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New York Life Insurance Company, The National Black Chamber of Commerce and Lord Abbett Kick-Off The 'Building Wealth Tour' for African-American Small Business Owners

Experts Offer Tips For Small Businesses On How to Invest Wisely To Best Achieve Financial Security

NEW YORK, N.Y., December 1, 2004 — New York Life Insurance Company along with the National Black Chamber of Commerce and Lord Abbett, a private money management company, today announced kick-off of the Building Wealth Tour, a comprehensive workshop for African-American small business owners that will provide solutions and tips on how to wisely invest, and build wealth for the future.

"The key to achieving long-term financial objectives is planning. The Building Wealth Tour seminars will assist small business owners in mapping out a strategy that will help in achieving financial security," said Eugene Mitchell, assistant vice president and manager of the African American Market Unit at New York Life. "New York Life is committed to helping families and businesses plan for their financial future. By partnering with the National Black Chamber of Commerce and Lord Abbett, we will bring our expertise to small business owners as they take their first steps to meeting important financial goals."

"We need to prepare ourselves for the opportunities, risks, and fast-evolving future as the landscape of the economy changes. As first-generation African American entrepreneurs and middle class families, we need to take control of our financial destiny," said Harry Alford, president and chief executive officer of the National Black Chamber of Commerce. "The right strategies and prudent decisions will help establish legacies that can be passed from generation to generation."

"Lord Abbett has a long history of providing knowledge to African American communities of color and helping people retire with dignity," said Alex David, director of Diversity Education at Lord Abbett. "The overarching objective at these seminars will be to deliver economic messages and timely economic insight."

The first three seminars will be held December 1 in Washington D.C. at the Ritz Carlton, Pentagon City, 1250 South Hayes Street, Arlington, VA from 9:00 AM to Noon; December 3 in Chicago, IL at the Homan Square Building, 3333 West Arthington Ave, Chicago, IL from 10:00 AM to 2:00 PM; and December 10 in Los Angeles, CA at the Sheraton Universal Hotel, 333 Universal Hollywood Dr, Los Angeles, CA from 9:00 AM to Noon. Building Wealth seminars will continue in 2005 in major cities across the United States.

The seminars will introduce financial strategies to the small business owner and offer insights into how their business may benefit from applying these strategies. Highlights to be provided by New York Life Insurance Company include information on the following:

  • Key person insurance coverage
  • Buy-sell funding
  • Business succession planning
  • Executive bonus insurance
  • Retirement and Estate planning

Lord Abbett representatives will provide information on the life cycle of an investor, which describes how to reach financial independence regardless of income level. For more information on the Building Wealth Tour, please visit www.buildingwealthtour.com.

The National Black Chamber of Commerce is dedicated to economically empowering and sustaining African American communities through entrepreneurship and capitalistic activity within the United States and via interaction with the Black Diaspora. The NBCC is a nonprofit, nonpartisan, nonsectarian organization dedicated to the economic empowerment of African American communities. 190 affiliated chapters are locally based throughout the nation as well as international affiliate chapters based in Bahamas, Brazil, Colombia, Ghana and Jamaica and Businesses as well as individuals who may have chose to be direct members with the national office.

Lord Abbett is a private, independent money management company offering a broad family of mutual funds and separately managed equity, fixed-income and balanced accounts for corporations, institutions and individuals.

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC provides institutional asset management, retirement planning and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds. Please visit New York Life's Web site at www.newyorklife.com for more information.

Contacts:
Terri Marchon
New York Life
212-576-5624

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New York Life Insurance Company, The National Black Chamber of Commerce and Lord Abbett Kick-Off The 'Building Wealth Tour' for African-American Small Business Owners

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