**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                              |

----