FORM  10-QSB

                  SECURITIES  AND  EXCHANGE  COMMISSION
                       WASHINGTON,  D.C.  20549

        [X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                 OF THE SECURITIES EXCHANGE ACT OF 1934

                  For  Quarter  Ended  March  31,  2000

                                   OR

   [  ]   TRANSITION  REPORT  PURSUANT  TO  SECTION  13  OR  15(d)
               OF  THE  SECURITIES  EXCHANGE  ACT  OF  1934

                  For  the  transition  period  from  to

                    Commission  file  number:  0-29337

                    SUMMIT  BROKERAGE  SERVICES,  INC.
        --------------------------------------------------------------
        (Exact  Name  of  Registrant  as  Specified  in  its  Charter)

         Florida                                          59-3041826
         -------                                          ----------
State or other jurisdiction of                         I.R.S.  Employer
incorporation  or  organization                       Identification  No.

              25  Fifth  Avenue,  Indialantic,  Florida  32903
           --------------------------------------------------------
           (Address  of  Principal  Executive  Office)  (Zip  Code)

                              (321)  724-2303
                              ---------------
           (Registrant's  telephone  number  including  area  code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding  12  months  (or  for such shorter period that the registrant was
required  to  file  such  reports)  and  (2)  has  been  subject  to such filing
requirements  for  the  past  90  days.          Yes   X     No  ___
                                                      ---

The  number  of  shares  of  registrant's  Common  Stock,  $.0001  par  value,
outstanding  as  of  March  31,  2000  was  4,591,785  shares.


<PAGE>
                      SUMMIT  BROKERAGE  SERVICES,  INC.

                                   INDEX

                                                                            Page

PART  I  -  FINANCIAL  INFORMATION:

     Item  1.  Financial  Statements

     Certified  Public  Accountant's  Review  Report                           1

     Consolidated  Statements  of  Financial  Condition                        2

     Consolidated  Statements  of  Income  (Loss)  for  the  Three  Months
     Ended  March  31,  2000  and  1999                                        3

     Consolidated  Statements  of  Cash  Flows  for  the  Three  Months
     Ended  March  31,  2000  and  1999                                      4-5

     Notes  to  Financial  Statements                                          7

     Item  2.  Management's  Discussion and Analysis                           8

PART  II  -  OTHER  INFORMATION

     Item  1.  Legal  Proceedings                                             10

     Item  2.  Changes in Securities                                          10

     Item  3.  Defaults Upon Senior Securities                                10

     Item  4.  Submissions  of  Matters  to  a  Vote  of  Security  Holders   10

     Item  5.  Other  Information                                             10

     Item 6.  Exhibits and Reports on Form 8-K                                10

SIGNATURES                                                                    11


<PAGE>
                           FORWARD  LOOKING  STATEMENTS

     When  used  in  this  report,  the  words  "may,  will, expect, anticipate,
continue,  estimate,  project  or  intend"  and  similar  expressions  identify
forward-looking  statements  within the meaning of Section 27A of the Securities
Act  of  1933  and Section 21E Securities Exchange Act of 1934 regarding events,
conditions  and  financial  trends that may effect our future plan of operation,

business  strategy,  operating  results  and  financial  position.  Current
stockholders  and  prospective  investors are cautioned that any forward-looking
statements are not guarantees of future performance and are subject to risks and
uncertainties  and that actual results may differ materially from those included
within  the  forward-looking  statements  as  a  result of various factors. Such
factors  are  described  under  the  headings "Business-Certain Considerations,"
"Management's  Discussion  and  Analysis  of  Financial Condition and Results of
Operations,"  and  the  financial  statements  and  their  associates  notes.

     Important  factors that may cause actual results to differ from projections
include,  for  example:

   -  the success or failure of management's efforts to implement their business
      strategy;
   -  our  ability  to  protect  our  intellectual  property  rights;
   -  our  ability  to  compete  with  major  established  companies;
   -  our  ability  to  attract  and  retain  qualified  employees;  and
   -  other  risks  which  may  be  described  in  future  filings with the SEC.

     PART  1.  FINANCIAL  INFORMATION

Item  1.    Financial  Statements

                         SUMMIT BROKERAGE SERVICES, INC.
                                AND SUBSIDIARIES

                        CONSOLIDATED FINANCIAL STATEMENTS


Board  of  Directors  and  Shareholders
Summit  Brokerage  Services,  Inc.  and  Subsidiaries
Indialantic,  Florida

We  have  reviewed  the  consolidated Statement of Financial Condition of Summit
Brokerage  Services,  Inc. and Subsidiaries as of March 31, 2000 and the related
consolidated  statement of income for the three months ended March 31, 2000, and
the  consolidated  statement  of cash flows for the three months ended March 31,
2000.  These  financial  statements  are  the  responsibility  of  the Company's
management.

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants.  A  review  of  interim financial
information  consists principally of applying analytical procedures to financial

data  and  making  inquiries of persons responsible for financial and accounting
matters.  It  is  substantially  less  in  scope  than  an  audit  conducted  in
accordance with generally accepted auditing standards, the objective of which is
the  expression  of  an  opinion  regarding  the financial statements taken as a
whole.  Accordingly,  we  do  not  express  such  an  opinion.

Based  on our review, we are not aware of any material modifications that should
be  made to the aforementioned financial statements for them to be in conformity
with  generally  accepted  accounting  principles.


Hoyman,  Dobson  &  Company,  P.A.
Melbourne,  Florida
May  18,  2000


                                        1
<PAGE>
<TABLE>
<CAPTION>
SUMMIT  BROKERAGE  SERVICES,  INC.  AND  SUBSIDIARIES
Consolidated  Statements  of  Financial  Condition
--------------------------------------------------


                                                             March31,2000   December 31,
ASSETS                                                        (Reviewed)        1999
                                                            --------------  ------------
<S>                                                         <C>             <C>
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . .  $     176,041   $   408,957
Cash with clearing broker. . . . . . . . . . . . . . . . .         25,141        25,132
Investments. . . . . . . . . . . . . . . . . . . . . . . .          8,850             -
Commissions receivable . . . . . . . . . . . . . . . . . .        663,607       463,356
Prepaid expenses . . . . . . . . . . . . . . . . . . . . .         38,889        27,132
Other receivables, net of $31,040  allowance for
doubtful accounts at March 31, 2000 and December 31, 1999.              -             -
Due from related party . . . . . . . . . . . . . . . . . .        143,154       102,704
Subscription receivable. . . . . . . . . . . . . . . . . .              -        48,000
Secured demand notes . . . . . . . . . . . . . . . . . . .         40,000             -
Property and equipment at cost, less accumulated
depreciation of  $78,862 and $70,970 at
March 31, 2000 and December 31, 1999, respectively . . . .         77,583        79,267
Deferred tax asset, net of valuation allowance of $283,860
at March 31, 2000 and December 31, 1999. . . . . . . . . .              -             -
                                                            --------------  ------------
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . .  $   1,173,265   $ 1,154,548
                                                            ==============  ============

LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable . . . . . . . . . . . . . . . . . . . . .  $      80,403   $    63,896
Accrued commission expense . . . . . . . . . . . . . . . .        490,943       645,925
Deferred income. . . . . . . . . . . . . . . . . . . . . .         25,333        24,667
                                                            --------------  ------------
     Total liabilities . . . . . . . . . . . . . . . . . .        596,679       734,488
                                                            --------------  ------------
LIABILITIES SUBORDINATED TO CLAIMS OF GENERAL CREDITORS. .         40,000             -
                                                            --------------  ------------

STOCKHOLDERS' EQUITY
Common stock, par value $.0001 per share. Authorized
10,000,000 shares, 4,548,925 shares issued and 4,538,493
shares outstanding at March 31, 2000, 4,541,751 issued
and 4,538,132 outstanding at December 31, 1999 . . . . . .            455           454
Additional paid-in capital . . . . . . . . . . . . . . . .      2,588,344     2,559,389
Unearned stock compensation. . . . . . . . . . . . . . . .       (443,181)     (517,223)
Treasury stock, at cost. . . . . . . . . . . . . . . . . .        (49,688)      (18,578)
Subscriptions receivable . . . . . . . . . . . . . . . . .        (45,250)      (94,000)
Accumulated deficit. . . . . . . . . . . . . . . . . . . .     (1,514,094)   (1,509,982)
                                                            --------------  ------------
   Total stockholders' equity. . . . . . . . . . . . . . .        536,586       420,060
                                                            --------------  ------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY . . . . . . . .   $  1,173,265   $ 1,154,548
                                                            ==============  ============
</TABLE>


                                        2
<PAGE>
<TABLE>
<CAPTION>
SUMMIT  BROKERAGE  SERVICES,  INC.  AND  SUBSIDIARIES
Consolidated  Statements  of  Income  (Loss)
--------------------------------------------


                                                  For  the  Three  Months  Ended
                                               -----------------------------------
                                                 March 31, 2000    March 31, 1999
                                                   (Reviewed)       (Unaudited)
                                                ----------------  ----------------
<S>                                             <C>               <C>
REVENUES
  Commissions. . . . . . . . . . . . . . . . .  $     1,909,040   $       575,013
  Interest and dividends . . . . . . . . . . .            6,324             2,832
  Other. . . . . . . . . . . . . . . . . . . .           10,551             7,578
                                                      1,925,915           585,423
                                                ----------------  ----------------

EXPENSES
   Commissions . . . . . . . . . . . . . . . .        1,454,142           435,309
   Occupancy . . . . . . . . . . . . . . . . .           29,634            28,938
   Amortization of unearned stock compensation          102,998            40,407
   Management fees . . . . . . . . . . . . . .                -           284,707
   Other operating expenses. . . . . . . . . .          343,253           123,525
                                                ----------------  ----------------
                                                      1,930,027           912,886
                                                ----------------  ----------------


                                        5
<PAGE>
NET LOSS BEFORE INCOME TAXES . . . . . . . . .           (4,112)         (327,463)

PROVISION FOR INCOME TAXES . . . . . . . . . .                -                 -

NET LOSS . . . . . . . . . . . . . . . . . . .  $        (4,112)  $      (327,463)
                                               =================  ================

WEIGHTED AVERAGE COMMON SHARES AND
   COMMON SHARE EQUIVALENTS OUTSTANDING. . . .        4,542,105         3,948,671
                                               =================  ================
EARNINGS PER SHARE . . . . . . . . . . . . . .  $       (0.0009)  $       (0.0829)
                                               =================  ================
</TABLE>


                                        3
<PAGE>
<TABLE>
<CAPTION>
SUMMIT  BROKERAGE  SERVICES,  INC.  AND  SUBSIDIARIES
Consolidated  Statements  of  Cash  Flows
-----------------------------------------


                                                      For the Three Months Ended
                                                  ----------------------------------
                                                   March 31, 2000    March 31, 1999
                                                     (Reviewed)       (Unaudited)
                                                  ----------------  ----------------
<S>                                               <C>               <C>

CASH FLOWS FROM OPERATING ACTIVITIES
   Cash received from customers. . . . . . . . .  $     1,719,340   $       451,322
   Cash paid to suppliers and employees. . . . .       (2,009,153)         (647,037)
   Interest received . . . . . . . . . . . . . .            6,324             2,832
                                                  ----------------  ----------------
     Net cash used in operating activities . . .         (283,489)         (192,883)
                                                  ----------------  ----------------

CASH FLOWS FROM INVESTING ACTIVITIES
   Purchase of investments . . . . . . . . . . .           (8,850)                -
   Purchase of property and equipment. . . . . .           (6,208)           (6,757)
                                                  ----------------  ----------------
     Net cash used in investing activities . . .          (15,058)           (6,757)
                                                  ----------------  ----------------

CASH FLOWS FROM FINANCING ACTIVITIES
  Purchase of treasury stock . . . . . . . . . .          (44,813)                -
  Issuance of treasury stock . . . . . . . . . .           13,703                 -
  Proceeds received from subscription receivable           96,750                 -
  Issuance of common stock . . . . . . . . . . .                -           135,000
                                                  ----------------  ----------------
     Net cash provided by financing activities .           65,640           135,000
                                                  ----------------  ----------------

NET DECREASE IN CASH AND
  CASH EQUIVALENTS . . . . . . . . . . . . . . .         (232,907)          (64,640)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD          434,089           132,181
                                                  ----------------  ----------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD . . .  $       201,182   $        67,541
                                                  ================  ================
</TABLE>


                                        4
<PAGE>
<TABLE>
<CAPTION>
SUMMIT  BROKERAGE  SERVICES,  INC.  AND  SUBSIDIARIES
Consolidated  Statements  of  Cash  Flows  -  Continued
-------------------------------------------------------


                                                          For the Three Months Ended
                                                      ----------------------------------
                                                       March 31, 2000    March 31, 1999
                                                         (Reviewed)       (Unaudited)
                                                      ----------------  ----------------
<S>                                                   <C>               <C>
RECONCILIATION OF NET LOSS TO NET
  CASH USED IN OPERATING ACTIVITIES

  Net loss . . . . . . . . . . . . . . . . . . . . .  $        (4,112)  $      (327,463)

  Adjustments to reconcile net loss to net
    cash used in operating activities
      Depreciation . . . . . . . . . . . . . . . . .            7,892             7,842
      Amortization of unearned stock
         compensation/expense. . . . . . . . . . . .          102,998            40,407
      Increase in commissions receivable . . . . . .         (200,251)         (141,119)
      Decrease (increase) in prepaid expenses. . . .          (11,757)           40,338
      Decrease (increase) in due from related party.          (40,450)            1,999
      Decrease in other receivables. . . . . . . . .                -             9,850
      Decrease in other assets . . . . . . . . . . .                -             8,856
      Increase (decrease) in accounts payable. . . .           16,507            (6,625)
      Increase (decrease) accrued commission expense         (154,982)           57,749
      Increase in due to related party . . . . . . .                -            33,462
      Increase in deferred income. . . . . . . . . .              666            81,821
                                                      ----------------  ----------------
        Net cash used in operating activities. . . .  $      (283,489)  $      (192,883)
                                                      ================  ================

Cash and cash equivalents for the purpose of this
statement consisted of the following at March 31:
Cash . . . . . . . . . . . . . . . . . . . . . . . .  $       176,041   $        41,625
Cash with clearing broker. . . . . . . . . . . . . .           25,141            25,916
                                                      ----------------  ----------------
                                                      $       201,182   $        67,541
                                                      ================  ================
</TABLE>


                                        5
<PAGE>
SUPPLEMENTAL  SCHEDULE  OF  NON  CASH  INVESTING  AND  FINANCING  ACTIVITIES:

In  the  fiscal  quarter ended March 31, 2000, the Company issued a $40,000
secured  demand note  for  $40,000  of  subordinated  debt.

In the fiscal  quarter  ended  March  31, 2000, the Company issued 13,168 shares
of  common stock  for  $28,956  of  unearned  compensation.


                                        6
<PAGE>
SUMMIT  BROKERAGE  SERVICES,  INC.  AND  SUBSIDIARIES
Notes  to  Consolidated  Financial  Statements
--------------------------------------------------------------------------------

NOTE  1  -  GENERAL

The  consolidated financial statements for the three months ended March 31, 2000
reflect  all  adjustments (consisting only of normal recurring adjustment) which
are,  in  the  opinion  of  management, necessary for a fair presentation of the
financial  position  and  operating  results  for  the  interim  period.  The
consolidated  financial  statements  should  be  read  in  conjunction  with the
consolidated  financial statements and notes thereto, together with management's
discussion  and  analysis  of  financial  condition  and  results of operations,
contained in the Company's Annual Report on Form 10-SB for the fiscal year ended
December  31,  1999.  The results of operations for the three months ended March
31,  2000  are  not  necessarily indicative of the results for the entire fiscal
year  ending  December  31,  2000.


NOTE  2  -  LIABILTIES  SUBORDINATED  TO  CLAIMS  OF  GENERAL  CREDITORS

On  March  31,  2000,  the Company entered into a secured demand note collateral
agreement  with  a  corporation 100% owned by Summit's majority shareholder. The
note  is  due  on  April  30,  2001 and accrues interest at 12.0% per annum. The
subordinated  borrowing  is  available  in computing net capital under the SEC's
uniform  net  capital rule.  To the extent that such borrowings are required for
the Company's continued compliance with minimum net capital requirements, it may
not  be  repaid.


                                        7
<PAGE>
ITEM  2.   MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL
           CONDITION  AND  RESULTS  OF  OPERATIONS

     The  following discussion and analysis of the Company's financial condition
and  results  of its operations for the three month periods ended March 31, 2000
and  1999, should be read in conjunction with the Company's financial statements
included  elsewhere  herein.  When  used in the following discussions, the words
"believes,"  "anticipates,"  "intends,"  "expects,"  and similar expressions are
intended  to identify forward-looking statements. Such statements are subject to
certain  risks and uncertainties, which could cause results to differ materially
from  those  projected.

Results  of  Operations  Three  Months  ended  March 31, 2000 vs. March 31, 1999

     Revenues  for the quarter ended March 31, 2000 were $1,925,915, an increase
of  $1,340,492  or  229% from $585,423 for the same period of 1999.  This change
was due to the increase in new branch offices from 1999 to 2000 (from 28 to 43,)
higher  revenues  from  existing  offices  (those  added prior to 2000,) and the
increase in new offices that employ higher producing registered representatives.

     Expenses  for  the  quarter ended March 31, 2000 increased by $1,017,141 or
111%  to  $1,930,027  from  $912,886  in  the  first quarter of 1999. The higher
expenses  were  largely  attributable  to  related  direct cost of the increased
revenues  -  commissions expense (the payments to the registered representatives
for  their portion of the revenue.) Such commission expenses were $1,454,142 for
the  quarter ended March 31, 2000 compared with $435,309 in the first quarter of
1999.  The  Company  also  incurred higher non-cash expenses for amortization of
unearned  stock  compensation  in  the  amount of $102,998 for the quarter ended
March  31,  2000,  compared  with  $40,407  in  the  first  quarter  of  1999.

     Management  fees  expense as a category was eliminated in the quarter ended
March  31,  2000,  due  to  the  termination  of  the  agreement with the former
management  company, Summit Group of Companies, Inc., effective January 1, 2000.
The  services  were replaced internally by the Company, and the expenses are now
reflected in various General and Administrative categories, such as Salaries and
Wages.  In  the  first  quarter  of  1999,  total  management  fees  expense was
$284,707.

     Net  income  (loss)  for  the  quarter ended March 31, 2000 was $(4,112) an
increase  of  $323,351  or  99%  from  $(327,463)  in the first quarter of 1999.

Financing  Activities

     In  the  first  quarter of 1999, $135,000 was received from the issuance of
common  stock  through  a  limited  private placement offering. No such issuance
occurred  in  the  quarter  ended  March  31,  2000.


                                        8
<PAGE>
     On March 31, 2000 the Company entered into a secured demand note collateral
agreement  with  a corporation 100% owned by Summit's majority shareholder.  The
note  is  due  on  April  30,  2001  and accrues interest at 12% per annum.  The
subordinated  borrowing  is  available  in computing net capital under the SEC's
uniform  net  capital rule.  To the extent that such borrowings are required for
the Company's continued compliance with minimum net capital requirements, it may
not  be  repaid.

     Net  income  for  the  quarter  ended March 31, 2000 was a negative .21% of
revenues compared to net income for the quarter ended March 31, 1999 which was a
negative  55.94%  of  revenues.  The  increase in income from operations overall
resulted  primarily  from  increased  revenues  and gross profits. The Company's
basic  earnings  per  share  were  $(0.0009) in the quarter ended March 31, 2000
compared  to  $(0.0829)  in  the  quarter  ended  March  31,1999.

     The  Company  anticipates,  based  on  its  currently  proposed  plans  and
assumptions  relating  to  its  operations,  that the Company's existing working
capital  and  anticipated  cash  flows  from  the  Company's  operations will be
sufficient  to  satisfy  the  Company's  cash  requirements  for at least twelve
months.  As  the  Company  continues to grow, additional equity offerings may be
considered,  in  part or in combination, as the situation warrants. In addition,
in the event the Company's plans change or its assumptions change or prove to be
inaccurate,  or  if  projected  cash  flow otherwise proves insufficient to fund
operations, the Company might need to seek other sources of financing to conduct
its  operations.  There  can  be  no  assurance  that  any such other sources of
financing  would  be available when needed, on commercially reasonable terms, or
at  all.

Cautionary  Statement

     This  Quarterly  Report  on  Form  10-QSB  contains certain forward-looking
statements  that  involve  a  number  of  risks  and  uncertainties.  Such
forward-looking statements are within the meaning of that term in Section 27A of
the  Securities Act of 1933, as amended and Section 21E of the Securities Act of
1934,  as  amended. Factors that could cause actual results to differ materially
from  those  projected in such forward-looking statements include the following:
the  competitive  environment for the Company's products and services, movements
in  the  stock  markets,  and  changes  in  the US economy. The words "believe,"
"estimate,"  "expect,"  "intend,"  "anticipate,"  "will,"  "could,"  "may,"  and
similar  expressions  and  variations  thereof  identify  certain  of  such
forward-looking  statements, which speak only as of the dates on which they were
made.  The  Company  undertakes  no  obligation to publicly update or revise any
forward-looking  statements,  whether  as  a  result  of new information, future
events,  or  otherwise.  Readers  are  cautioned  that  any such forward-looking
statements  are  not  guarantees  of  future  performance  and involve risks and
uncertainties,  and  that  actual  results  may  differ  materially  from  those
indicated  in  the  forward-looking  statements  as a result of various factors.
Readers  are  cautioned  not  to  place  undue reliance on these forward-looking
statements.


                                       9
<PAGE>
Inflation

     Inflation  has  not  been  a  major  factor in the Company's business since
inception.  There  can  be no assurances that this will continue if and when the
Company  completes  an  acquisition  or  merger.

     PART  II  -  Other  Information

Item  1.   Legal  Proceedings

     The Company is not involved in any legal proceedings or litigation, and the
officers  and  directors  are  aware  of  no  other  pending  litigation.

Item  2.   Changes  in  Securities.

     None.

Item  3.  Defaults  Upon  Senior  Securities

     None

Item  4.  Submission  of  Matters  to  a  Vote  of  Security  Holders.

     None.

Item  5.  Other  Events

     None.

Item  6.  Exhibits  and  Reports  on  Form  8-K

     (a)     Exhibit  27  -  Financial  Data  Schedule

     (b)     There  were  no  reports  on  Form  8-K  filed by the registrant
             for the quarter  ending  March  31,  2000.


                                       10
<PAGE>
                               SIGNATURES

     Pursuant  to  the  requirements  of  Section  13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on

its  behalf  by  the  undersigned,  thereunto  duly  authorized.


                                                 SUMMIT BROKERAGE SERVICES, INC.

Date:  May  26,  2000                       By:  /s/  Richard  Parker
                                                 --------------------
                                                 Richard  Parker,
                                                 Chairman  &  CEO
                                                 (Principal  Executive  Officer)


                                       11
<PAGE>