On March 31, 2008, ownership of M.L. Stern & Co. transferred from Pacific Life Insurance to Southwest Securities (SWS Group). While M.L. Stern became a subsidiary broker dealer of the SWS Group, we will not only retain our name but we will continue to operate autonomously as we have done over the past nine years under Pacific Life's ownership. This transition will be seamless and transparent as our basic business model will not change.

Although we are a full service investment firm, tax exempt municipal bonds have been our core competency since I originally founded M.L. Stern in 1966. Until the markets dictate otherwise, our focus on fixed income in general and on municipal bonds in particular will not waver. Our new affiliation with the SWS Group will enable us to increase our presence in the new issue market and to carry an even larger inventory of tax exempt offerings to meet your fixed income needs. In addition, SWS Group, a member of the New York Stock Exchange, will also enhance our already reputable presence in the equity markets, including underwritings and execution. We will continue to explore additional product offerings to provide full service alternatives to help you achieve your financial goals.

I can also assure you that our long-standing policy of not charging extraneous fees for tickets, safekeeping, postage, etc. will not change. M.L. Stern was founded on the belief that servicing an investment account should not be an additional cost to the client. SWS Group is the one of the top five clearing firms in the financial services industry and we are confident our affiliation with them will provide us with the ability to improve the servicing of your account with additional features that will also be offered at no additional cost.

I am very excited about M.L. Stern's partnership with the SWS Group as it will enable us to grow our business in so many different ways that will only improve our ability to help you meet your investment needs today and well into the future.

Very truly yours,

Milford L. Stern
President and Chief Executive Officer
M.L. Stern & Co. LLC

Wealth Management is the comprehensive overview of your entire position, from needs to objectives, from investments to insurance, from maximizing investment returns to planning for retirement and beyond, from philanthropy to estate planning, from protecting assets to transferring assets.

With the M.L. Stern Wealth Management Services Group, you have a full Advisory Team working for you. This valuable team of respected professionals delivers expert, objective guidance and customized solutions relevant to your specific situation and has the capability to guide you to the successful achievement of your investment goals. All team members are highly qualified professionals in their respective fields and bring to you a significant level of experience and expertise in the areas of:

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If you’re serious about achieving each and every one of your financial goals, then M.L. Stern’s Wealth Management Services Group is the solution for you. To learn more, please contact your M.L. Stern Account Executive today and discover how the M.L. Stern Wealth Management Services Group can help you and your family achieve financial success.

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