EMPLOYMENT AGREEMENT



         AGREEMENT between The MONY Group Inc., a company organized under the

laws of the State of Delaware (the "MONY"), The Advest Group, Inc., a Delaware

corporation (the "Company") and Grant W. Kurtz (the "Executive"), dated as of

August 23, 2000 (the "Agreement Date").



         To insure continuity of the senior management team the Company, the

parties wish to record in this Agreement terms which provide the Executive with

contractual rights to compensation and benefits.



         The Company and the Executive agree as follows:



         1. OPERATION AND TERM OF AGREEMENT



         This Agreement shall be effective as of the date of the consummation of

the transactions (the "Merger Date") contemplated under the Agreement and Plan

of Merger, dated August 23, 2000, by and among MONY, MONY Acquisition Corp. and

the Company (the "Merger Agreement"), and shall continue until the Expiration

Date. The Expiration Date shall initially be the fifth anniversary of the Merger

Date, but commencing on such fifth anniversary, and each such anniversary date

thereafter, the Expiration Date shall automatically be extended by one

additional year unless, not later than 90 days prior to such anniversary date,

one of the parties provides notice to the other that it will not extend the

Expiration Date. Notwithstanding the foregoing, the provisions of Section 4

hereof shall be effective on the Agreement Date and shall remain in effect for

the periods specified therein.



         2. CERTAIN DEFINITIONS



                  (A)      PERIOD OF EMPLOYMENT. Commences on the Merger Date

                           and ends on the Expiration Date or the Termination

                           Date, whichever is earlier.



                  (B)      TERMINATION DATE. The date which the Executive's

                           employment with the Company ceases.



         3. EXECUTIVE'S RESPONSIBILITIES



                  (A)      POSITION, DUTIES, RESPONSIBILITIES. The Executive

                           shall be an employee of the Company and shall serve

                           in the position of Chief Executive Officer of the

                           Company. The Executive shall perform all of the

                           duties and responsibilities normally performed and

                           pertinent to the office of the Chief Executive

                           Officer of the Company, reporting to and under the

                           direction of the Chief Executive Officer of MONY.

                           Other than with respect to reporting relationships,

                           the Executive shall have substantially similar

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                           authority, duties and responsibilities as the

                           Executive has immediately prior the Merger Date. The

                           Executive shall have the authority to administer the

                           bonus arrangements applicable to Company employees,

                           subject to the reasonable approval of the Human

                           Resources Committee of the Board of Directors of MONY

                           Life Insurance Company ("MONY Life") (or such other

                           entity or person designated by such committee). The

                           Company's principal offices shall be located in

                           Hartford, Connecticut.



                  (B)      BEST EFFORTS. The Executive shall devote

                           substantially all of his working time, best efforts,

                           and undivided attention to the Company's affairs,

                           except for reasonable vacations or illness or

                           incapacity.



         4.       RESTRICTIVE COVENANTS



                  (A)      NON-COMPETITION. During the period commencing on the

                           Merger Date through the Termination Date and for the

                           one-year period immediately following the Termination

                           Date, unless the Executive is terminated by MONY or

                           the Company without Cause or the Executive terminates

                           employment for Good Reason, the Executive shall not,

                           directly or indirectly, in any capacity, engage in

                           any business in Hartford, Connecticut which is

                           substantially competitive with the business then

                           actively conducted by the Company; provided that the

                           foregoing shall not preclude the Executive from

                           owning stock comprising less than 5% of the stock of

                           a public company.



                  (B)      NONDISCLOSURE. The Executive shall not make use of,

                           disclose, divulge, or make accessible to any third

                           party any information of a confidential nature about

                           the Company, MONY or any of their respective

                           affiliates known to the Executive in the course of

                           his employment until such information has come into

                           the public domain.



                  (C)      SPECIFIC PERFORMANCE AND INJUNCTIVE RELIEF. The

                           Executive agrees that the Company will suffer

                           irreparable injury if the provisions of this Section

                           4 are not honored, that damages resulting from such

                           injury will be incapable of being precisely measured,

                           and that the Company will not have any adequate

                           remedy at law to redress the harm which such

                           violation shall cause. Accordingly, the Executive

                           agrees that the Company shall have the rights and

                           remedies of specific performance and injunctive

                           relief, in addition to any other rights or remedies

                           that may be available at law or in equity, in respect

                           of any failure, or threatened failure, on the part of

                           the Executive to comply with the provisions of this

                           Section 4, including, but not limited to, temporary

                           restraining orders and temporary injunctions to

                           restrain any violation or threatened violation of

                           this Agreement by the Executive.





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         5.       COMPENSATION, PERQUISITES AND EMPLOYEE BENEFITS



                  (A)      BASE COMPENSATION. The Executive shall receive annual

                           base compensation from the Company at a rate not less

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