New Breed of Consulting Firm Launches in California; JMN Associates to Create Client Value by Focusing on Independence, Integrity and Innovation.

Business Editors

With an unprecedented level of change sweeping the accounting and consulting industry in light of recent business events, JMN Associates Wednesday announced the formation of a new breed of consultancy focused on financial services and other rapidly changing industries to include distribution companies.

Regulatory changes, independence considerations and the traditional economics of the consulting business are creating new challenges and opportunities, the firm said. JMN Associates, founded by former executives of one of the nation's leading professional services and consulting firms, will be headquartered in the Bay Area.

"Investors, board members and company executives are calling for change," said James M. Neckopulos, chief executive officer and founder of JMN Associates and a 20-year veteran of the consulting business. "There are too many cozy relationships. In many cases, value is not being delivered. Integrity is, rightly or wrongly, in question.

"Many consulting firms have grown too big, complicated or expensive to help their clients in a meaningful way. As a consequence, there is a demand for value, independent minds and greater oversight. We offer a new value proposition: independence and innovation which we believe is very well aligned with today's demand for consulting services," he said.

The firm intends to provide assistance based on client needs as opposed to "selling products" and intends its flexibility of arrangements to be a distinguishing differentiation in the consulting marketplace.

The practice will initially serve clients in the Western United States with plans to work with select entities on a national basis. The firm will provide assistance in assessing business and technology strategy, implementing business operating models and enabling technology, and managing change including program management and communications strategy implementation.

JMN Associates' clients will include business and technology executives at commercial banks, investment and asset management organizations, mortgage banking entities and distribution companies.

Innovative Strategic Alliance With Law Firm

In announcing its new model, JMN Associates immediately demonstrated its innovation through a strategic alliance with a leading Southern California business law firm, Duckor Spradling and Metzger.

Neckopulos said, "We believe that this alliance will uniquely position us to assist clients to create options for competitive advantage, to better understand the business, technology and legal issues related to those options and to successfully implement the key strategic initiatives in support of those options.

"Our combined resources and experiences will provide benefits to our customers in leveraging relationships with third parties that require a deeper understanding of complex partnerships and agreements where understanding key legal, regulatory or compliance issues are an integral part of the formulation and implementation of new business models."

The Mission of JMN Associates

JMN Associates' mission is to create value for clients by assisting them to develop and implement integrated solutions that increase revenues, reduce costs and increase efficiency, while ensuring a focus on the important values of independence, integrity and innovation. The firm has positioned itself to address these values given today's business climate.

More specifically, JMN Associates will differentiate itself by responding to the following market needs:

-- Objectivity and independence;

-- Solutions that are demonstratively aligned with their strategic objectives;

-- Solutions that provide rapid, well defined and substantial returns on investment; and

-- Objective and insightful knowledge from qualified professionals with extensive experience in industry, consulting and technology.

Key Personnel

JMN Associates has assembled a top-line team of consultants who have years of industry and consulting experience with leading financial services and distribution clients.

Consultants who have joined JMN have worked for or provided consulting services to companies that include Bank of America, Citicorp, Charles Schwab, Countrywide, Washington Mutual, Wells Fargo, Accenture, EDS and PricewaterhouseCoopers.

James M. Neckopulos is the founder and CEO of the company. Most recently, he established and managed the Financial Services Industry practice for Arthur Andersen's business consulting practice in the U.S. West Region. Prior to Arthur Andersen, Neckopulos served the financial services industry while with Andersen Consulting (now Accenture) and Bank Earnings International (BEI Golembe).

He has consulted to many of the nation's premier financial services firms on issues related to strategy, operations and technology.

JMN's director of technology solutions, Neal Stephen, was the head of the technology integration services practice for the U.S. West Region of Arthur Andersen's business consulting practice. Stephen's prior consulting experience included serving financial services industry clients at Andersen Consulting and DMR.

His experience included clients in the financial services, manufacturing and distribution industries.

JMN's director of operations solutions, Debbie Robins, brings years of financial services industry and consulting experience to the team. Her most recent experience was with Arthur Andersen, where she focused on project, process and change management related to complex technology implementations.

Neckopulos stated, "We have a very talented team that is dedicated to the client's success while maintaining independence and flexibility without costly overhead. Our consultants have skill levels on par with, and in many cases, exceeding those in the large firms -- but in our model, the client's success is, and will be, our primary focus."

JMN is headquartered at 7677 Oakport St. Suite 105, Oakland, CA 94621. Telephone: [phone] Web site: jmn-llc.com.