
Boston Marathon® Jimmy Fund Walk (Dana Farber Cancer Institute), raising thousands of dollars
through great effort and activism.
The following list represents additional organizations Pinnacle and our employees supported
throughout 2014 through donations of time and/or goods:
Alzheimer’s Association
American Ireland Fund
Big Brothers Big Sisters Organization
Catholic Charities of Greater Boston
Children’s Hospital
City Year
Commonwealth Shakespeare Company
Fishes & Loaves
Friends Supporting Hope
Irish American Fund
Jewish National Fund
Network for Good
Pan Mass Challenge
Rosie’s Place
Travis Roy Foundation
COMMUNITY INVOLVEMENT
4
Pinnacle volunteers pictured at the Cradles to Crayons
Giving Factory in Brighton, Massachusetts.

5. PRIVATE CLIENT CONSULTING
2014 Overview
Significant changes occurred both inside and outside of the insurance industry during 2014.
Equity markets posted healthy gains and the Federal Reserve indicated that it would keep
interest rates low for the near-term. Prolonged low interest rates continued to strain insurance
carriers affecting many in-force policies and impacting product development and access.
Federal regulators designated three life insurance carriers as Systemically Important Financial
Institutions (SIFIs) as part of the broad-reaching 2008 Dodd-Frank Act. The National Association
of Insurance Commissioners (NAIC) is developing a uniform standard for Index Universal Life (IUL)
policy illustrations in an effort to provide clarity and consistency when comparing products.
Against this back drop, Pinnacle continued to partner with many advisors and clients to review and
optimize existing life insurance policies as well as implement new insurance programs.
2014 Underwriting Results & Advocacy*
(Average age of client – 56 years old)
*Historical outcomes may not reflect future results.
Policies Issued
Preferred
or Best Class
Policies Issued
Standard Class
or Better
Policies Negotiated
to Upgraded Ratings
100%
80
60
40
20
0
78.5%
Kenneth J. Masters,CLU, ChFC, AEP
Director of Life Insurance
Design & Development
Our commitment to delivering a superior planning
experience is illustrated in every facet of our work,
from advanced modeling and underwriting advocacy
to active policy administration and stewardship.
“
”
97.4%
53.8%
PR IVATE CLIENT CONSULTING & PRIVATE PLACEMENT INVESTING
P I N N A C L E F I N A N C I A L C O N S U LTA N T S . C O M 5

6. 6
2014 ACTIVE MANAGEMENT & ADVICE
Increasing Liquidity for a Large Estate
A single family office engaged Pinnacle to implement a life insurance portfolio that would help assure
liquidity for estate taxes as well as fulfillment of charitable intentions and maintenance. Pinnacle
implemented a $150 million insurance portfolio, using five different insurance carriers dispersed
among four different ownership entities and 16 policies. Pinnacle surveyed the entire marketplace
and managed the insurance capacity along with various reinsurance treaties among carriers.
Identifying Risks and Opportunities
A married couple, both in their early 50s, owned a variable survivorship life policy. While reviewing
the policy, Pinnacle’s Monte Carlo analysis indicated a 66% probability that the policy would not
grow to the planned amount and it was revealed that the husband was recently turned down
for any new coverage. Pinnacle conducted further analysis and design ultimately obtaining a
preferred rating for the husband who had been denied coverage and replacing the existing policy
for one worth 20 percent more with the same premium and no market risk.
Seth J. Buckley, CFP, CLU, ChFC, MSFS, AEP
Vice President
Private Client Services
PR IVATE CLIENT CONSULTING & PRIVATE PLACEMENT INVESTING
Having worked with clients from the institutional
side and as an independent advisor, Pinnacle
offers the perfectly balanced platform for
consulting with clients on a very personal
level with objectivity and transparency while
also providing institutional level expertise
and resources.
“
”
Expanded Private Client Group with Addition of Seth J. Buckley, CFP, CLU, ChFC, MSFS, AEP
Seth Buckley joined Pinnacle as Vice President of Private Client Services bringing over 20 years
experience in estate, business and charitable planning to the group.
Before joining Pinnacle Financial Group, Seth was President of the independent insurance firm
he founded, Buckley Financial. Prior to Buckley Financial, Seth was Senior Vice President of
Bank of America – US Trust’s High Net Worth Insurance Group, where he was also its national
leading insurance consultant.

7. PR IVATE CLIENT CONSULTING & PRIVATE PLACEMENT INVESTING
P I N N A C L E F I N A N C I A L C O N S U LTA N T S . C O M 7
PRIVATE PLACEMENT INVESTING
2014 Overview
With increased income tax rates and robust markets, Pinnacle served as a valued resource to
clients engaged in alternative investing in 2014. Given the tax inefficiency of many successful
alternative investments, exploring opportunities to defer or eliminate taxes on earnings is
increasingly a topic of great interest to high net worth families, corporations, fund managers and
third-party advisors.
In short, Private Placement Life Insurance (PPLI) can eliminate income taxes on investment
earnings while a Private Placement Variable Annuity (PPVA) can defer income taxes on such
earnings. Investors turn to PPLI policies when the frictional costs of the insurance charges are
less than the tax friction the investment would ordinarily experience. PPVA policies do not offer
permanent elimination of income taxes on earnings like PPLI policies, but they are effective
tax deferral tools with less complexity than PPLI policies. For high net worth investors, PPLI can
also offer additional benefits such as creditor protection, integration and enhancement of estate
and charitable planning, as well as tax planning for international clients.
Pinnacle’s infrastructure, reporting and service complement
private placement insurance portfolios as well. We provide
advice and service on over $700 million in assets in this
specialty area.
For advisors and clients for whom private placement was
a new strategy to explore or explain in 2014, Pinnacle
produced an easy-to-understand “explainer” or “whiteboard”
video to provide a top-level overview simplifying some of
the basic features of PPLI and PPVA. To view the video,
visit our Private Placement Investing page at
www.pinnaclefinancialconsultants.com.

8. 8
INDUSTRY AND THOUGHT LEADERSHIP
Delivering insightful and timely information to our clients remains one of Pinnacle’s key directives.
In 2014, we continued to participate and drive the dialogue on key issues facing our clients:
• Published three Advisor Alerts that covered federal regulatory and accounting changes, financial
strength assessments from rating agencies, and industry reform concerning illustration best
practices and requirements for index universal life insurance.
• Presented in two sessions at the 2014 AALU Annual Meeting regarding product chassis selection
and insurance portfolio management best practices.
• Participated in three panel presentations at the M Financial Group Annual Meeting.
• Michael Mingolelli, Jr. assumed the Chair of the Program Planning Committee for the 2015 AALU
Annual Meeting.
• Ken Masters served on the Program Development Committee for the 2014 M Financial Group
Annual Meeting.
• Ken Masters passed Level II of the CFA exam.
• Michael Mingolelli, Jr. continued his service on M Financial Group’s Product Development Group,
which oversees and delivers proprietary products, services and technology for M Financial Group.
• Ken Masters continued his service on M Financial Group’s Case Design Group, which collaborates
with the Product Development Group on new product development ideas.
PR IVATE CLIENT CONSULTING & PRIVATE PLACEMENT INVESTING

9. Reducing Fiduciary Liability & At-Risk Allocations
One strategy to help plan participants achieve more through their qualified plan is an investment re-enrollment
with target date funds receiving assets as the Qualified Default Investment Alternative (QDIA).
After undertaking a provider search in late 2013, a client decided to change record-keepers. While aggressive
education and communication efforts in previous years had increased target date fund utilization and
reduced at-risk allocations, the client wanted a broader impact on employees. Pinnacle suggested an
investment re-enrollment, with the recordkeeper change offering an opportune time to implement the action.
The results were impressive. Prior to the re-enrollment, target date funds comprised more than 37% of plan
assets with nearly 44% of participants using a target date fund. After the re-enrollment, 87% of assets were in
target date funds representing nearly 92% of participants. Additionally, the allocation to cash equivalents fell
from five percent of plan assets to less than one percent.
The client’s employees are now better situated to weather turbulent markets throughout their path
to retirement.
Disclosure: Past performance does not guarantee future results.
Gregory C. Lewis, AIF, MSF
Senior Consultant
401(k) Qualified Plans
A qualified plan benefit strategy only succeeds
if it is effectively communicated. That’s why
I personally connect one-on-one with at-risk,
eligible employees throughout the year to advise
and individually illustrate the potential value of
contributing to the plan as soon as eligible and
maximizing deferral rates.
“
”
RETIREMENT BENEFITS
P I N N A C L E F I N A N C I A L C O N S U LTA N T S . C O M 9
401(k) QUALIFIED PLANS
2014 Overview
As the stock market continued its upward trend in 2014, Pinnacle emphasized to clients and their
eligible employees just how valuable contributing to a qualified retirement plan can be. Pinnacle
assisted several plan sponsors in their efforts to increase participation, deferral rates and appropriate
asset allocation with tactics such as re-enrollments and customized communication campaigns so that
plan participants make the most of their qualified plan benefit — no matter what the market is doing.

10. 1 0
RETIREMENT BENEFITS
NONQUALIFIED PLANS
2014 Overview
Pinnacle’s Nonqualified Deferred Compensation (NQDC) practice experienced significant growth this
year, adding a Fortune 50 company and a Fortune 500 company as clients. As the economy improves,
more companies realize it is imperative to have highly valued executive retirement programs in order
to ensure they attract top performers, but also so that these key contributors can save as much as
possible and retire when desired. After the malaise that hung over the economy following the “Great
Recession”, many companies have waited longer than they should have to implement a plan and are
now taking the necessary steps to install these plans. Pinnacle also partnered on redesigning NQDC
plans with companies whose current plans suffered under increasingly inefficient and expensive
program funding design, higher taxes and profit and loss expense.
The question is not, ‘What is the cost of an
executive benefit program?’ but rather ‘How much
value can a well-designed and efficient executive
program bring to the growth and success of
the organization?
“
” David S. Hauptman, ASA
Managing Director
Executive Benefits
Lower Costs, Motivated Executives and a Better Retirement Outlook
A private real estate firm with 2,000 employees offered a NQDC plan that lost its appeal after 2008. Only 13
of 140 executives participated, perception was low and the company was incurring a tax cost from mutual fund
gains in the rabbi trust that was becoming prohibitive — projected to be $750 thousand in 2014. Little to no
participant education or program oversight had been provided by the broker, recordkeeper or consultant.
The firm was considering shutting down the program but first gave Pinnacle the opportunity to perform a
diagnostic review and ultimately redesign the program.
With one enrollment cycle complete following the redesign, participation has increased from 13 to 47 participants.
The solution developed by Pinnacle transitioned the plan to Corporate Owned Life Insurance (COLI), eliminating
the tax cost within six years and improving the projected profit and loss statement impact by $1.2 million over
the next five years — and $8 million over the life of the plan. Additional components integral to the successful
new program included a performance-based company contribution, an improved fund lineup, as well as
a third-party expert responsible for oversight and administration. Together, these elements improved
the organization’s bottom line while increasing recruiting competitiveness and probability for a successful
retirement for executives.

11. RETIREMENT BENEFITS
INDUSTRY AND THOUGHT LEADERSHIP
Our retirement benefits consultants strongly believe that providing leading edge advice to our
clients is critical. In 2014, our team once again provided leadership and valuable information
opportunities to our constituents:
• Through Pinnacle Insights pieces, “In Other Words” compliance updates, and seminars, Pinnacle
boiled this year’s immense compliance and regulatory output down to the relevant language
and action items for employers.
• Pinnacle launched its CFO Roundtable Series, coupling the region’s top CFOs and Pinnacle’s
senior consultants for candid, peer-to-peer discussions in a small group setting about current
benefits challenges and solutions.
• David Hauptman presented at the Construction Managers Financial Association (CFMA) of
Massachusetts Annual Meeting.
• Pinnacle participated in two Retirement Benefits-focused panel presentations at the M Financial
Group Annual Meeting.
• David Hauptman, as a member of M Financial Group’s COLI Task Force, contributed his expertise
to helping M Financial Group assure it has optimal services, practices and best practices for
implementing and/or managing nonqualified retirement benefits.
P I N N A C L E F I N A N C I A L C O N S U LTA N T S . C O M 1 1

12. Securities offered through M Holdings Securities, Inc., a Registered Broker Dealer, Member FINRA/SIPC.
Investment Advisory Services offered through Pinnacle Pension Consultants, LLC. Pinnacle Financial Group
and Pinnacle Pension Consultants, LLC are independently owned and operated.
Reservoir Corporate Center
144 Turnpike Road, Suite 110, Southborough, MA 01772
P. 508.875.7431 F. 508.626.1591
www.pinnaclefinancialconsultants.com
Pinnacle Financial Group
Pinnacle Financial Group
@pfgconsultants
Pinnacle Financial Group
Via email: pinnacle@e-pfg.com