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                                                                    EXHIBIT 10.2


                              EMPLOYMENT AGREEMENT


This Employment Agreement (the Agreement) is made by and among Summit Brokerage
Services, Inc., (the Company) its subsidiaries, and any successor company,
currently at 25 Fifth Avenue, Indialantic, FL 32903 and Richard Parker (Parker)
currently having an address at 417 Magnolia Lane, Melbourne Beach, FL 32951.


                                   WITNESSETH


WHEREAS, the Company and Parker wish to set forth the terms and conditions upon
which Parker shall hereinafter be employed by the Company.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein and for other goods and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

         1.       TERM. Parker has been, and shall be, employed by the Company
                  for the period of January 1, 1998 through December 31, 2001,
                  unless sooner terminated in accordance with the terms of this
                  Agreement (such period referred to as the Term). There will be
                  two consecutive optional two-year terms. Each optional year
                  will need the approval of the Company and Parker. This
                  Agreement is conditioned upon the change of control of Summit
                  Brokerage Services, Inc.

         2.       POSITIONS. During the Term, Parker shall serve as the Chief
                  Executive Officer of Summit Brokerage Services, Inc. and shall
                  perform such duties as shall be delegated to him by the Board
                  of Directors of that company. Parker will be responsible for
                  all aspects of the company, including the broker-dealer, all
                  insurance activities, registered investment advisor
                  activities, and related company activities. Any interference
                  with Parker in carrying out such duties by any other employee
                  or officer or Board member or combination thereof who/which
                  knowingly may cause Parker or the Company to in any way to
                  violate any securities, insurance or investment advisory
                  regulations , rules or laws shall be a breach of this contract
                  and shall cause immediate payment of any and all compensation
                  and stock options to Parker. After such payment, Parker shall
                  render a written resignation resigning all positions with any
                  and all affiliated companies of Summit Brokerage Services,
                  Inc. or its successors.

         3.       COMPENSATION. In the year 2000, Parker shall receive an annual
                  salary of $155,000. This salary will be increased in the
                  second year and each year thereafter




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                  by $5,000 annually. Parker shall receive perquisites as may be
                  directed by the Board of Directors.

         4.       EXPENSES. During the Term, Parker shall be entitled to prompt
                  reimbursement of all business expenses in accordance with the
                  Company's policy for such reimbursement. In the event of
                  relocation the company will pay all such relocation expenses
                  inclusive of any Realtor's fees in the sale of Parker's
                  current residence plus all closing costs on the purchase of a
                  new residence. Additionally all interim housing expenses
                  between such relocation and the location in a new residence.

         5.       STOCK OPTIONS. On the date hereof the Company grants to Parker
                  320,000 options, exercisable for shares of the Company's
                  common stock. Options will be granted each year thereafter at
                  a rate of 100,000 shares annually. The exercise price for all
                  options shall be $2.50. Exercise of the options may be done on
                  a cashless basis through the company or through any securities
                  broker dealer.

         6.       VESTING OF OPTIONS. The above options shall vest as granted.
                  Should a change of control of the Company take place during
                  the term, all options will automatically be 100% vested and
                  thereby exercisable. The expiration date of each option shall
                  be five years after the later of the end of the term or
                  Parker's last year of employment with the firm.

         7.       CHANGE OF CONTROL. In the event Parker is terminated in
                  connection with a "change in control" of the Company, Parker
                  shall receive a lump sum payment equal to one year of his
                  compensation as described in #3 above, (at the annual rate,
                  inclusive of all increases through the end of the Term,) and
                  all options which were granted as described in #5 above. A
                  change in control shall mean any sale, merger, transfer stock
                  exchange or acquisition of the Company, in which Parker's
                  position is either terminated or changed.

         8.       BENEFIT PLANS. Parker shall be entitled to participate in the
                  Company's benefit plans in the same manner and subject to the
                  same terms and conditions as the other senior executives of
                  the company.

         9.       TERMINATION. (A) The Company may terminate this Agreement at
                  any time for "Cause." For purposes of this Agreement, "Cause"
                  shall mean the following (i) if Parker has persistently and
                  willfully failed to devote substantially all of his working
                  time to the operations of the Company, after specific notice
                  has been given to Parker of such alleged failure and a 20 day
                  opportunity has been given but nothing has been accomplished
                  to cure such failure (ii) if Parker is indicted of any
                  criminal offense involving a violation of any federal or state
                  securities laws, embezzlement, fraud, wrongful taking of
                  property involving the Company or any subsidiary or its
                  customers. All options and bonuses if payable will be placed
                  in




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                  escrow and be null and void if convicted (iii) violation or
                  breach of this Agreement not corrected within 20 days after
                  notice of same.

                  (a)      In the event this Agreement shall be terminated by
                           the Company for any reason other than pursuant to
                           Section 9(a), Parker shall be entitled to receive all
                           payments and benefits to which he was entitled
                           pursuant to this Agreement to the end of the term or
                           one year whichever is shorter.

                  (b)      Should Parker be terminated as per (a) above, he
                           agrees to not compete with or be engaged in the same
                           business as the Company for the remainder of the Term
                           with the exception that he will be allowed to become
                           registered with a securities firm and be insurance
                           licensed as per regulatory requirements.

                  (c)      For a period of three years following termination
                           from the Company Parker will not recruit or allow to
                           join a firm Parker is associated with any employees
                           or Independent Contractors from the Company.

         10.      AUTHORITY: NO CONFLICT. Parker and the Company each represent
                  and warrant that (A) each has the full power and authority to
                  enter into this Agreement and to perform each of their
                  obligations hereunder, and (B) the execution, delivery and
                  performance by Parker and the Company of this Agreement will
                  neither (i) violate conflict with, or result in any breach of
                  any contract or other Agreement by Parker or the Company nor
                  (ii) violate any law, statute, or other requirement of any
                  government body.

         11.      MISCELLANEOUS. This Agreement (i) contains the entire
                  understanding of the parties with respect to the subject
                  matter hereof and supercedes all prior agreements of the
                  parties, written or oral, of any nature whatsoever, (ii) shall
                  be binding upon and shall inure to the benefit of the parties
                  hereto and their respective successors and (iii) shall be
                  governed by the laws of the state of Florida, without giving
                  effect to the conflicts of law provisions thereof.


Accepted and agreed to by the undersigned on this 16th day of May, 2000.


SUMMIT BROKERAGE SERVICES, INC.

/s/ William R. Turner                         /s/
-------------------------------               ----------------------------------
William R. Turner, President                  Witness

/s/ Richard Parker                            /s/
-------------------------------               ----------------------------------
Richard Parker,                               Witness
Chairman and CEO




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