Exhibit 21.1

NATIONAL INVESTMENT MANAGERS INC.

List of Subsidiaries

SUBSIDIARY NAME	STATE OF INCORPORATION	ADDRESS
ABR Advisors, Inc.	Delaware	2985 Navajo Street
		Yorktown Heights, NY 10598
Alan N. Kanter & Associates, Inc.	Maryland	31 Walker Avenue, Ste. 200
		Pikesville, MD 21208-4020
Alaska Pension Services, Ltd.	Alaska	400 D Street, Suite 300
		Anchorage, AK 99501
Asset Preservation Corp.	Pennsylvania	110 Gibraltar Road, Suite 101
		Horsham, PA 19044-2376
Benefit Dynamics, Inc.	Pennsylvania	89 N. Haddon Avenue, Suite D
		Haddonfield, NJ 08033
Benefit Management Inc.	Massachusetts	3 Lyons Way
		North Attleboro, MA 02763
BPI/PPA Inc.	Delaware	1013 Centre Road
		Wilmington, DE 10805
California Investment Annuity Sales, Inc.	California	4640 Admiralty Way, 9th Floor
		Marina Del Rey, CA 90292
Circle Pension, Inc.	New York	Empire State Bldg.,
		350 Fifth Ave., Ste. 534
		New York, NY 10118
Complete Investment Management, Inc.	Pennsylvania	110 Gibraltar Road, Suite 101
		Pennsylvania Business Campus
		Horsham, PA 19044
Doyle Barnett Associates, Inc.	New York	2985 Navajo Street
		Yorktown Heights, NY 10598
Haddon Strategic Alliances, Inc.	New Jersey	426 Queensboro Lane
		Haddonfield, NJ 08033
Lamoriello & Co., Inc.	Rhode Island	2374 Post Road, Suite 1
		Warwick, RI 02886
National Actuarial Pension Services, Inc.	Texas	10777 Westheimer Road, Suite 220
		Houston, TX 77042
National Associates, Inc. NW	Washington	2212 2nd Avenue, West
		Seattle, WA 98119
Pension Administration Services, Inc.	Pennsylvania	110 Gibraltar Road, Suite 101
		Horsham, PA 19044-2376

NATIONAL INVESTMENT MANAGERS INC.

List of Subsidiaries

SUBSIDIARY NAME	STATE OF INCORPORATION	ADDRESS
Pentec Capital Management, Inc.	Connecticut	72 Queen Street
		Southington, CT 06489P
Pentec, Inc.	Connecticut	72 Queen Street
		Southington, CT 06489
Southeastern Pension Services, Inc.	Florida	1525 International Parkway, Suite 2071
		Lake Mary, FL 32746
Stephen H. Rosen & Associates, Inc.	New Jersey	89 North Haddon Avenue
		Haddonfield, NJ 08033
The Pension Alliance, Inc.	Pennsylvania	2578 Interstate Drive, Suite 102
		Harrisburg, PA 17110
Valley Forge Consulting Corporation	Pennsylvania	998 Old Eagle School Road, Suite 1206
		Wayne, PA 19087
VEBA Administrators, Inc.	California	4640 Admiralty Way, 9th Floor
d/b/a Benefit Planning, Inc.		Marina Del Rey, CA
V.F. Associates, Inc	Pennsylvania	998 Old Eagle School Road, Suite 1206
		Wayne, PA 19087
VFE Merger Corp.		998 Old Eagle School Road, Suite 1206
a/k/a/ Valley Forge Enterprises, Ltd.	Pennsylvania	Wayne, PA 19087
V.F. Investment Services Corp.	Pennsylvania	998 Old Eagle School Road, Suite 1206
		Wayne, PA 19087