**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, 9 th 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                2 nd Avenue, West           |
|                                                     |   |                                         |   | Seattle,                WA 98119                |
|                                                     |   |                                         |   |                                            |
| Pension                Administration Services, Inc.     |   | Pennsylvania                                 |   | 110                Gibraltar Road, Suite 101    |
|                                                     |   |                                         |   | Horsham,                PA 19044-2376           |

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**NATIONAL      INVESTMENT MANAGERS INC.**

**List      of Subsidiaries (continued)**

| **SUBSIDIARY                NAME**                                                                                                    |   | **STATE                OF****INCORPORATION** |   | **ADDRESS**                                                                                                                                            |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                  |   |                                         |   |                                                                                                                                                   |
| Pension                Technical Services, Inc.d/b/a                REPTECH Corp. Pentec                Capital Management, Inc. |   | Colorado  Connecticut              |   | 6400                S. Fiddler’s Green Circle #500Greenwood                Village, CO 80111                 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, 9 th 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                                                                                                                         |

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