<PAGE>
EXHIBIT 21
SUBSIDIARIES OF THE REGISTRANT
<TABLE>
<CAPTION>
Percentage of Voting
Parent and Subsidiaries of the Registrant Place of Incorporation Securities Owned
----------------------------------------- ---------------------- ----------------------
<S> <C> <C>
Colonial Direct Financial Group, Inc. Delaware --
(there are no parents of the Registrant)
First Colonial Securities Group, Inc. New Jersey 100%
Colonial Direct Capital Management, Inc. Florida 100%
Colonial Direct Business Services, Inc. Delaware 100%
KG Business Services Pennsylvania 100%
Colonial Direct Tax Preparation, Inc. Florida 100%
Colonial Direct Retirement Services, Inc. Florida 100%
Colonial Direct Insurance Services, Inc. Florida 100%
</TABLE>
