MGL Consulting Corporation Closes Acquisition of

WOODLANDS, TX - August 1, 2003 - MGL Consulting Corporation ("MGL") announced today that it has closed its acquisition of The National Registry of Agents & Brokers® ("NRAB"), a unit of The Council of Insurance Agents & Brokers ("CIAB"). MGL's agreement to acquire NRAB was announced to CIAB members on July 24, 2003. Financial terms were not disclosed.

MGL has immediately begun the transition of NRAB's client base to its licensing platform. "We are pleased that the acquisition of NRAB has closed," said Melinda G. LeGaye, president, MGL. "The closing has gone according to schedule, and we expect an equally seamless and timely integration of the NRAB organization and its clients over the coming month. MGL and CIAB are working together to ensure that this transfer will be handled with the least possible disruptions to CIAB members' businesses."

"This is an excellent move for our members," said Ken A. Crerar, president of The Council. "MGL is a leader in the registration and compliance industry. We are confident that MGL will offer our members the insurance licensing, broker/dealer and investment adviser compliance services they need -- and do so with cutting-edge technology."

"This acquisition underscores MGL's long-term commitment to the insurance licensing and appointment business, and we are confident that by integrating MGL's and NRAB's technology, products and services we will enhance an already strong offering for CIAB members and other financial services professionals." LeGaye said.

"As part of MGL, NRAB clients will now have access to an expanded menu of services, compliance and educational products, and a premiere licensing platform that is backed by the resources of MGL Consulting, one of the industry's leading providers of registration and compliance tools and services for the financial services industry." said LeGaye.

Following the transition, MGL will service approximately 550 financial services firms, with more than 14,000 insurance licenses, as of August 1, 2003.

About MGL Consulting

Established in 1984, MGL Consulting Corporation is nationally recognized as a leading provider of Registration and Compliance services to broker/dealers, investment advisors and insurance companies. MGL's Broker/Dealer services include: NASD, SEC, NFA, CFTC and multi-state registration and renewal services; Regulatory Consulting, WebCRD Administration services; preparation of Written Supervisory Procedures and Business Plans; development of Continuing Education Training Plans and conduct of Needs Analysis for firms; Pre-licensing Training; Annual Compliance Meetings; Financial Reporting; and Compliance Examinations. For Investment Advisor firms, MGL provides SEC and state registration/renewal services, IARD Administration services, Form ADV disclosures, Supervisory Procedures, and Compliance Examinations. For Insurance Companies, MGL provides Firm and Agent Licensing and Appointment services, renewals, continuing education and background check capabilities.

For more information about MGL Consulting Corporation visit www.mglconsulting.com or call 281-367-0380.