Pinnacle International Group Inc. said Thursday that it has opened two new financial advisers that it said would offer better service for its customers, including one who provides advice on how to avoid financial abuse.
Pinnacle has more than 6,000 financial advisers worldwide, including more than 1,000 in the U.S. The new advisers will be available from March 1.
Penguin Group Holdings Inc., a subsidiary of Penguin, said Thursday it has launched a new financial advisory firm focused on risk management.
The Penguin Financial Advisors Inc. team will provide financial planning, asset allocation, credit management and asset pricing advice and will be a leader in helping clients make better financial decisions.
Pensacola, Florida-based Penguin is the second of the three investment banking firms to launch financial advisers in recent weeks.
The firms, which are led by Pinnacle’s CEO Michael Stolzenberg and the company’s chief financial officer, David Cramer, said they aim to be the first to offer clients the ability to select their financial advisers and their preferred funding method.
They said they would not have a monopoly on the services offered by the firms.
Pillars’ new advisers are expected to have more than $200 million in annual revenue.
Predicting and mitigating financial abusePinnacle, based in Pittsburgh, Pennsylvania, has been struggling with the growth of financial abuse for more than a decade.
It said in a regulatory filing last month that it had seen more than 15,000 referrals from financial advisers over the past five years.
The filing noted that the firm had seen referrals from the financial services industry more than 2.3 million times.
Financial abuse is defined as a person making multiple false or misleading statements about financial issues and can include making misleading claims about the health or wealth of others, falsely claiming assets are in their own names, misrepresenting income or assets, and lying to obtain a loan.
Pulse Insight, a financial adviser and data analytics firm, said it has seen more calls to its services from consumers in the past year than it has from traditional financial advisers.
Penthouse Financial Advisers, which has offices in Seattle and New York City, said that the new advisers would provide advice on the types of financial products that are most popular in the marketplace and will help customers make better decisions about their finances.
The new advisers were created in part to address a growing demand from consumers who are looking for more tailored, personalized advice and guidance about financial decisions, Pulse Insight Chief Financial Officer Eric Smith said in an interview.
The market is saturated with financial advice, he said, so the focus will be on what works best for the people who are most comfortable and the people most likely to use it.