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                                                                   EXHIBIT 10.48

                             STOCK OPTION AGREEMENT

                  AGREEMENT made as of the 15th day of November, 2002, by and
between LADENBURG THALMANN FINANCIAL SERVICES INC., a Florida corporation (the
"Company"), and ___________ (the "Director").

                  WHEREAS, on November 15, 2002 (the "Grant Date"), pursuant to
the terms and conditions of the Company's 1999 Performance Equity Plan (the
"Plan"), the Compensation Committee (the "Committee") of the Board of Directors
of the Company authorized the grant to the Director of an option (the "Option")
to purchase an aggregate of 20,000 shares of the authorized but unissued Common
Stock of the Company, $.0001 par value (the "Common Stock"), conditioned upon
the Director's acceptance thereof upon the terms and conditions set forth in
this Agreement and subject to the terms of the Plan; and

                  WHEREAS, the Director desires to acquire the Option on the
terms and conditions set forth in this Agreement and subject to the terms of the
Plan;

                  IT IS AGREED:

                  1. GRANT OF STOCK OPTION. The Company hereby grants the
Director the Option to purchase all or any part of an aggregate of 20,000 shares
of Common Stock (the "Option Shares") on the terms and conditions set forth
herein and subject to the provisions of the Plan.

                  2. NON-INCENTIVE STOCK OPTION. The Option represented hereby
is not intended to be an option which qualifies as an "Incentive Stock Option"
under Section 422 of the Internal Revenue Code of 1986, as amended.

                  3. EXERCISE PRICE. The exercise price of the Option shall be
$0.22 per share, subject to adjustment as hereinafter provided.

                  4. EXERCISABILITY. This Option is exercisable, subject to the
terms and conditions of the Plan, on and after November 15, 2003. After the
Option becomes exercisable, it shall remain exercisable except as otherwise
provided herein, until the close of business on November 15, 2012 (the "Exercise
Period").

                  5. TERMINATION DUE TO DEATH. Upon the death of the Director,
the portion of the Option, if any, that was exercisable as of the date of death
may thereafter be exercised by the legal representative of the estate or by the
legatee of the Director under the will of the Director, for a period of one year
from the date of such death or until the expiration of the Exercise Period,
whichever period is shorter. The portion of the Option, if any, that was not
exercisable as of the date of death shall immediately terminate upon death.

                  6. WITHHOLDING TAX. Not later than the date as of which an
amount first becomes includable in the gross income of the Director for Federal
income tax purposes with respect to the Option, the Director shall pay to the
Company, or make arrangements satisfactory to the Committee regarding the



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payment of, any Federal, state and local taxes of any kind required by law to be
withheld or paid with respect to such amount. The obligations of the Company
under the Plan and pursuant to this Agreement shall be conditional upon such
payment or arrangements with the Company and the Company shall, to the extent
permitted by law, have the right to deduct any such taxes from any payment of
any kind otherwise due to the Director from the Company.

                  7. ADJUSTMENTS. In the event of any change in the shares of
Common Stock of the Company as a whole occurring as the result of a stock split,
reverse stock split, stock dividend payable on shares of Common Stock,
combination or exchange of shares, or other extraordinary or unusual event, the
Company shall proportionally adjust the number and kind of Option Shares and the
exercise price of the Option in order to prevent the dilution or enlargement of
the Director's proportionate interest in the Company and his rights hereunder,
provided that the number of Option Shares shall always be a whole number.

                  8. METHOD OF EXERCISE.

                           8.1. NOTICE TO THE COMPANY. The Option shall be
exercised in whole or in part by written notice in substantially the form
attached hereto as Exhibit A directed to the Company at its principal place of
business accompanied by full payment as hereinafter provided of the exercise
price for the number of Option Shares specified in the notice.

                           8.2. DELIVERY OF OPTION SHARES. The Company shall
deliver a certificate for the Option Shares to the Director as soon as
practicable after payment therefor.

                           8.3. PAYMENT OF PURCHASE PRICE.

                                    8.3.1. CASH PAYMENT. The Director shall make
cash payments by wire transfer, certified or bank check or personal check, in
each case payable to the order of the Company; the Company shall not be required
to deliver certificates for Option Shares until the Company has confirmed the
receipt of good and available funds in payment of the purchase price thereof.

                                    8.3.2. CASHLESS PAYMENT. At the election of
the Director, the purchase price for any or all of the Option Shares to be
acquired may be paid by the surrender of shares of Common Stock of the Company
held by or for the account of the Director with a "fair market value" equal to
the purchase price multiplied by the number of Option Shares to be purchased.
"Fair market value" of the Common Stock means, as of the exercise date: (i) if
the Common Stock is listed on a national securities exchange or quoted on the
Nasdaq National Market or Nasdaq SmallCap Market, the last sale price of the
Common Stock in the principal trading market for the Common Stock on the last
day trading day preceding such date, as reported by the exchange or Nasdaq, as
the case may be; (ii) if the Common Stock is not listed on a national securities
exchange or quoted on the Nasdaq National Market or Nasdaq SmallCap Market, but
is traded in the over-the-counter market, the closing bid price of the Common
Stock on the last trading day preceding such date for which such quotations are
reported by the National Quotation Bureau, Incorporated or similar publisher of
such quotations; and (iii) if the fair market value of the Common Stock cannot
be determined pursuant to clause (i) or (ii) above, such price as the Company
shall determine, in good faith. The Company shall issue a certificate or
certificates evidencing the Option Shares as soon as practicable after the
notice and payment is received. The certificate or certificates evidencing the
Option Shares shall be registered in the name of the person or persons so
exercising the Option.




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                                    8.3.3. PAYMENT PRICE OF WITHHOLDING TAX. Any
required withholding tax may be paid in cash or with Common Stock in accordance
with Sections 8.3.1. and 8.3.2.

                                    8.3.4. EXCHANGE ACT COMPLIANCE.
Notwithstanding the foregoing, the Company shall have the right to reject
payment in the form of Common Stock if in the opinion of counsel for the
Company, (i) it could result in an event of "recapture" under Section 16(b) of
the Securities Exchange Act of 1934, as amended ("Exchange Act"); (ii) such
shares of Common Stock may not be sold or transferred to the Company; or (iii)
such transfer could create legal difficulties for the Company.

                  9. NONASSIGNABILITY. Except as may be set forth in the next
sentence of this Section, the Option shall not be transferable by the Director
except by will or by the laws of descent and distribution, and the Option shall
be exercisable, during the Director's lifetime, only by the Director (or, to the
extent of legal incapacity or incompetency, the Director's guardian or legal
representative). Notwithstanding the foregoing, the Director, with the approval
of the Committee, may transfer the Option (i) (A) by gift, for no consideration,
or (B) pursuant to a domestic relations order, in either case, to or for the
benefit of the Director's Immediate Family (as defined in the Plan), or (ii) to
an entity in which the Director and/or members of the Director's Immediate
Family own more than fifty percent of the voting interest, in exchange for an
interest in that entity, provided that such transfer is being made for estate,
tax and/or personal planning purposes and will not have adverse tax consequences
to the Company and subject to such limits as the Committee may establish and the
execution of such documents as the Committee may require. In such event, the
transferee shall remain subject to all the terms and conditions applicable to
the Option prior to such transfer.

                  10. COMPANY REPRESENTATIONS. The Company hereby represents and
warrants to the Director that:

                           (i) the Company, by appropriate and all required
         action, is duly authorized to enter into this Agreement and consummate
         all of the transactions contemplated hereunder; and

                           (ii) the Option Shares, when issued and delivered by
         the Company to the Director in accordance with the terms and conditions
         hereof, will be duly and validly issued and fully paid and
         non-assessable.

                  11. DIRECTOR REPRESENTATIONS. The Director hereby represents
and warrants to the Company that:

                           (i) he is acquiring the Option and shall acquire the
         Option Shares for his own account and not with a view towards the
         distribution thereof;

                           (ii) he has received a copy of all reports and
         documents required to be filed by the Company with the Commission
         pursuant to the Exchange Act within the last 12 months and all reports
         issued by the Company to its stockholders;

                           (iii) he understands that he must bear the economic
         risk of the investment in the Option Shares, which cannot be sold by
         him unless they are registered under the Securities Act of 1933, as
         amended (the "1933 Act") or an exemption therefrom is available



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         thereunder and that the Company is under no obligation to register the
         Option Shares for sale under the 1933 Act;

                           (iv) in his position with the Company, he has had
         both the opportunity to ask questions and receive answers from the
         officers and directors of the Company and all persons acting on its
         behalf concerning the terms and conditions of the offer made hereunder
         and to obtain any additional information to the extent the Company
         possesses or may possess such information or can acquire it without
         unreasonable effort or expense necessary to verify the accuracy of the
         information obtained pursuant to clause (ii) above;

                           (v) he is aware that the Company shall place stop
         transfer orders with its transfer agent against the transfer of the
         Option Shares in the absence of registration under the 1933 Act or an
         exemption therefrom as provided herein; and

                           (vi) the certificates evidencing the Option Shares
         shall bear the following legends:

                           "The shares represented by this certificate have been
                           acquired for investment and have not been registered
                           under the Securities Act of 1933. The shares may not
                           be sold or transferred in the absence of such
                           registration or an exemption therefrom under said
                           Act."

                           "The shares represented by this certificate have been
                           acquired pursuant to a Stock Option Agreement, dated
                           as of November 15, 2002, a copy of which is on file
                           with the Company, and may not be transferred, pledged
                           or disposed of except in accordance with the terms
                           and conditions thereof."

                  12. RESTRICTION ON TRANSFER OF OPTION SHARES. Anything in this
Agreement to the contrary notwithstanding, the Director hereby agrees that he
shall not sell, transfer by any means or otherwise dispose of the Option Shares
acquired by him without registration under the 1933 Act, or in the event that
they are not so registered, unless (i) an exemption from the 1933 Act
registration requirements is available thereunder, and (ii) the Director has
furnished the Company with notice of such proposed transfer and the Company's
legal counsel, in its reasonable opinion, shall deem such proposed transfer to
be so exempt. Further, the Director agrees that he shall abide by all of the
Company's policies in effect at the time he acquires any Option Shares and
thereafter, including the Company's Insider Trading Policy, with respect to the
ownership and trading of the Company's securities.



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                  13. MISCELLANEOUS.

                           13.1. NOTICES. All notices, requests, deliveries,
payments, demands and other communications which are required or permitted to be
given under this Agreement shall be in writing and shall be either delivered
personally or sent by registered or certified mail, or by private courier,
return receipt requested, postage prepaid to the Company at its principal
executive office and to the Director at his address set forth below, or to such
other address as either party shall have specified by notice in writing to the
other. Notice shall be deemed duly given hereunder when delivered or mailed as
provided herein.

                           13.2. PLAN PARAMOUNT; CONFLICTS WITH PLAN. This
Agreement and the Option shall, in all respects, be subject to the terms and
conditions of the Plan, whether or not stated herein. In the event of a conflict
between the provisions of the Plan and the provisions of this Agreement, the
provisions of the Plan shall in all respects be controlling.

                           13.3. SHAREHOLDER RIGHTS. The Director shall not have
any of the rights of a shareholder with respect to the Option Shares until such
shares have been issued after the due exercise of the Option.

                           13.4. WAIVER. The waiver by any party hereto of a
breach of any provision of this Agreement shall not operate or be construed as a
waiver of any other or subsequent breach.

                           13.5. ENTIRE AGREEMENT. This Agreement constitutes
the entire agreement between the parties with respect to the subject matter
hereof. This Agreement may not be amended except by writing executed by the
Director and the Company.

                           13.6. BINDING EFFECT; SUCCESSORS. This Agreement
shall inure to the benefit of and be binding upon the parties hereto and, to the
extent not prohibited herein, their respective heirs, successors, assigns and
representatives. Nothing in this Agreement, expressed or implied, is intended to
confer on any person other than the parties hereto and as provided above, their
respective heirs, successors, assigns and representatives any rights, remedies,
obligations or liabilities.

                           13.7. GOVERNING LAW. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York (without
regard to choice of law provisions).

                           13.8. HEADINGS. The headings contained herein are for
the sole purpose of convenience of reference, and shall not in any way limit or
affect the meaning or interpretation of any of the terms or provisions of this
Agreement.



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                  IN WITNESS WHEREOF, the parties hereto have signed this
Agreement as of the day and year first above written.

Director:                      Ladenburg Thalmann Financial Services Inc.



                               By:
                                  --------------------------------------------

--------------------
                                    Victor M. Rivas
                                    President and Chief Executive Officer

Address of Director:





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                                                                       EXHIBIT A

                      FORM OF NOTICE OF EXERCISE OF OPTION


--------------------
      DATE


Ladenburg Thalmann Financial Services Inc.

Attention:  Board of Directors

                      Re:     PURCHASE OF OPTION SHARES

Gentlemen:

         In accordance with my Stock Option Agreement dated as of November 15,
2002 ("Agreement") with Ladenburg Thalmann Financial Services Inc. (the
"Company"), I hereby irrevocably elect to exercise the right to purchase
_________ shares of the Company's common stock, par value $.0001 per share
("Common Stock"), which are being purchased for investment and not for resale.

         As payment for my shares, enclosed is (check and complete applicable
box[es]):

         o        a [personal check] [certified check] [bank check] payable to
                  the order of "Ladenburg Thalmann Financial Services Inc." in
                  the sum of $_________;

         o        confirmation of wire transfer in the amount of $_____________;
                  and/or

         o        certificate for ____ shares of the Company's Common Stock,
                  free and clear of any encumbrances, duly endorsed, having a
                  Fair Market Value (as such term is defined in the Company's
                  1999 Performance Equity Plan) of $_________.

         I hereby represent, warrant to, and agree with, the Company that:

                  (i) I am acquiring the Option Shares for my own account and
not with a view towards the distribution thereof;

                  (ii) I have received a copy of all reports and documents
required to be filed by the Company with the Commission pursuant to the
Securities Exchange Act of 1934, as amended, within the last 12 months and all
reports issued by the Company to its stockholders;

                  (iii) I understand that I must bear the economic risk of the
investment in the Option Shares, which cannot be sold by me unless they are
registered under the Securities Act of 1933 (the "1933 Act") or an exemption
therefrom is available thereunder and that the Company is under no obligation to



<PAGE>

register the Option Shares for sale under the 1933 Act; (iv) in my position with
the Company, I have had both the opportunity to ask questions and receive
answers from the officers and directors of the Company and all persons acting on
its behalf concerning the terms and conditions of the offer made hereunder and
to obtain any additional information to the extent the Company possesses or may
possess such information or can acquire it without unreasonable effort or
expense necessary to verify the accuracy of the information obtained pursuant to
clause (ii) above;

                  (v) I am aware that the Company shall place stop transfer
orders with its transfer agent against the transfer of the Option Shares in the
absence of registration under the 1933 Act or an exemption therefrom as provided
herein;

                  (vi) my rights with respect to the Option Shares shall, in all
respects, be subject to the terms and conditions of this Company's 1999
Performance Equity Plan and this Agreement; and

                  (vii) the certificates evidencing the Option Shares shall bear
the following legends:

                      "The shares represented by this certificate have been
                      acquired for investment and have not been registered under
                      the Securities Act of 1933. The shares may not be sold or
                      transferred in the absence of such registration or an
                      exemption therefrom under said Act."

                      "The shares represented by this certificate have been
                      acquired pursuant to a Stock Option Agreement, dated as of
                      November 15, 2002, a copy of which is on file with the
                      Company, and may not be transferred, pledged or disposed
                      of except in accordance with the terms and conditions
                      thereof."

         Kindly forward to me my certificate at your earliest convenience.

                                       Very truly yours,


------------------------------         ------------------------------
(Signature)                                     (Address)

------------------------------         ------------------------------
(Print Name)                                    (Address)

                                       ------------------------------
                                          (Social Security Number)


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