Mesirow Financial Forms Correspondent Compliance Services Partnership with MGL

CHICAGO, Illinois, January 25, 2005 - Mesirow Financial, Inc. ("Mesirow Financial") and MGL Consulting Corporation ("MGL") are pleased to announce the formalization of their correspondent compliance services partnership.

Following Mesirow Financial's Correspondent Conference in November, the firm began working with MGL to determine ways to help its introducing firms meet the ever expanding regulatory burden placed on the small to medium size broker/dealers today. Together Mesirow Financial and MGL have developed a package of compliance services which will be made available to Mesirow Financial's broker/dealer and investment advisor clients at a special price.

"The past 20 years have brought significant changes in the financial services industry through increased regulation, advances in technology, and the changing roles of financial institutions, explained Melinda G. LeGaye, President of MGL. "In the past two years, a landslide of new regulations have emerged. As a result, broker/dealers, investment advisors and insurance companies operating within this environment have become inundated with extensive reporting, compliance and disclosure requirements. While the cost to comply with these complex requirements can appear significant to any firm, often times a proportionately higher cost is paid by smaller entrepreneurial firms as a result of their need to reallocate marketing and management resources to deal with new compliance rules. Through our combined efforts, we look forward to the opportunity to provide Mesirow Financial's clients with affordable customized compliance solutions."

MGL has a 20-year history of providing compliance and regulatory management services and consulting to over 800 NASD member firms, investment advisors and insurance agencies. In May of 2004, MGL began offering an Institutional Compliance Services Program (ICSP) designed to serve the unique compliance needs of broker/dealers like Mesirow Financial's clients. Each ICSP relationship is a personal one that begins with an assessment of each firm's compliance needs, including any unique aspects of their business, their compliance risk profile, time horizons, budget considerations, strategic goals and objectives. Once a client's situation has been thoroughly assessed, MGL's compliance professionals design a customized compliance plan to be implemented by MGL Consulting Corporation on an oversight basis. Depending upon the compliance plan and risk management recommendations, MGL's ICSP clients can select from a number of services including, but not limited to, firm and agent registration, financial reporting, continuing education administration, compliance audit program, anti-money laundering review program, written supervisory procedures administration, annual compliance meeting programs. Through an ongoing interactive relationship with the client, the compliance plan can be modified as needed to respond to changes in a client's business situation or regulatory environment.

"As an initial benefit of this partnership, our correspondents will receive MGL Compliance Alerts free of charge, beginning in January 2005. Our correspondents will also be able to participate in quarterly Compliance Chats with the professionals at MGL, which will be sponsored by Mesirow Financial. More information regarding scheduling and topics for the Compliance Chats will be forthcoming," said Ruth C. Hannenberg, Senior managing Director and head of Mesirow Financial's B/D and IA Services group.

Mesirow Financial is a diversified financial services firm headquartered in Chicago. Founded in 1937, we are an employee-owned company with 1,000 employees in 17 offices across the country. Our firm is well-capitalized with management advisory and custody assets of nearly $20 billion and revenue of more than $267 million.

Based in The Woodlands, Texas, MGL Consulting Corporation is a leading provider of Registration and Compliance services to brokers/dealers, investment advisors and insurance companies across the USA. For more information regarding MGL and its available services please visit us online at www.mglconsulting.com