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                                                                   Exhibit 10.28

                            ADMINISTRATIVE AGREEMENT

THIS ADMINISTRATIVE AGREEMENT ("Agreement") is entered into as of the 9TH day of
MARCH, 2001, by and between, W & R Insurance Agency, Inc., a licensed insurance
agency, on its own behalf and on behalf of its affiliated corporate insurance
agencies ("INSURANCE AGENCY") and Waddell & Reed Inc., a registered
Broker-Dealer, ("W & R") (INSURANCE AGENCY and W & R sometimes referred to
herein as "AGENCY") with offices at 6300 Lamar Avenue, Shawnee Mission, Kansas
66201 and BISYS Insurance Services, Inc. and its registered wholesale
Broker-Dealer, Underwriters Equity Corp. (collectively "BISYS"), with offices at
4200 Crums Mill Road, Harrisburg, Pennsylvania 17112.

WHEREAS, INSURANCE AGENCY is an insurance agency that markets certain products
and services to CUSTOMERS through AGENTS; and

WHEREAS, BISYS is in the business of making available insurance products and
providing administrative services to organizations that market such insurance
products and services; and

WHEREAS, BISYS is a general agent for the CARRIERS under various contracts now
in existence and has the authority to appoint AGENTS to sell the insurance
products of such CARRIERS; and

WHEREAS, AGENCY wishes BISYS to make available PRODUCTS, and provide SERVICES to
support the sales of such PRODUCTS by AGENTS; and

WHEREAS, BISYS will earn compensation from sales of PRODUCTS through this
Agreement and is willing to pay a stipulated portion of such compensation to
AGENCY on business sold by AGENTS.

NOW THEREFORE, in consideration of the foregoing and the mutual provisions set
forth below, for good and valuable consideration, and intending to be legally
bound hereby, the parties hereto agree as follows:

                             SECTION 1. DEFINITIONS.

1.1  AGENTS mean insurance agents duly licensed by INSURANCE AGENCY or
     affiliates of AGENCY and/or registered representatives of W & R who are
     registered and qualified as necessary with the NASD and any appropriate
     state authority and that are authorized to conduct the securities brokerage
     activities contemplated by this Agreement.

1.2  AGENCY INDEMNIFIED PERSON shall have the meaning specified in Section 6.1.

1.3  BISYS INDEMNIFIED PERSON shall have the meaning specified in Section 6.2.

1.4  CARRIER means the insurance companies with which BISYS has a general
     agency, marketing agreement or selling agreement in effect as listed in
     EXHIBIT A. Any

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     changes, additions or deletions to PRODUCTS unilaterally made by CARRIERS
     shall automatically modify Attachment 1 to EXHIBIT A.

1.5  CUSTOMERS mean individuals or businesses that procure services or products
     from AGENCY or affiliates of AGENCY.

1.6  PRODUCTS mean the disability insurance, life insurance, and, subject to the
     last two sentences of this Section 1.6, the variable life insurance
     products listed in Attachment 1 to EXHIBIT A, as selected by AGENCY, as
     such Exhibit is amended from time to time. Any changes, additions or
     deletions to PRODUCTS unilaterally made by CARRIERS shall automatically
     modify attachment 1 to EXHIBIT A. BISYS acknowledges that AGENCY is a party
     to certain agreements with Nationwide Financial and its affiliates
     ("Nationwide"), pursuant to which AGENCY has granted Nationwide an
     exclusive right to sell certain variable life insurance products. BISYS
     further acknowledges and agrees that the term PRODUCTS in this Agreement,
     when referring to variable life insurance products, shall be limited to:

     a.   variable life insurance policies that are being sold due to an
          impaired risk; provided that such policies may only be sold through
          BISYS after Nationwide has been given the opportunity to sell such
          variable life insurance policies and has refused or declined to do so,
          or,

     b.   variable life insurance policies that are being sold as a result of a
          contractually guaranteed right of conversion without evidence of
          insurability from a term life insurance policy.

1.7  SERVICES shall mean those administrative services set forth in Section 2.3.

                         SECTION 2. COVENANTS OF BISYS

2.1  BISYS shall make available to AGENCY the PRODUCTS listed in EXHIBIT A.

2.2  BISYS will compensate AGENCY for PRODUCTS sold (i.e., insurance coverage
     placed) to CUSTOMERS in accordance with the provisions set forth in EXHIBIT
     B.

     a.   AGENCY shall be vested in and entitled to their portion of renewal
          commissions for insurance coverage issued by CARRIERS and paid to
          BISYS.

     b.   All commissions due to AGENCY are to be paid to either Insurance
          Agency or W & R, whichever is applicable. In the event that a carrier
          pays a commission directly to the AGENTS, all commissions payable to
          AGENCY will be reduced by the amount of commissions paid directly to
          the AGENTS by such CARRIER.

     c.   In the event that the CARRIER contracts or any applicable laws
          prohibit the compensation splits in this Agreement, this Agreement
          shall be immediately amended, without further action.

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     d.   In the event that CARRIERS unilaterally modify the commissions payable
          to BISYS, the commissions in EXHIBIT B shall be immediately amended
          without further action.

     e.   EXHIBIT B may be reviewed annually. BISYS reserves the right to modify
          the compensation. If AGENCY does not agree to the compensation
          modification, AGENCY may terminate the Agreement with ninety (90) days
          notice to BISYS.

2.3  BISYS will provide the following administrative services to AGENCY during
     the term of this Agreement at no charge to Agency:

     a.   preparation of standard management information systems (MIS) reports
          relating to the sales of PRODUCTS by AGENTS;

     b.   all services required to process applications, including for example
          but not limited to:

          (1)  all contracting and appointment functions for AGENTS,

          (2)  initial contracting and appointment functions for AGENCY,

          (3)  all new business functions,

          (4)  all under-writing functions,

          (5)  all policy issue functions,

          (6)  all compensation distribution functions, and

          (7)  all policy holder service functions;

     c.   role as liaison between AGENCY and CARRIERS;

     d.   full and free access to download illustration software from the BISYS
          web site by AGENCY or by AGENTS via secured pass code;

     e.   sales supplies (i.e., marketing and promotional material and
          application forms provided by CARRIERS) for use by AGENCY and AGENTS;

     f.   secure electronic access to case status via the BISYS web site;

     g.   initial product training of AGENCY and AGENTS as AGENCY shall approve;

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     h.   impaired risk guidelines for informal inquiries, which are:

          (1)  For cases less than $500,000 of face amount, BISYS will accept
               phone calls, emails, or faxed inquiries only and will not accept
               trial applications, set up files, or order APSs. After BISYS
               reviews the details of the client's medical factors and
               background, BISYS will advise AGENT which company is likely to
               deliver the best results based on the particular impairment(s).
               AGENT can then proceed by submitting a formal application for a
               specific carrier. If AGENT does not have sufficient information
               for BISYS to suggest a course of action, BISYS will indicate what
               additional information AGENT will need to obtain. If, in BISYS'
               judgment, an APS is needed to properly evaluate the case, BISYS
               will accept AGENT-obtained AP S information.

          (2)  For cases of $500,000 to $1,000,000 in face amount, BISYS will
               accept phone calls, emails or faxed inquiries only and will not
               accept trial applications. To assist the AGENT in developing this
               business, internet-based questionnaires, in addition to other
               comprehensive impaired risk information found at www.bisd.com,
               will guide the AGENT in the collection of data sufficient for
               BISYS to advise on the case. BISYS will try in all cases to make
               decisions based on the data that the AGENT has collected. If APS
               information is needed, BISYS will ask the AGENT to supply this
               information.

          (3)  For cases greater than $1,000,000 in fact: amount, BISYS will
               accept the submission of informal applications. BISYS will
               request APSs in those cases where it is necessary in its judgment
               to render a viable offer, making every effort to evaluate a case
               without the need for an APS. BISYS encourages the AGENT to print
               and complete the online INFORMAL INQUIRY found at www.bisd.com to
               expedite the review of cases, and will reimburse the AGENT for
               APS cost if the case is formalized and placed through BISYS.

2.4  BISYS will provide to AGENCY an estimate of costs associated with
     performing administrative services beyond the scope of Section 2.3.

2.5  BISYS shall maintain professional liability insurance against claims for
     damages based on alleged or actual errors or omissions, with an initial
     combined single limit of not less than one million dollars ($1,000,000).

2.6  BISYS shall not use AGENCY's name or logo for any marketing or promotional
     purposes without the prior written approval of AGENCY.

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2.7  BISYS shall not assign, pledge, alienate, or otherwise encumber any amounts
     payable by BISYS to AGENCY under this Agreement, unless, under the
     CARRIER's contract BISYS is charged back a percentage of AGENCY's or
     AGENT's compensation, in which event BISYS will net the charge-back against
     AGENCY's compensation. The charge-back invoice shall include the amount
     due, the policy number, and the CARRIER identification.

     SECTION 3. REPRESENTATION AND WARRANTIES OF BISYS.

BISYS represents and warrants to AGENCY that:

3.1  BISYS is a corporation duly organized, validly existing and in good
     standing under the laws of the Commonwealth of Pennsylvania and qualified
     to do business in each jurisdiction in which it conducts business. BISYS is
     required to be so qualified because the failure to be so qualified would
     have a material adverse effect on the financial condition, operating
     results, or business of BISYS. BISYS has all corporate powers, licenses,
     and regulatory approvals necessary to engage in the business which relates
     to the subject matter of this Agreement except where the failure to have
     any such powers, licenses or regulatory approvals would not have a material
     effect on the financial condition, operating results or business of BISYS,
     or its ability to perform under this agreement.

3.2  The execution and delivery of this Agreement by BISYS has been duly
     authorized by all necessary corporate action. Neither the execution of this
     Agreement nor the fulfillment of its obligations by BISYS hereunder will
     cause BISYS, to its knowledge, to violate any federal or state statute, any
     rule or regulation of any state or federal regulatory agency to which BISYS
     may be subject, resulting in a material adverse effect o n the financial
     condition, operating results or business of BISYS, ob its ability to
     perform under this Agreement.

3.3  There is no judicial, administrative or regulatory proceeding,
     investigation or administrative charge or complaint pending or, within the
     knowledge or belief of BISYS, threatened, which could result in any
     material adverse change in the financial condition, operating results or
     business of BISYS or which would have a material adverse effect on the
     ability of BISYS to perform its obligations under this Agreement.

     SECTION 4. COVENANTS OF INSURANCE AGENCY AND W & R.

4.1  AGENCY and affiliates of AGENCY shall have the right to continue in effect
     any existing agreement with insurance carriers entered into prior to the
     effective date of this Agreement to obtain any disability insurance, life
     insurance, and/or variable life insurance products for the remaining term
     of such agreements, including renewals or extensions of such agreements:

4.2  After the effective date of this Agreement, and at all rimes during its
     term, AGENCY agrees to provide BISYS with an exclusive right to obtain
     access for the AGENCY to:

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     a.   the disability insurance and life insurance products made available to
          AGENCY pursuant to such pre-existing agreements upon their expiration
          or termination; and

     b.   any new disability insurance and life insurance products the AGENCY is
          considering or intends to offer to CUSTOMERS.

If BISYS cannot provide access to such disability insurance and life insurance
products, AGENCY shall have the right to proceed to access such products
directly from the carrier but not through another general agency that is
unaffiliated with a carrier.

4.3  AGENCY at all times shall cause each AGENT to conduct its activities
     pursuant to this Agreement in accordance with all applicable state and
     federal laws and regulations including without limitation, applicable state
     and federal insurance laws, regulations and interpretive positions
     (collectively, "INSURANCE REGULATIONS") governing the sale of PRODUCTS by
     AGENTS and all aspects of the business of insurance.

     Without limiting the generality of Section 4.3, AGENCY shall take
     appropriate measures and establish and implement procedures, as follows:

     a.   AGENCY at all times shall cause each AGENT to hold the appropriate
          insurance Licenses) in the state of solicitation and the state where
          the application is signed prior to submitting an application for
          insurance to BISYS. Neither BISYS nor CARRIERS provide first-time
          licensing services to AGENTS in states of sale, whether resident or
          non-resident.

     b.   AGENCY at all times shall cause each AGENT to obtain
          pre-contracting/appointment with the CARRIER prior to soliciting the
          sale of a PRODUCT to the consumer if required by the CARRIER and by
          the insurance laws of the applicable state.

     c.   AGENCY at all times shall use its best efforts to cause the AGENT to
          refrain from altering, modifying, waiving, or amending any terms,
          rates or conditions of any advertisement, brochures, applications,
          policies, contracts or other materials provided to the Agent by BISYS
          or the CARRIER

     d.   AGENCY at all times shall use its best efforts to cause each AGENT to
          refrain from issuing or circulating any advertising material, circular
          or pamphlet relating to any insurance product unless the same shall
          have been authorized and approved in writing by BISYS or the CARRIER.

4.4  AGENCY shall maintain professional liability insurance against claims for
     damages based on alleged or actual errors or omissions, with an initial
     combined single limit of not less than one million dollars ($1,000,000).

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4.5  AGENCY shall require AGENTS to maintain professional liability insurance
     against claims for damages based on alleged or actual errors or omissions,
     with an initial combined single limit of not less than one million dollars
     ($1,000,000).

4.6  AGENCY shall prohibit AGENTS with a felony conviction for a crime of
     dishonesty or breach of trust to work in the insurance industry, unless
     their state insurance commissioner grants written permission. AGENCY
     certifies that, to the best of its knowledge, none of its AGENTS have ever
     been convicted of a state or federal felony involving dishonesty or breach
     of trust; or, if so, that the AGENTS have received written authorization
     from their state insurance commissioner specifically referencing Section
     1033 of the Violent Crime Control and Law Enforcement Act of 1994,
     subsection (e)(2) granting permission to work in the insurance industry.

4.7  AGENCY shall not use BISYS' name or logo for any marketing or promotional
     purposes without the prior written approval of BISYS, which shall not be
     unreasonably withheld or delayed.

4.8  AGENCY shall not use the Carrier's name or logo for any marketing or
     promotional purposes without the prior written approval of BISYS and
     CARRIER, which BISYS shall not unreasonably withhold or delay.

4.9  Intentionally omitted.

4.10 AGENCY shall be responsible for costs associated with performance of
     administrative services beyond the scope of Section 2.3.

4.11 W & R at all times shall maintain its Broker-Dealer license under the 1934
     Act, be a member in good standing of the NASD and be duly licensed in all
     states and jurisdictions where required to perform pursuant to this
     Agreement.

4.12 W & R shall fully comply with the requirements of the 1934 Act and all
     other applicable federal or state laws and with the rules of the NASD.

4.13 W & R shall establish such rules and procedures as may be necessary to
     cause diligent supervision of the securities activities of the registered
     representatives including ensuring compliance with the prospectus delivery
     requirements of the 1933 Act.

4.14 W & R shall train and supervise its registered representatives to ensure
     that purchase of a PRODUCT is not recommended to a CUSTOMER in the absence
     of reasonable grounds to believe the purchase of the PRODUCT is suitable
     for that CUSTOMER Whole not limited to the following, a determination of
     suitability shall be based on information furnished to a registered
     representative after reasonable inquiry of such CUSTOMER, concerning the
     CUSTOMER's other security holdings, financial situation, financial
     objectives and needs.
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4.15 W & R shall ensure that any offer of a PRODUCT, which constitutes a sale of
     a security made by a registered representative will be made by means of a
     currently effective prospectus.

4.16 W & R shall not permit an offer of a PRODUCT, which constitutes a sale of a
     security to be made by any person coat is not a registered representative.

4.17 W & R shall have full responsibility for the training and supervision of
     all persons associated with it who are engaged directly or indirectly in
     the offer or sale of PRODUCTS. All such persons shall be registered
     representatives of and shall be subject to its control with respect to
     their securities activities.

     SECTION 5. REPRESENTATION AND WARRANTIES OF AGENCY.

AGENCY represents and warrants to BISYS that:

5.1  AGENCY is duly incorporated, validly existing and in good standing under
     the laws of its jurisdiction of incorporation and is qualified to do
     business in each jurisdiction in which it conducts business and is required
     to be so qualified where failure to be so qualified would have a material
     adverse effect on the financial condition, operating results or business of
     each AGENCY. AGENCY has all corporate powers, licenses, and regulatory
     approvals necessary to engage in the business which relates to the subject
     matter of this Agreement except where the failure to have any such powers,
     licenses or regulatory approvals would not have a material adverse effect
     on the financial condition, operating results or business of AGENCY, or its
     ability to perform under this Agreement.

5.2  The execution and delivery of this Agreement by AGENCY has been duly
     authorized by all necessary corporate action. Neither the execution of this
     Agreement nor the performance by AGENCY of its obligations hereunder will
     cause AGENCY, to the best of its knowledge, to violate any federal or state
     statute, any rule or regulation of any state or federal regulatory agency
     pursuant to which AGENCY may be subject which would result in a material
     adverse effect on the financial condition, operating results or business of
     AGENCY, or its ability to perform under this Agreement.

5.3  There is no judicial, administrative or regulatory proceeding,
     investigation or administrative charge or complaint pending or, within the
     knowledge or belief of AGENCY, threatened, which could result in any
     material adverse change in the financial condition, operating results or
     business of AGENCY or which would have a material adverse effect on the
     ability of AGENCY to perform its obligations under this Agreement.

                           SECTION 6. INDEMNIFICATION.

6.1  BISYS agrees to indemnify AGENCY, its affiliates and their shareholders,
     directors, officers, employees and agents (collectively "AGENCY INDEMNIFIED
     PERSONS") and to hold each of them harmless against any and all losses,
     liabilities, claims, demands,

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     actions, judgments, damages, costs and expenses, including, but not limited
     to, reasonable attorneys' fees, disbursements and other expenses incurred
     in connection with investigating any claim and defending any action and any
     amount paid in settlement or compromise (provided that BISYS shall have
     given its prior written approval of any settlement or compromise, not to be
     unreasonably withheld) of an action to which such AGENCY INDEMNIFIED PERSON
     is a party based upon, arising out of, relating to, or in connection with:

     a.   any breach of the representations, warranties or covenants contained
          in Sections 2 or 3, or

     b.   the negligent performance by BISYS of its responsibilities under this
          Agreement, except to the extent that such losses, liabilities, claims,
          demands, actions, judgments, damages, costs and expenses are incurred
          by the reason of:

          (1)  the willful misconduct or gross negligence of any AGENCY
               INDEMNIFIED PERSON whose duties are directly related to this
               Agreement; or

          (2)  a regulatory or other challenge to the legality of the
               contractual relationship between BISYS and AGENCY or the
               activities contemplated in this Agreement.

If any event occurs for which indemnification to any AGENCY IND EMNIFIED PERSON
is sought pursuant to this Section 6, such AGENCY INDEMNIFIED PERSON must
provide BISYS with written notice of such event as soon as possible, but in no
event later than thirty (30) days after the earlier of:

     c.   such time as it has actual knowledge of the occurrence of such event;
          or

     d.   such time as it receives notice that an action has been filed in a
          court, or action has been taken by any administrative agency, alleging
          the occurrence of an event that may entitle an AGENCY INDEMNIFIED
          PERSON to indemnification by BISYS hereunder.

BISYS shall be entitled to participate in such action or proceeding and, after
written notice from BISYS to such AGENCY INDEMNIFIED PERSON, to assume the
defense of such action or proceeding with mutually acceptable counsel and, with
such AGENCY INDEMNIFIED Person's consent which shall not be unreasonably
withheld, to compromise or settle such action or proceeding. Notwithstanding
BISYS' election to assume the defense of such action or proceeding, such AGENCY
INDEMNIFIED PERSON shall have the right to employ separate counsel and to
participate in the defense of such action or proceeding at its own expense.

6.2  AGENCY agrees to indemnify BISYS, its affiliates and their directors,
     officers, employees and agents (collectively "BISYS INDEMNIFIED PERSONS")
     and to hold

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     each of them harmless against any and all losses, liabilities, claims,
     demands, actions, judgments, damages, costs and expenses, including, but
     not limited to, reasonable attorneys' fees, disbursements and other
     expenses incurred in connection with investigating any claim and defending
     any action and any amounts paid in settlement or compromise (provided that
     AGENCY shall have given its prior written approval of any settlement or
     compromise, which shall not be unreasonably withheld) of an action to which
     such BISYS INDEMNIFIED PERSON is a party arising out of, relating to, or in
     connection with:

     a.   any breach of the representations, warranties or covenants contained
          in Sections 4 or 5, or

     b.   the negligent performance by AGENCY of its responsibilities under this
          Agreement, except to the extent that losses, liabilities, claims,
          demands, actions, judgments, damages, costs and expenses are incurred
          by reason of:

          (1)  the willful misconduct or gross negligence of any BISYS
               INDEMNIFIED PERSON whose duties are directly related to this
               Agreement; or

          (2)  a regulatory or other challenge to the legality of the
               contractual relationship between BISYS and AGENCY or the
               activities contemplated in this Agreement.

If any event occurs for which indemnification to any BISYS INDEMNIFIED PERSON is
sought pursuant to this Section 6, such BISYS INDEMNIFIED PERSON must provide
AGENCY with written notice of such event as soon as possible, but in no event
later than thirty (30) days after the earlier of:

     c.   such time as it has actual knowledge of the occurrence of such event;
          or

     d.   such time as it receives notice that an action has been filed in a
          court, or action has been taken by any administrative agency, alleging
          the occurrence of an event that may entitle a BISYS INDEMNIFIED PERSON
          to indemnification by AGENCY hereunder.

AGENCY shall be entitled to participate in such action or proceeding and, after
written notice from AGENCY to such BISYS INDEMNIFIED PERSON, to assume the
defense of such action or proceeding with mutually acceptable counsel and, with
such BISYS INDEMNIFIED PERSON's consent which shall not be unreasonably
withheld, to compromise or settle such action or proceeding. Notwithstanding
AGENCY 's election to assume the defense of such action or proceeding, such
BISYS INDEMNIFIED PERSON shall have the right to employ separate counsel and to
participate in the defense of such action or proceeding at its own expense.

6.3  The obligations of the parties under this Section 6 shall survive the
     termination of this Agreement.

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                           SECTION 7. CONFIDENTIALITY.

7.1  In performing its obligations pursuant to this Agreement, each party may
     have access to and receive certain information about the other party,
     including, but not limited to, marketing philosophy and objectives,
     competitive advantages and disadvantages, financial results, technological
     developments, names, addresses and telephone numbers of customers (all on a
     variety of media including computer tapes and disks) and a variety of other
     information and materials that such other party considers confidential
     and/or proprietary (collectively "CONFIDENTIAL INFORMATION"). ALL
     CONFIDENTIAL INFORMATION obtained pursuant to this Agreement by either
     party, its directors, officers or other employees is, and shall be
     considered, confidential and proprietary of the other party. Each of the
     parties hereto shall:
     a.   protect and preserve the confidential and proprietary nature of all
          CONFIDENTIAL INFORMATION;

     b.   nod without the prior written consent of either party, disclose, give,
          sell or otherwise transferor make available, directly or indirectly,
          any CONFIDENTIAL INFORMATION to any thud party;

     c.   not make any records or copies of the CONFIDENTIAL INFORMATION, except
          as required by this Agreement and shall return or destroy all
          CONFIDENTIAL INFORMATION and any copies thereof (in whatever form)
          immediately upon request; and

     d.   limit the dissemination of me CONFIDENTIAL INFORMATION within its own
          organization to such persons that need to know the CONFIDENTIAL
          INFORMATION and restrict its use solely to the purposes set forth
          herein.

7.2  For purposes of Section 7.1 (b), each party hereby consents to the
     disclosure of CONFIDENTIAL INFORMATION to CARRIERS to the extent:

     a.   necessary or advisable in connection with the processing of
          applications for insurance coverage, or

     b.   upon the request of insurance regulatory authorities which have
          jurisdiction over the parties in connection with this Agreement.

7.3  The provisions of this Section 7 shall survive the termination of this
     Agreement.

7.4  The restrictions shall not apply to any pan of the CONFIDENTIAL INFORMATION
     which:

     a.   was at the time of disclosure or thereafter becomes generally
          available to the public other than as a result of a breach of the
          receiving party's obligations here under; or

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     b.   was at the time of disclosure, as shown by the receiving party's
          records, already in the receiving party's possession on a lawful
          basis; or

     c.   is lawfully acquired by the receiving party after the time of the
          disclosure through a third parry under no obligation of confidence to
          the disclosing party; or

     d.   is required to be disclosed pursuant to legal or regulatory authority,
          provided that immediate notice of such requirement is given to the
          other party.

                          SECTION 8. TERM OF AGREEMENT.

Unless terminated earlier pursuant to the terms of this Agreement, the initial
term of this Agreement shall be three (3) years from the date of this Agreement
(the "INITIAL TERM"). This Agreement shall automatically renew thereafter for
successive one-year periods (each a "RENEWAL TERM") unless notice is received by
either party within 60 days of expiration of the INITIAL TERM or any RENEWAL
TERM.

                             SECTION 9. TERMINATION.

9.1  This Agreement may be terminated without penalty by mutual agreement of the
     parties, or for "cause" as defined below.

9.2  For purposes of this Agreement, "cause" shall mean:

     a.   willful misfeasance, bad faith, gross negligence or reckless disregard
          on the part of the party to be terminated with respect to its
          obligations and duties set forth herein;

     b.   a breach of any material term or obligation under this Agreement which
          is not cured within 30 days of written notice to the breaching party
          by the non-breaching party;

     c.   the insolvency or bankruptcy of either party or the inability of
          either party generally to pay its debts when due; or

     d.   the failure of AGENCY or BISYS to maintain adequate licenses to
          substantially perform their responsibilities under this Agreement.

9.3  This Agreement may also be terminated without penalty by AGENCY in the
     event that that certain Limited Agency Agreement For Qualified Plan
     Accounts, by and among W & R, BISYS Brokerage Services, Inc., and BISYS
     Plan Services, L.P., has not been executed within thirty (30) days of the
     date hereof.

                 SECTION 10. RESPONSIBILITIES UPON TERMINATION.

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10.1 Except as otherwise expressly provided herein, the termination of this
     Agreement shall not terminate, affect or impair any rights, obligations. or
     liabilities of any party hereto that may accrue prior to such termination
     or that, under the terms of this Agreement, continue after such
     termination. Upon the termination of this Agreement, each party shall
     return, or cause to be returned, all property, including but not limited to
     CONFIDENTIAL INFORMATION, belonging to the other party immediately upon
     request. Copies or reproductions of all jointly owned property shall be
     distributed to both parties.

10.2 BISYS shall nuke its best efforts to facilitate the assignment within sixty
     (6 0) days of the termination date of all commissions that may become due
     and owing to AGENCY on insurance coverage placed on CUSTOMERS pursuant
     hereto prior to the termination of this Agreement.

10.3 All commissions payable after termination, if not assignable, will be
     administered by BISYS and paid to AGENCY pursuant to EXHIBIT A upon a
     negotiated service fee for such administration.

     SECTION 11. ASSIGNMENT AND TRANSFER; SUBCONTRACTING.

11.1 No party hereto shall assign or otherwise transfer any of its rights or
     obligations hereunder, or contract with any thud party to perform any of
     its responsibilities or obligations relating to this Agreement, without the
     prior written consent of the other party, which shall not be unreasonably
     withheld or delayed, except that AGENCY and BISYS may assign any of the
     irrespective rights or obligations hereunder to a parent corporation or a
     wholly-owned direct or indirect subsidiary of such parent upon prior notice
     to the other party and as contemplated under Section 11.2.

11.2 Prior to any approval of a third party subcontractor, the parties reserve
     the right to require such third party subcontractor to execute a
     confidentiality agreement in a form acceptable to the party protected.

                          SECTION 12. REMEDIES; WAIVER.

All remedies of the patties hereto shall be cumulative. No party hereto shall be
deemed to have waived any of is rights, powers or remedies hereunder unless such
waiver is made in writing signed by such party.

                        SECTION 13. ACCOUNTING AND AUDIT.

During the term of this Agreement and for a period of one hundred and eighty
(180) days following the termination of this Agreement, AGENCY or BISYS may,
during normal business hours at its own expense and upon reasonable notice,
inspect and conduct audits of all records of the other party relating to all
transactions contemplated hereunder.

               SECTION 14. COMPLIANCE WITH REGULATORY AUTHORITIES.

                                       13
<Page>

The parties mutually agree to cooperate fully in any regulatory examination or
investigation by, or proceeding of any governmental or judicial authority
arising in connection with this Agreement or the offering sale, and/or servicing
of insurance hereunder, and to cooperate fully in any regulatory examination or
investigation by, or proceeding of any governmental or judicial authority with
respect to AGENCY or BISYS, and their respective affiliates, agents,
representatives or employees to the extent that such investigation or proceeding
is in connection to this Agreement or any conduct relating thereto.

                            SECTION 15. FORCE MAJEURE

To the extent permitted by law, in the event that any party should fail in whole
or in part to fulfill its obligations under this Agreement as a consequence of
acts of God, fire, explosion, strikes, floods, earthquakes, embargoes, war, or
riot, such failure to perform shall not be considered a breach of this Agreement
during the period of such disability and for a reasonable time thereafter. In
the event of any force majeure occurrence as set forth in this Section 15, the
disabled party shall use its best efforts to meet its obligations as set forth
in this Agreement. The disabled party shall promptly and in writing advise the
other party if it is unable to perform due to a force majeure event, of the
expected duration of such inability to perform, and of any developments (or
changes therein) that appear likely to affect the ability of that party to
perform any of its obligations hereunder in whole or in part.

                            SECTION 16. COUNTERPARTS.

This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original and shall be binding upon the parties hereto.

                          SECTION 17. ENTIRE AGREEMENT.

This Agreement and the Exhibits attached hereto embody the entire agreement and
understanding between the parties hereto with respect to the subject hereof and
supersedes any and all prior agreements and understandings relating to the
subject matter hereof.

                     SECTION 18. CONSTRUCTION OF AGREEMENT.

The headings contained herein are for the convenience of reference only and are
not intended to define, limit, expand or describe the scope or intent of any
provision of this Agreement.

                             SECTION 19. DISCLAIMER.

Nothing contained herein shall be deemed to guarantee or warrant, nor does
AGENCY represent, that any or all CUSTOMERS will use the services of BISYS or
that any such CUSTOMER that avails itself of BISYS's Services is credit worthy.
AGENCY shall not be liable to BISYS for any costs or damages sustained by BISYS
as a result of be failure of any such CUSTOMER to use BISYS' services or to
purchase any PRODUCT recommended by BISYS.

                                       14
<Page>

                        SECTION 20. NO PARTNERSHIP, ETC.

It is expressly understood and agreed that neither party hereto has, or shall
have, authority to make any representation, warranty or any binding commitment
in the name or on behalf of the other party. Neither the execution and delivery
nor the performance of this Agreement shall constitute the parries hereto as
partners, joint ventures or participants in any other association between them
or any other person, nor create any relationship of principal and agent or
franchiser and franchisee Neither of the parties shall be responsible for, or
incur any liability with respect to, the debts or the acts or omissions to act
of the other pay.

                        SECTION 21. WAIVER, MODIFICATION.

There can be no waiver of any term, provision or condition of this Agreement
except in a writing signed by the party against whom the waiver is to be
asserted. No change, modification or amendment to or of any provision of this
Agreement shall be deemed to have been made or shall be effective unless
expressed in a writing and signed by both AGENCY and BISYS.

                         SECTION 22. FURTHER ASSURANCES.

AGENCY and BISYS shall each take all such actions as may be reasonably requested
by the other (including, without limitation, the execution of any further
instruments and documents) in order to carry out the provisions and purposes of
this Agreement.

                           SECTION 23. COMMUNICATIONS.

All notices or other communications given under this Agreement shall be made by
guaranteed overnight delivery, or certified mail, or by telephone or telecopy
only if immediately followed by one of the written notices as stated herein.
Notice is effective when first received. Notices will be given to the parties at
the following addresses:

If to BISYS:               BISYS Insurance Services, Inc.
                           Attn: Executive Vice President
                           4200 Crums Mill Road
                           Harrisburg, Pennsylvania 17112

With a copy to:            BISYS Insurance Services, Inc.
                           Attn: Counsel
                           4200 Crums Mill Road
                           Harrisburg, P A 17112

If to AGENCY:              Waddell and Reed, Inc.
                           Attn: Assistant Vice President, Insurance Marketing
                           6300 Lamar Avenue
                           Shawnee Mission, KS 66201

With a copy to:            Waddell & Reed, Inc.
                           Attention: Legal Department

                                       15
<Page>

                           6300 Lamar Avenue
                           Shawnee Mission, KS 66201

                            SECTION 24. SEVERABILITY.

If any provision of this Agreement shall be held or determined to be illegal,
void or unenforceable, then the remaining provisions shall continue in full
force and effect and unaffected by such holding or determination.

                           SECTION 25. GOVERNING LAW.

This Agreement and all questions relating to its validity, interpretation,
performance and enforcement shall be governed by and construed in accordance
with the laws of Pennsylvania including its statutes of limitations but without
regard to its conflict of laws provisions.

IN WITNESS WHEREOF, the parries have caused this Agreement to be executed by
their duly authorized officers as of the date first above written.

BISYS INSURANCE SERVICES, INC.               W & R INSURANCE AGENCY, INC.

By: /s/ J. Randall Grespin                   By:  /s/ Tony Craddock
    ----------------------                        -----------------
Name:  J. Randall Grespin                    Name:   Tony Craddock, ChFC
Title:  Executive Vice President             Title:  Assistant Vice President,
                                                     Insurance Marketing

UNDERWRITERS EQUITY CORP.                    WADDELL & REED, INC.

By:  /s/ Steve S. Wevodau                    By:  /s/ Robert J. Williams, Jr.
     --------------------                         ---------------------------
Name:  Steve S. Wevodau                      Name:  Robert J. Williams, Jr.
Title:  Vice President, Finance              Title:  Executive Vice President,
                                                     National Sales Manager

                                       16
<Page>

                                    EXHIBIT A

Approved Carrier List:

American General
Banner Life
Continental Assurance
First Colony
First Penn Pacific
GE Capita
Jefferson Pilot
Lincoln Benefit
Lincoln Life
Manulife
Mass Mutual
Prudential
Reliastar of N Y
Security Connecticut
Sun Life of Canada
United of Omaha
USG Annuity and Life
Valley Forge
Zurich Kemper

                                       17<Page>

                                                                   Exhibit 10.29

                              CONSULTING AGREEMENT

     This Consulting Agreement (this "Agreement") is made to be effective as of
January 1, 2002 (the "Effective Date") by and between Waddell & Reed, Inc., a
Delaware corporation (the "Company"), and Robert L. Hechler ("Consultant").

     WHEREAS, Consultant has served as a President and a Director of the Company
and has substantial knowledge and expertise concerning the business and affairs
of the Company;

     WHEREAS, Consultant retired from his employment with the Company effective
December 28th, 2001;

     WHEREAS, the Company desires to engage Consultant as an independent
consultant to assist with the daily business and affairs of the Company and
Consultant desires to provide such consulting services to the Company and its
Affiliates;

     NOW, THEREFORE, in consideration of the agreements set forth below and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties, the Company and the Consultant agree as
follows:

     1.   CONSULTING SERVICES.

     (a)  The Company hereby engages Consultant, and Consultant hereby agrees to
be engaged by the Company, as an independent business consultant on the terms
set forth herein. Consultant will provide the Company and its Affiliates (as
defined below) with managerial and advisory services in the mutual fund, mutual
fund underwriting and distribution and investment advisor financial planning
areas (collectively, the "Services"). Consultant will provide the Services by
telephone, telefacsimile, electronic mail or in person on an as-needed basis
during regular business hours of the Company to the reasonable and good faith
satisfaction of the senior management of the Company; provided that in no event
shall Consultant be required to provide Services in excess of an aggregate of
500 hours during any single calendar year during the term of this Agreement. As
used herein, "Affiliates" means any other person or entity controlling,
controlled by or under common control with the Company.

     (b)  Consultant expressly warrants and agrees to comply with the policies,
procedures and guidelines established by the Company from time to time, to
perform the Services faithfully and loyally and to the best of his abilities,
and shall use his best efforts to promote the business of the Company.
Consultant will perform the Services with the highest integrity and professional
manner and will expend all reasonable efforts necessary to accomplish the
Services diligently and in a timely manner. Consultant may accept employment
with a third party during the term of this Agreement as long as Consultant
continues to provide the Services as requested by the Company and otherwise
complies with the terms and conditions of this Agreement.

     (c)  In addition to providing the Services, Consultant intends to continue
to serve as a member of Waddell & Reed Financial Inc.'s (an Affiliate of the
Company) Board of Directors until the due election and qualification of his
successor at the annual meeting of Waddell & Reed

<Page>

Financial, Inc.'s stockholders held in 2003, which is the scheduled termination
of his term as a Director of Waddell & Reed Financial, Inc. Moreover, as
additional consideration for entering into this Agreement, Consultant will work
with the Chairman of the Board of the Waddell & Reed Advisors Funds, W & R
Target Funds, Inc., Waddell & Reed InvestEd Portfolio, Inc. and W & R Funds,
Inc. to ensure an orderly transition off of the respective Boards of Directors
of these Fund companies. This agreement will be evidenced by a letter from the
Consultant to the Chairman of the Fund companies of even date herewith.

     2.   TERM. The term of this Agreement is five (5) successive years
beginning on the Effective Date, unless terminated earlier as set forth in this
SECTION 2. Consultant voluntarily may terminate this Agreement at any time upon
no less than thirty (30) days prior written notice to the Company. This
Agreement shall terminate automatically with no action on the part of either
party upon the occurrence of any of the following:

          (a)  Consultant dies;

          (b)  Consultant becomes disabled and unable to perform his duties
               under this Agreement for an aggregate of ninety (90) days; or

          (c)  the Company's Board of Directors terminates this Agreement for
               Cause.

     For purposes of this Agreement, "Cause" is defined to mean any of: (1) an
act of fraud, dishonesty or embezzlement by Consultant against the Company; (2)
misappropriation of the Company's assets by Consultant for personal use; (3)
Consultant's gross negligence or willful misconduct in performing the Services
hereunder; (4) Consultant's refusal to perform his duties under this Agreement
which continues for a period of ten days after written notice thereof; (5) a
material violation of Company policy by Consultant which violation is not cured
within ten days after notice thereof; or (6) any other breach of any term or
provision of this Agreement which breach is not cured within ten days after
written notice thereof.

     3.   CONSULTING FEES AND EXPENSES.

     (a)  From the Effective Date until this Agreement terminates, Consultant
will be paid fees for the Services (collectively, the "Consulting Fees") of
$250,000 per year, payable biweekly or semi-monthly in accordance with the
payroll practices of the Company in effect from time to time.

     (b)  If the Company requests Consultant to incur any out-of-pocket business
expenses in connection with providing the Services, the Company shall reimburse
Consultant for such expenses that are documented in accordance with the policies
of the Company in effect from time to time. Upon the termination of this
Agreement, the Company shall have no obligation to pay Consultant for any
Services or reimburse any expenses of Consultant hereunder, except for the
payment of Consulting Fees for Services rendered or reasonable out-of-pocket
expenses incurred through the effective date of such termination.

     (c)  The Consulting Fees shall be made without any withholdings or
deductions, including without limitation, deductions or withholdings for social
security, Medicare or income taxes, unless otherwise required by law. Consultant
will be responsible for and will promptly

                                        2
<Page>

pay any and all taxes owing in respect of the Consulting Fees paid hereunder and
will indemnify, defend and hold harmless the Company against all such taxes and
will comply with all governmental regulations with respect thereto, including
the filing of all necessary returns and reports.

     4.   RIGHT TO PURCHASE COMPANY VEHICLE. Consultant may purchase the vehicle
that Company had provided for his business use while he was an employee at a
price to be negotiated by the parties (the "Purchase Price"). Consultant may
exercise such right by paying the Purchase Price to the Company on or before the
Effective Date. Consultant and Company understand and agree that the vehicle is
being sold on an "as is" basis and Company does not, and has not, made any
warranties, representations or covenants whatsoever, either express or implied,
with respect to the vehicle, including, but not limited to, warranties,
representations or covenants relating to the workmanship, design, capacity,
quality, condition, merchantability or fitness for any purpose. Consultant shall
be solely responsible for the payment of any and all applicable taxes relating
to the purchase and sale of the vehicle, including, but not limited to, any and
all sales, compensating use and registration taxes.

     5.   CONFIDENTIAL INFORMATION.

     (a)  As used herein, "Confidential Information" means all confidential or
proprietary information, whether oral or written, now or hereafter developed,
acquired or used by the Company and relating to the Company's business, or that
of its Affiliates, that is not generally known to others in the Company's area
of business, including, without limitation (to the extent confidential); (1) any
trade secrets, work product, processes, analyses, know-how or other intellectual
property of the Company; (2) the Company's advertising, product development,
strategic and business plans and information; (3) the prices at which the
Company has sold or offered to sell its products or services; and (4) the
Company's financial statements and other financial information.

     (b)  In the course of performing services for the Company prior to the date
hereof as an employee of the Company and subsequent to the date hereof under
this Agreement, Consultant has received or may receive or have access to
commercially valuable Confidential Information. Consultant acknowledges and
agrees that the Confidential Information (to the extent it can be owned) is and
will be the Company's sole and exclusive property. Consultant will not use any
Confidential Information for his own benefit or disclose any Confidential
Information to any third party (except in the course of performing the Services
under this Agreement), either during or subsequent to the term of this
Agreement. When this Agreement terminates, Consultant will promptly deliver to
the Company all documents, computer disks and other computer storage devices,
and other papers and materials (including all copies thereof in whatever form)
containing or incorporating any Confidential Information or otherwise relating
to in any way to the Company's business, or that of its Affiliates, that are in
his possession or under his control.

     6.   COVENANT NOT TO COMPETE.

     (a)  In consideration of the Company's agreement to engage Consultant
pursuant to this Agreement and Consultant's receipt of Confidential Information,
Consultant hereby agrees that, during the period beginning on the Effective Date
and ending one year after termination of this Agreement, he will not (except in
the course of performing his authorized duties for the

                                        3
<Page>

Company under this Agreement), directly or indirectly, on his own behalf or as
an officer, director, employee, consultant or other agent of, or as a
stockholder, partner or other investor in, any person or entity (other than the
Company or its Affiliates):

               (1)  engage in the mutual fund or financial planning industry (a
"Competing Business") within the United States of America (the "Territory");

               (2)  directly or indirectly influence or attempt to influence any
customer or potential customer (which for purposes of this Agreement, shall mean
any person or entity to which the Company or any of its Affiliates marketed its
products or services during the six month period prior to any date of
determination) located within the Territory to purchase goods, services or
products related to a Competing Business from any individual, corporation,
partnership, or other entity other than the Company or its Affiliates; or

               (3)  employ, attempt to employ or solicit for employment in any
position related to the conduct of a Competing Business in the Territory any
individual who is an employee of the Company or any of its Affiliates at such
time or was an employee of the Company or any of its Affiliates during the six
months prior to any date of determination;

provided that the foregoing will not apply to any investment in publicly traded
securities constituting less than ten percent (10%) of the outstanding
securities in such class.

     (b)  Consultant represents to the Company that he is willing and able to
engage in businesses other than a Competing Business within the Territory and
that enforcement of the restrictions set forth in this SECTION 6 are not be
unduly burdensome to Consultant. Consultant acknowledges and agrees that the
restrictions set forth in this SECTION 6 are reasonable as to time, geographic
area and scope of activity and do not impose a greater restraint than is
necessary to protect the goodwill and other business interests of the Company,
and Consultant agrees that the Company is justified in believing the foregoing.

     (c)  If the provisions of this SECTION 6 are found by a court of competent
jurisdiction to contain unreasonable or unnecessary limitations as to time,
geographical area or scope of activity, then such court is hereby directed to
reform such provisions to the minimum extent necessary to cause the limitations
contained therein as to time, geographical area and scope of activity to be
reasonable and enforceable.

     7.   COVENANT OF NONDISPARAGEMENT. In consideration of the Company's
agreement to engage Consultant pursuant to this Agreement and Consultant's
receipt of Confidential Information, Consultant agrees and promises that, during
the term of and after the termination of this Agreement (regardless of whether
the Agreement is terminated for Cause, voluntarily by Consultant or otherwise),
not to make any libelous, disparaging or otherwise injurious statements about or
concerning the Company or any of its Affiliates, their officers, employees or
representatives. Such prohibited statements include any statement that is
injurious to the business or business reputation of any of the Company, its
Affiliates or their employees or representatives, but does not include
reasonable statements of disagreement that Consultant makes for the purpose of
protecting or enforcing any of his rights or interests hereunder or

                                        4
<Page>

defending against any claim or claims of the Company or its Affiliates, so long
as such statements are not slanderous or libelous and are delivered in terms as
would ordinarily be considered customary and appropriate.

     8.   CONSULTANT'S COOPERATION.

          (a)  In consideration of the Company's agreement to engage Consultant
     pursuant to this Agreement and Consultant's receipt of Confidential
     Information, Consultant agrees and promises that, during the term of and
     after the termination of this Agreement (regardless of whether the
     Agreement is terminated for Cause, voluntarily by Consultant or otherwise),
     Consultant shall fully cooperate with the Company from time to time as
     reasonably requested by the Company concerning Consultant's information and
     knowledge with respect to the Company's business and with respect to legal
     proceedings or legal issues involving the Company or its Affiliates,
     including, without limitation, making himself available for depositions and
     trial as necessary in the opinion of the Company counsel. The Company will
     reimburse all reasonable travel or other expenses as may be incurred by
     Consultant in assisting the Company with respect to legal proceedings or
     legal issues involving the Company or its Affiliates. For purposes of this
     paragraph, Consultant agrees to make himself available to the Company on at
     least five (5) days' prior written notice.

          (b)  Consultant further agrees that in the event he is subpoenaed or
     served with any legal process to produce or divulge, directly or
     indirectly, any testimony, documents or other information regarding the
     Company or any of its affiliates in any formal or informal judicial,
     administrative, or arbitration proceeding (including any interview,
     deposition, hearing and/or trial), Consultant will immediately notify the
     Company in writing at the address provided in Section 15 below, and deliver
     a copy of the subpoena or process to that address.

     9.   RELATIONSHIP OF PARTIES. Consultant will perform the Services as an
independent contractor. Consultant will not act or attempt to act or represent
himself directly or by implication as an agent of the Company or any of its
Affiliates or in any manner assume or create, or attempt to create, any
obligation on behalf of, or in the name of the Company or its Affiliates.
Consultant acknowledges and agrees that no employer-employee relationship exists
or is intended to be created between Consultant and the Company. Consultant will
indemnify, defend and hold harmless the Company and its Affiliates and its
employees and agents, from and against any and all liabilities, claims, costs or
expenses arising out of or in connection with any personal injury, death or
property damage caused by or arising from any acts or omissions of Consultant or
his agents while performing the Services. Consultant hereby expressly waives for
himself, his dependents, heirs and legal representatives, any and all claims to
receive any benefit under any employee benefit plan or program of the Company or
its Affiliates, except for such benefits that Consultant or any such person is
entitled to receive in connection with Consultant's former employment
relationship or current directorship with the Company or its Affiliates.

     10.  STOCK REPURCHASES. During the term of this Agreement, upon the prior
written request of Consultant, the Company will repurchase for cash shares of
Waddell & Reed Financial, Inc. Class A common stock (the "Common Stock") owned
by Consultant at Fair

                                        5
<Page>

Market Value on the date of purchase, or at a price agreed to by both parties,
in a private transaction. As used herein, "Fair Market Value" means the per
share closing price of the Common Stock on the New York Stock Exchange or such
other national exchange on which the Common Stock is then traded. Consultant
will cooperate and provide the Company with any and all documents,
representations and information in connection with such repurchase as the
Company may reasonably request. Consultant agrees to comply at all times with
all federal and state securities laws and regulations.

     11.  STOCK OPTION RESTORATION PROGRAM. During the term of this Agreement,
Consultant will remain eligible to participate in the Company's Stock Option
Restoration Program (the "SORP"), administered annually on August 1st or the
next successive business day, pursuant to, and upon satisfaction of, the terms
of the SORP as contained in the Company's stock option plans or participant
forms.

     12.  INJUNCTIVE RELIEF. Notwithstanding the provisions of SECTION 20,
Consultant acknowledges and agrees that the Company would be irreparably harmed
by any violation of Consultant's obligations under SECTION 5, 6, 7 or 8 and
that, in addition to all other rights or remedies available at law or in equity,
the Company will be entitled to seek injunctive and other equitable relief to
prevent or enjoin any such violation, in aid of arbitration. In connection
therewith, Consultant agrees to submit to the personal jurisdiction of the
courts of the State of Kansas for any injunction proceeding initiated by the
Company. Employee further acknowledges that venue is proper in courts sitting in
Johnson County, Kansas for this purpose.

     13.  SEVERABILITY. In addition to SECTION 6(C) hereof, any provision or
portion of a provision of this Agreement that is held to be invalid or
unenforceable will be severable, and this Agreement will be construed and
enforced as if such provision, or portion thereof, did not comprise a part
hereof, and the remaining provisions or portions of provisions will remain in
full force and effect. In lieu of each invalid or unenforceable provision there
will be added automatically as part of this Agreement a provision as similar in
terms to such invalid or unenforceable provision as may be possible and be
legal, valid, and enforceable.

     14.  GOVERNING LAW. This Agreement will be governed by and construed and
interpreted in accordance with the substantive laws of the State of Kansas,
without giving effect to any conflict-of-laws, rule or principle that might
require the application of the laws of another jurisdiction.

     15.  NOTICE. Any notice required or permitted under this Agreement must be
in writing and will be deemed to have been given when delivered personally, by
facsimile or by overnight courier service or three (3) business days after being
sent by mail, postage prepaid, to the parties at the following addresses (or to
the attention of another person or address as a party may provide by notice in
accordance with this SECTION 15)

                           IF TO THE COMPANY:

                                    Waddell & Reed Financial, Inc.
                                    6300 Lamar Avenue
                                    Overland Park, KS  66202
                                    Facsimile:  (913) 236-2379

                                        6
<Page>

                                    Attn:  General Counsel
                           IF TO CONSULTANT:

                                    Robert L. Hechler
                                    6027 Lockton Lane
                                    Fairway, KS  66205

     16.  ASSIGNMENT. The Services to be performed hereunder are personal to
Consultant and may not be assigned by any act or omission by Consultant, by
operation of law or otherwise. Without the consent or prior knowledge of
Consultant, the Company may assign this Agreement to any Affiliate or to any
person or entity acquiring all or substantially all of the Company's assets, its
Affiliate's assets, its business or any of its Affiliate's business, whether by
merger, acquisition or otherwise.

     17.  MULTIPLE ORIGINALS. This Agreement may be executed by the parties in
separate counterparts, each of which when executed and delivered is an original.
All counterparts together constitute one instrument.

     18.  HEADINGS. The headings of this Agreement are for reference only, and
do not affect the interpretation of this Agreement.

     19.  ATTORNEYS' FEES. If any party brings an action to enforce this
Agreement, the prevailing party will be entitled to recover, in addition to
other damages it may be entitled to, its reasonable attorneys' fees, costs, and
necessary disbursements in addition to any other relief to which that party may
be entitled. A party shall be considered the prevailing party if (a) it
initiated the action and substantially obtains the relief it sought, either
through a judgment or arbitration award or the losing party's voluntary action
before arbitration, trial or judgment, (b) the other party withdraws its action
without substantially obtaining the relief it sought, or (c) such party did not
initiate the action and judgment is entered into for any party, but without
substantially granting the relief sought by the initiating party or granting
more substantial relief to the non-initiating party with respect to any
counterclaim asserted by the non-initiating party in connection with such
action.

     20.  ARBITRATION. SUBJECT TO SECTION 12, TO THE EXTENT THAT THE PARTIES
HERETO ARE UNABLE TO RESOLVE THEIR DISPUTES OR CONTROVERSIES ARISING OUT OF OR
RELATING TO THIS AGREEMENT, OR THE PERFORMANCE, BREACH, VALIDITY, INTERPRETATION
OR ENFORCEMENT OF THIS AGREEMENT, CONSULTANT'S SERVICES AND/OR TERMINATION,
INCLUDING, WITHOUT LIMITATION, ANY AND ALL CLAIMS OR CAUSES OF ACTION WHICH MAY
ARISE OR BE ASSERTED UNDER FEDERAL, STATE OR LOCAL REGULATORY, STATUTORY OR
COMMON LAW, WRONGFUL DISCHARGE, AND TORT (SUCH AS INTENTIONAL INFLICTION OF
EMOTIONAL DISTRESS, LIBEL, SLANDER, INVASION OF PRIVACY OR PERSONAL INJURY),
THROUGH DISCUSSION AND NEGOTIATION, ALL SUCH DISPUTES AND CONTROVERSIES WILL BE
RESOLVED BY BINDING ARBITRATION IN ACCORDANCE WITH TITLE 9 OF THE U.S. CODE
(UNITED STATES ARBITRATION ACT) AND THE COMMERCIAL ARBITRATION RULES OF THE
AMERICAN ARBITRATION ASSOCIATION (THE "AAA"), AND JUDGMENT UPON THE AWARD
RENDERED BY THE ARBITRATOR MAY BE ENTERED IN ANY COURT HAVING JURISDICTION
THEREOF. A PARTY HERETO MAY INITIATE ARBITRATION BY SENDING WRITTEN NOTICE OF
ITS INTENTION TO ARBITRATE TO THE OTHER PARTIES HERETO AND TO THE AAA OFFICE
LOCATED IN CHICAGO, ILLINOIS. SUCH WRITTEN NOTICE WILL CONTAIN A DESCRIPTION OF
THE DISPUTE AND THE REMEDY SOUGHT. THE ARBITRATION WILL BE CONDUCTED AT THE
OFFICES OF THE

                                        7
<Page>

AAA IN CHICAGO, ILLINOIS BEFORE AN INDEPENDENT AND IMPARTIAL ARBITRATOR
ACCEPTABLE TO THE PARTIES HERETO. IN THE EVENT THAT THE PARTIES HAVE NOT
MUTUALLY AGREED ON AN ACCEPTABLE ARBITRATOR WITHIN THIRTY (30) DAYS AFTER THE
DEMAND FOR ARBITRATION IS FILED, THE ARBITRATOR SHALL BE APPOINTED IN THE MANNER
PROVIDED BY SECTION 13 OF THE COMMERCIAL ARBITRATION RULES OF THE AAA. THE
DECISION OF THE ARBITRATOR WILL BE FINAL AND BINDING ON THE PARTIES HERETO AND
THEIR SUCCESSORS AND ASSIGNEES. THE PARTIES HERETO INTEND THAT THIS AGREEMENT TO
ARBITRATE BE IRREVOCABLE.

     IN PROVIDING A REMEDY UNDER THIS SECTION 20, THE PARTIES AGREE THAT THE
ARBITRATOR SHALL NOT AWARD PUNITIVE DAMAGES AGAINST ANY PARTY, AND THE PARTIES
HEREBY MUTUALLY WAIVE ANY CLAIM FOR PUNITIVE DAMAGES, WHICH MAY BE AWARDED IN
CONNECTION WITH ANY DISPUTE SUBJECT TO ARBITRATION UNDER THIS AGREEMENT.

     21.  ENTIRE AGREEMENT. This Agreement embodies the complete agreement of
the parties with respect to the subject matter hereof and supersedes any prior
written, or prior and contemporaneous oral understandings or agreements between
the parties that are related in any way to the subject matter hereof. This
Agreement may be amended only in writing executed by the Company and Consultant.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                        8
<Page>

     IN WITNESS WHEREOF, Consultant and the Company have each placed their
signatures as of December 28th, 2001.

                                        WADDELL & REED, INC.

                                        By:  /s/ John E. Sundeen, Jr.
                                             ------------------------
                                             John E. Sundeen, Jr.
                                             Senior Vice President & Treasurer

                                        CONSULTANT:

                                             /s/ ROBERT L. HECHLER
                                             ----------------------
                                             Robert L. Hechler

                                        9

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