<PAGE>
              				SECURITIES AND EXCHANGE COMMISSION
		  			                WASHINGTON, DC  20549
                     		----------------------

                       						FORM 10-Q

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

		For the quarter ended       June 30, 1997         

		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:      1-8408   

			          THE ADVEST GROUP, INC.          
		(Exact name of registrant as specified in its charter)

         Delaware                                             06-0950444     
(State or other jurisdiction of                            (IRS Employer
incorporation or organization)                         Identification Number)

      90 State House Square
      Hartford, Connecticut                                       06103     
Address of principal executive offices)                         (Zip Code)

	Registrant's telephone number, including area code:  (860) 509-1000

                            						NONE
Former name, former address and former fiscal year, if changed since last 
report.

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       

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

Common Stock, $.01 par value                          8,604,783 Shares        
        Class                                    Outstanding at July 31, 1997










<PAGE>

                      					THE ADVEST GROUP, INC.

                            						INDEX


                                             											    Page No.
Part I.  Financial Information

Item 1.   Financial Statements

	Condensed Consolidated Balance Sheets
		June 30, 1997 and September 30, 1996				                      3

	Condensed Consolidated Statements of Earnings
		Three and Nine Months Ended June 30, 1997 and 1996		          4

	Condensed Consolidated Statements of Cash Flows
		Nine Months Ended June 30, 1997 and 1996				                  5

	Notes to Consolidated Financial Statements				                 6

Item 2.   Management's Discussion and Analysis of Financial
		Condition and Results of Operations                          	8


Part II.  Other Information

Item 1.   Legal Proceedings								                            11

Item 2.   Changes in Securities							                         11

Item 4.   Submission of Matters to a Vote of Security Holders	 11

Item 6.   Exhibits and Reports on Form 8-K					                11

Signatures											                                          13



















                                    				2



<PAGE>
<TABLE>
                                              Part I. Financial Information
 Item 1. Financial Statements
                                                  The Advest Group, Inc.
                                          Condensed Consolidated Balance Sheets

 In thousands, except share and per share amounts                                  June 30, 1997   September 30, 1996
-----------------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>            <C>
 Assets                                                                          (Unaudited)
 Cash and short-term investments
      Cash and cash equivalents                                                        $     8,119        $     11,461
      Cash and securities segregated under federal and other regulations                       264                 265
                                                                                 --------------------------------------
                                                                                             8,383              11,726
                                                                                 --------------------------------------
 Receivables
      Brokerage customers, net                                                             402,555             352,434
      Loans, net                                                                           196,489             195,288
      Securities borrowed                                                                  200,208             219,919
      Brokers and dealers                                                                    7,714               5,394
      Other                                                                                 12,632              11,212
                                                                                 --------------------------------------
                                                                                           819,598             784,247
                                                                                 --------------------------------------
 Securities
      Trading, at market value                                                              97,797              93,937
      Held to maturity (market values of $21,184 and $22,876)                               21,325              22,959
      Available for sale, at market value                                                   12,721              15,127
                                                                                 --------------------------------------
                                                                                           131,843             132,023
                                                                                 --------------------------------------

 Other assets
      Equipment and leasehold improvements, net                                             14,710              14,187
      Other                                                                                 24,733              22,994
                                                                                 --------------------------------------
                                                                                            39,443              37,181
                                                                                 --------------------------------------
                                                                                         $ 999,267            $965,177
                                                                                 ======================================
 Liabilities & shareholders' equity
 Liabilities
      Brokerage customers                                                                  317,057             282,618
      Deposits                                                                             173,968             191,186
      Securities loaned                                                                    205,800             213,996
      Short-term borrowings                                                                 52,292              39,301
      Securities sold, not yet purchased, at market value                                   44,135              47,438
      Compensation and benefits                                                             21,045              21,517
      Checks payable                                                                        17,416              16,976
      Brokers and dealers                                                                    5,788               7,634
      Other                                                                                 15,215              14,973
                                                                                 --------------------------------------
                                                                                           852,716             835,639
      Long-term borrowings                                                                  47,134              19,744
      Subordinated borrowings                                                                    0              20,552
                                                                                 --------------------------------------
                                                                                           899,850             875,935
                                                                                 --------------------------------------
 Shareholders' equity
      Common stock, par value $.01, authorized 25,000,000 shares,
         issued 10,796,404 and 10,710,289 shares                                               108                 107
      Paid-in capital                                                                       70,413              68,842
      Retained earnings                                                                     44,066              34,754
      Net unrealized loss on securities available for sale, net of taxes                      (139)               (223)
      Treasury stock, at cost, 2,207,564 and 2,306,948 shares                              (14,468)            (14,182)
      Unamortized restricted stock compensation                                               (563)                (56)
                                                                                 --------------------------------------
                                                                                            99,417              89,242
                                                                                 --------------------------------------
                                                                                         $ 999,267          $  965,177
                                                                                 ======================================
<FN>
See Notes to Consolidated Financial Statements
                                                      3
</TABLE>










<PAGE>
<TABLE>
                                           The Advest Group, Inc.
                                Condensed Consolidated Statements of Earnings
                                                (Unaudited)


                                                    Three Months Ended         Nine Months Ended
                                                         June 30,                   June 30,
In thousands, except per share amounts              1997          1996         1997          1996
-----------------------------------------------------------------------------------------------------
<S>                                               <C>           <C>          <C>           <C>
Revenues
    Commissions                                    $ 29,659      $ 30,247     $ 88,003      $ 84,253
    Interest                                         14,778        14,046       44,410        41,263
    Principal transactions                           11,044         9,404       31,589        29,570
    Investment banking                                9,293         7,357       23,277        22,421
    Asset management and administration               6,457         5,246       18,423        14,727
    Gain on sale of investment
       advisory business                                 57           627           57           627
    Other                                             1,453         1,685        5,342         6,700
                                                 -----------   -----------  -----------   -----------
    Total revenues                                   72,741        68,612      211,101       199,561
                                                 -----------   -----------  -----------   -----------

Expenses
    Compensation and benefits                        41,086        39,593      118,478       111,661
    Interest                                          8,032         7,515       24,236        21,987
    Communications                                    6,100         5,199       16,921        15,023
    Occupancy and equipment                           4,573         3,913       13,352        13,408
    Business development                              1,565         1,799        4,597         4,316
    Professional                                      1,423         1,430        4,618         4,020
    Brokerage, clearing and exchange                  1,195         1,085        3,534         3,129
    Provision for credit losses and
       asset devaluation                                191           708          509         1,224
    Other                                             2,677         1,761        7,618         7,095
                                                 -----------   -----------  -----------   -----------
     Total expenses                                  66,842        63,003      193,863       181,863
                                                 -----------   -----------  -----------   -----------
Income before taxes                                   5,899         5,609       17,238        17,698

Provision for income taxes                            2,536         2,524        7,412         7,964
                                                 -----------   -----------  -----------   -----------
Net income                                          $ 3,363       $ 3,085      $ 9,826       $ 9,734
                                                 ===========   ===========  ===========   ===========

Net income per common and common equivalent shares:
   Primary                                          $  0.38       $  0.35      $  1.12       $  1.11
   Assuming full dilution                           $  0.37       $  0.32      $  1.07       $  1.01

 Cash dividend per common share                     $  0.03       $     -      $  0.06       $     -

Average common and common equivalent shares outstanding:
   Primary                                            8,951         8,758        8,797         8,763
   Assuming full dilution                             9,052        10,275        9,454        10,287

<FN>
See Notes to Consolidated Financial Statements
                                                  4
</TABLE>

<PAGE>
<TABLE>
                                               The Advest Group,Inc.
                                   Condensed Consolidated Statements of Cash Flows
                                                   (Unaudited)
                                                                                Nine Months Ended June 30,
In thousands                                                                        1997          1996
-----------------------------------------------------------------------------------------------------------
<S>                                                                             <C>            <C>
OPERATING ACTIVITIES
Net income                                                                         $  9,826       $  9,734
   Adjustments to reconcile net income to net cash provided by operating activities:
        Depreciation and amortization                                                 5,907          5,864
        Provision for credit losses and asset devaluation                               509          1,224
        Gain on sale of investment advisory business                                    (57)          (627)
        Loss on retirement of debentures                                                608             -
        Deferred income taxes                                                            45          2,426
        Other                                                                           442         (1,735)
   (Increase) decrease in operating assets:
        Receivables from brokerage customers                                        (50,191)       (55,324)
        Securities borrowed                                                          19,711        (73,901)
        Receivables from brokers and dealers                                         (2,320)        (1,562)
        Trading securities                                                           (3,860)       (46,218)
        Cash and securities segregated under federal and other regulations                1         31,015
        Other                                                                        (2,107)         1,434
   Increase (decrease) in operating liabilities:
        Brokerage customers                                                          34,439        (23,757)
        Securities loaned                                                            (8,196)        59,284
        Brokers and dealers                                                          (1,846)        (6,197)
        Checks payable                                                                  440         13,685
        Other                                                                        (3,386)        33,539
                                                                                ------------   ------------
Net cash used for operating activities                                                  (35)       (51,116)
                                                                                ------------   ------------
FINANCING ACTIVITIES
     Net decrease in deposits                                                       (17,218)       (32,618)
     Proceeds from short-term borrowings                                             24,717             -
     Repayment of short-term borrowings                                             (17,766)        (5,208)
     Short-term brokerage borrowings, net                                             5,500         62,145
     Proceeds from long-term borrowings                                              37,750          4,250
     Repayment of long-term borrowings                                               (9,820)            -
     Retirement of debentures                                                       (20,545)            -
     Other                                                                             (909)          (942)
                                                                                ------------   ------------
Net cash provided by financing activities                                             1,709         27,627
                                                                                ------------   ------------
INVESTING ACTIVITIES
  Proceeds from (payments for):
      Sales of available for sale securities                                          3,818         19,080
      Maturities of available for sale securities                                     1,389          1,191
      Maturities of held to maturity securities                                      18,651         17,436
      Purchases of available for sale securities                                        (91)        (3,068)
      Purchases of held to maturity securities                                      (17,000)       (18,986)
      Sale of Investment advisory businesses, net                                       160            656
      Loans sold                                                                     20,694         45,637
      Sales of OREO, net                                                                716          3,395
      Principal collections on loans                                                 29,279         17,002
      Loans originated                                                              (55,270)       (41,758)
      Other                                                                          (7,362)        (5,714)
                                                                                ------------   ------------
Net cash (used for) provided by investing activities                                 (5,016)        34,871
                                                                                ------------   ------------
(Decrease) increase in cash and cash equivalents                                     (3,342)        11,382
Cash and cash equivalents at beginning of period                                     11,461          7,294
                                                                                ------------   ------------
Cash and cash equivalents at period end                                            $  8,119       $ 18,676
                                                                                ============   ============
Interest paid                                                                      $ 24,136       $ 21,310
Income taxes paid                                                                  $  5,554       $  7,243
Non-cash activities:
     Securities available for sale from held to maturity                           $     -        $  9,962
     Securitization of mortgages                                                   $  2,633       $ 17,398

<FN>
See Notes to Consolidated Financial Statements.
                                                          5
</TABLE>

<PAGE>
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                    (Unaudited)

1.  Financial Statements:
   	The consolidated financial statements include the accounts of The Advest 
Group, Inc. and all subsidiaries (collectively the "Company"). Principal
operating subsidiaries are Advest, Inc. ("Advest"), a broker-dealer and Advest
Bank and Trust (the "Bank"), a federal savings bank. The Company provides
diversified financial services including securities brokerage, trading,
investment banking, consumer lending, trust and asset management. 
   	The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and 
assumptions that affect the reported amounts of assets and liabilities and 
disclosure of contingent assets and liabilities at the date of the financial 
statements and the reported amounts of revenues and expenses during the 
reporting period. Actual results could differ from those estimates. Management 
believes that all adjustments (consisting of normal recurring accruals) 
necessary for a fair statement of the results of operations for the periods 
have been included. All material intercompany accounts and transactions have 
been eliminated. Certain fiscal 1996 amounts have been reclassified in the 
accompanying consolidated financial statements to provide comparability with 
the current year presentation. The results of operations for the interim 
periods are not necessarily indicative of the results for a full year.
   	The statements should be read in conjunction with the Notes to 
Consolidated Financial Statements and Management's Discussion and Analysis of 
Financial Condition and Results of Operations included in the Company's Annual 
Report for the year ended September 30, 1996, as filed with the Securities and 
Exchange Commission on Form 10-K.

2.  Summary of Significant Accounting Policies:

Derivatives
    Advest uses derivatives (exclusively exchange-traded options and financial 
futures contracts) solely to manage the risk associated with its municipal and 
corporate bond trading inventories. Derivative transactions are entered into 
when inventory levels exceed pre-determined thresholds specified in Advest's 
hedging policy, which was developed and is reviewed at least annually by the 
chief executive officer of the Company. Derivatives are considered off-balance 
sheet instruments because their notional amounts are not recorded on the 
balance sheet, however, the fair values of Advest's futures contracts, which 
are based on quoted market prices, are reflected in the consolidated balance 
sheet within trading securities and the changes therein are reflected in the 
operating activities section of the consolidated statement of cash flows. 
Futures contracts are marked to market daily. Unrealized gains and losses and 
realized gains and losses from the termination or sale of the futures contracts 
are reflected in revenue from principal transactions.
   	The Bank enters into interest rate swap and cap contracts as part of its 
interest rate risk management strategy. Such instruments are held for purposes 
other than trading. These swaps and caps are intended to maintain a targeted 
level of net interest margin between the return on the Bank's interest earning 
assets and the cost of funds. Interest rate swaps involve the exchange of fixed 
and floating rate interest payments based on an underlying notional amount. The 
Bank accrues interest expense based on a fixed contract rate and accrues 
interest income based on a floating rate, which floating rate is reset 
according to the contract index (usually tied to 3-month LIBOR), and settled 
quarterly. Interest rate cap contracts provide that, in exchange for the 
payment of an initial premium, the Bank will receive payments from the 
counterparty in the event that interest rates rise
			                                 			6
<PAGE>
above a predetermined level (the "strike rate"). The Bank amortizes the premium 
monthly over the term of the cap contract as interest expense, and accrues 
interest income when the reset of the contract rate (usually tied to 3-month 
LIBOR) exceeds the strike rate, settled quarterly.
   	Interest income and interest expense arising from interest rate swap and 
cap contracts are recorded as components of accrued interest in the 
consolidated balance sheet , as components of cash flows from operating 
activities in the consolidated statement of cash flows, and as components of 
interest expense in the consolidated statement of earnings. In the unlikely 
event of perceived inability of a counterparty to meet the terms of a contract, 
the Bank would record interest income on a cash basis. Unamortized premiums 
paid on cap contracts are recorded as a component of deposits in the 
consolidated balance sheet, with amortization of such premiums reflected as a 
component of cash flows from operating activities in the consolidated statement 
of cash flows and as a component of interest expense in the consolidated 
statement of earnings.

New Accounting Pronouncements
   	The Financial Accounting Standards Board ("FASB") has issued Statements 
of Financial Accounting Standards ("SFAS") 125, "Accounting for Transfers and 
Servicing for Financial Assets and Extinguishments of Liabilities" and SFAS 
127, "Deferral of the Effective Date of Certain Provisions of FASB Statement 
No. 125". As required, the Company adopted SFAS 125 as of January 1, 1997, 
which did not have a material impact on the Company's financial condition or 
results of operations. The Company will adopt SFAS 127 in its 1998 fiscal year, 
as required, and has not made a determination as to whether the implementation 
will have a material impact on the Company's financial condition or results of 
operations.
	   The FASB issued SFAS 128, "Earnings Per Share" and SFAS 129, "Disclosure 
of Information about Capital Structure" in February 1997. The Company will 
adopt these pronouncements in its 1998 fiscal year, as required. The 
implementation of SFAS 128 and SFAS 129 will not have a material impact on the 
Company's financial condition or results of operations.
	   The FASB issued SFAS 130, "Reporting Comprehensive Income" and SFAS 131, 
"Disclosures about Segments of an Enterprise and Related Information" in June
The Company will adopt these pronouncements in its 1999 fiscal year, as 
required. The Company is reviewing the provisions of both statements and has 
not yet been determined whether implementation of SFAS 130 and SFAS 131 will 
have a material impact on the Company's financial condition or results of 
operations.

3.  Capital and Regulatory Requirements:
   	Advest is subject to the net capital rule adopted and administered by the 
New York Stock Exchange, Inc. ("NYSE") and the Securities and Exchange 
Commission. Advest has elected to compute its net capital under the alternative 
method of the rule which requires the maintenance of minimum net capital equal 
to 2% of aggregate debit balances arising from customer transactions, as 
defined. The NYSE also may require a member firm to reduce its business if net 
capital is less than 4% of aggregate debit balances and may prohibit a member 
firm from expanding its business and declaring cash dividends if net capital is 
less than 5% of aggregate debit balances. At June 30, 1997, Advest's regulatory 
net capital of $52.1 million was 11.61% of aggregate debit balances and 
exceeded required net capital by $43.1 million.
   	Under state bank regulatory restrictions, the Bank is required to 
maintain a minimum level of capital and to limit annual dividends to the total 
of the current and prior two years retained net income. As a result of these 
restrictions, the Bank with an accumulated deficit at June 30, 1997 is 
prohibited from declaring dividends. At June 30, 1997, the Bank's leverage 

                                 						7
<PAGE>
capital, risk-based and Tier 1 capital ratios were 6.94%, 10.03% and 8.77%, 
respectively, which met all regulatory requirements.


Item 2.  Management's Discussion and Analysis of Financial Condition 
and Results of Operations

Overview
   	The Company provides diversified financial services including securities 
brokerage, trading, investment banking, consumer lending, trust and asset 
management. All aspects of the Company's business are highly competitive and 
regulated and impacted by a variety of factors outside of its control including 
the economy, interest rates, the political climate and investor sentiment. 
Consequently, revenues and operating results can vary significantly from one 
reporting period to the next.
	   The Company paid quarterly dividends of $.03 per share on April 15, 1997 
and July 15, 1997. Previously, the Company had not paid a dividend since 
December 1990. 
   	The Company reported net income of $3.4 million ($.38 per share) for its 
third quarter ending June 30, 1997 compared with net income of $3.1 million 
($.35 per share) a year ago, a 9% increase. Total revenues for the quarter 
increased 6% to a record high $72.7 million and total expenses increased 6% to 
$66.8 million. At June 30, 1997, book value per share was $11.58. 

Advest, Inc.
   	An equity market correction seemed imminent early in the June quarter as 
investors responded negatively to a 0.25% hike in the fed funds rate the last 
week of March. The markets rebounded several weeks into the quarter as investor 
sentiment shifted in the wake of good economic news and strong earnings reports 
of corporate issuers. The major equity indices achieved record highs during the 
quarter which also contributed to a late quarter underwriting surge.
	   Advest's pre-tax income was $6.3 million compared with $5.5 million last 
year, a 15% increase. Total revenues increased 8% to $67.8 million, a record 
high. Investment banking revenues were $9.3 million, a 26% year-to-year gain 
and the highest level in firm history. Corporate Finance completed five merger 
and acquisition transactions totaling more than $120 million and participated 
in four underwritings raising over $128 million for clients. Public Finance 
sole or co-managed 17 deals raising in excess of $2 billion. Asset management 
revenues increased 20% to $5.8 million, a record high for the ninth consecutive 
quarter.

Advest Bank and Trust
	   The Bank was profitable for a seventh consecutive quarter, remains in 
full compliance with all capital and regulatory requirements and is deemed a 
"well-capitalized" bank. The Bank posted pre-tax earnings of $.1 million for 
both the current and year earlier quarters. 
	   At June 30, 1997, the Bank's nonperforming assets ("NPAs") were $5.5 
million (2.5% of total bank assets) compared with $3.2 million (1.4% of total 
bank assets) a year ago. Total assets were $216.5 million, a decline of 8% from 
$235.3 million last year. Earning assets were 95.6% of total assets compared 
with 96.8% last year. 






                                  						8

<PAGE>
Results of Operations
                 Three Months Ended June 30, 1997 Versus
                    Three Months Ended June 30, 1996

   	Net revenues, total revenues less interest expense, were $64.7 million, 
an increase of $3.6 million (6%). Current and prior year revenues include $.1 
million and $.6 million of gains, respectively, from the fiscal 1995 sale of 
the Company's six taxable Advantage Family Funds which sales agreement called 
for additional payments contingent on net assets and future fund sales. Current 
quarter expenses, excluding interest, increased $3.3 million (6%) to $58.8 
million, primarily related to higher firm payroll and sales-related 
compensation at Advest. The effective tax rate was 43% in the current quarter 
compared with 45% last year. The lower rate is related to lower state tax 
obligations, primarily in Connecticut.
	   Agency commissions declined $.6 million (2%) to $29.7 million. A 22% 
year-to-year gain in June substantially offset declines in April and May, 
reflecting the quarter end rally in the equity markets. Commissions on over-
the-counter issues declined $1.0 million (16%) while listed securities 
increased $.5 million (5%) in the current quarter.
	   Investment banking revenues increased $1.9 million (26%), led by a $1.2 
million (107%) increase in merger and acquisition fees and a $.8 million (251%) 
increase in consulting and valuation fees. 
	   Revenue from principal transactions increased $1.6 million (17%) to $11.0 
million, primarily as a result of Nasdaq trading profits of $.2 million in the 
current quarter compared with a loss of $1.3 million last year. Trading profits 
for municipal and corporate bonds improved $.6 million and $.5 million, 
respectively. Commissions on equities declined $.8 million (16%) and 
commissions on debt securities declined $.2 million (4%). 
	   Asset management revenues increased $1.2 million (23%) to $6.5 million. 
Advest's income increased $1.0 million (20%) primarily as a result of a $.8 
million 26% increase in managed account fees. 
   	Net interest income increased 3% to $6.7 million. Advest's net interest 
gained $.5 million (10%), primarily due to increased margin debits and trading 
securities, partly offset by increased bank borrowing and reduced interest 
spreads. The Bank's net interest income declined $.3 million (15%) due 
primarily to a smaller asset base and a year-to-year increase in NPAs. In 
addition, the Bank's cost of funds is higher due to a declining deposit base 
with a concurrent trend towards higher cost deposits, such as CDs, as a well as 
increased advances from the Federal Home Loan Bank resulting from the lower 
deposit base. 
	   Other income declined $.2 million primarily due to lower Nasdaq execution 
fees resulting from SEC order entry rule changes implemented earlier this year 
and a decline in sales of residential mortgages at the Bank.
	   Compensation costs increased $1.5 million (4%) primarily due to higher 
general payroll and related taxes. Communications costs increased $.9 million 
(17%), primarily related to sales volume-driven increases in clearing costs and 
postage as well as higher service bureau, news service and other charges 
related to firm-wide technology and software upgrades. Occupancy and equipment 
costs increased $.7 million (17%) due to higher rent as well as increased 
depreciation and service agreement costs related to technology upgrades. The 
provision for credit losses and asset devaluation declined $.5 million (73%) 
primarily due to a $.4 million decline in provisions at the Bank. Other 
expenses increased $.9 million (52%) primarily as a result of increased 
computer software costs, licenses and fees, error account and settlement 
expenses at Advest and higher OREO costs at the Bank.


                                						9

<PAGE>

                   Nine Months Ended June 30, 1997 Versus
                      Nine Months Ended June 30, 1996

   	Net revenues increased $9.3 million (5%) to $186.9 million. Year-to-date 
asset management and net interest revenues are consistent with the June quarter 
analysis. Net expenses increased $9.8 million (6%) to $169.6 million. Year-to-
date compensation and communication costs and the provision for credit losses 
and asset devaluation are consistent with the June quarter discussion.
   	Agency commissions increased $3.8 million (4%), led by listed securities, 
up $2.4 million (6%), and over-the-counter commissions, up $1.1 million (7%). 
	   Revenue from principal transactions increased $2.0 million (7%) to $31.6 
million. Over-the-counter and corporate bond trading results improved from 
losses of $1.5 million and $.1 million, respectively, to profits of $.2 million 
and $1.2 million, respectively. Municipal trading profits increased $.5 million 
(38%). Trading gains were partly offset by a decline $1.4 million (9%) in bond 
commissions, reflective of the robust equity markets.
	   Investment banking revenues increased $.9 million (4%), as the 26% 
current quarter gain more than offset a decline through the first half of the 
fiscal year. Equity and unit trust underwriting commissions each increased $.8 
million, up 12% and 43%, respectively. Consulting and valuation fees increased 
$1.1 million (144%). Corporate finance underwriting fees declined $.6 million 
(21%) primarily as a result of a substantial conversion fee in the prior year. 
Prior year revenues also include a $1.1 million gain on the exercise of 
warrants. 
   	Other income decreased $1.4 million (20%) to $5.3 million primarily due 
to a $.9 million prior year gain on the sale of an equity investment held by 
Advest, lower Nasdaq execution fee income and decline in gains on sales of 
residential mortgages at the Bank.
   	Professional fees increased $.6 million (15%) due to increased personnel 
agency fees and consulting costs. Occupancy and equipment costs were 
substantially unchanged from 1996 to 1997, however, the 1996 period included a 
$1.0 million cost related to an early lease termination. Ongoing occupancy and 
equipment costs increased due to higher rent as well as increased depreciation 
and service agreement costs related to technology upgrades. Other expenses 
increased $.5 million primarily due to a $.6 million current year charge 
related to the retirement of the Company's convertible debentures.

                     Liquidity and Capital Resources
                     Nine Months Ended June 30, 1997

   	In December 1996, AGI issued $35 million 7.95% seven year senior notes in 
an unsecured private placement transaction with three institutional investors. 
In December 1996, the Company repaid its full outstanding indebtedness of $4.4 
million, including accrued interest and fees, under a loan from a third party 
bank. On January 30, 1997, the Company redeemed $20.3 million outstanding 
principal amount of its 9% convertible subordinated debentures due 2008. The 
redemption price was 101.2% of the par value of the debentures, together with 
accrued interest. A total of 18,716 shares was issued to debenture holders 
electing to convert $.3 million par value of debentures into the Company's 
common stock at the conversion price of $13.57. Cash was issued in lieu of 
fractional shares. The conversion of the debentures eliminates the potential 
dilution of the Company's common stock by 15%. 
	   During the March 1997 quarter, AGI loaned Advest $10.0 million at a rate 
of 8% per annum, utilizing proceeds of its $35.0 million subordinated 
borrowing. The loan is unsecured and subordinated to certain other corporate 
obligations. The purpose of the loan was to increase 

                                						10
<PAGE>
Advest's regulatory net capital. On April 1, 1997, Advest repaid in full an 
outstanding secured equipment note in the amount of $6.3 million to an 
unrelated third party lender. 
   	The Company paid quarterly dividends of $.03 per share on April 15, 1997 
and July 15, 1997. The total amount paid was $.6 million.
	   Advest's payables to brokerage customers increased $34.4 million (12%) 
and together with a $5.5 million (16%) increase in short-term borrowings and 
the $10 million subordinated loan from AGI financed the $50.1 million (14%) 
increase in margin debits.
   	There have been no other material changes to the Company's liquidity or 
capital resources since September 30, 1996. 


                          Part II. Other Information

Item 1.  Legal Proceedings

   	The Company has been named as defendant in a number of lawsuits arising 
principally from its securities and investment banking business. Some of these 
actions involve claims by plaintiffs for substantial amounts. While results of 
litigation cannot be predicted with certainty, in the opinion of management, 
based on discussion with counsel, the outcome of these matters will not result 
in a material adverse effect on the financial condition or future results of 
operations of the Company.

Item 2.  Changes in Securities

   	During the current quarter the Company assigned 4,618 shares of its 
common stock as compensation to employees under separate Employment Agreements. 

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

   	As described in the Company's Report on Form 10-Q for the quarter ended 
March 31, 1997, at the Company's Annual Meeting held on January 30, 1997, 
Sanford Cloud, Jr., Grant W. Kurtz, Barbara L. Pearce and Allen Weintraub were 
reelected as directors to serve for three year terms expiring in 2000. The 
following corrects the information as to continuing directors set out in that 
Form 10-Q. The terms of office of the following continuing directors expire in 
1998: George A. Boujoukos, William B. Ellis, Anthony A. LaCroix. The terms of 
office of the following continuing directors expire in 1999: Richard G. Dooley, 
Robert W. Fiondella and John A. Powers.

Item 6.  Exhibits and Reports on Form 8-K

   (a) Exhibits
       	Exhibit 11 -- Computation of Net Income Per Share
        Exhibit 27 -- Financial Data Schedule (Selected financial data - for 
           		EDGAR electronic filing only to SEC)
       	The interim financial information contained herein has been subjected to
            	a review by Coopers & Lybrand L.L.P., the registrant's Independent
           		Accountants, whose report is included on page 12 of this filing.

   (b) Reports on Form 8-K
       	None


                                   					11

<PAGE>

                      Report of Independent Accountants



To the Shareholders and Board of Directors of
  The Advest Group, Inc.:


We have reviewed the accompanying condensed consolidated balance sheet of The 
Advest Group, Inc. and subsidiaries as of June 30, 1997, and the related 
condensed consolidated statements of earnings for the three-month and nine-
month periods ended June 30, 1997 and 1996, and cash flows for the nine-month 
periods ended June 30, 1997 and 1996. These financial statements are the 
responsibility of the Company's management.

We conducted our review in accordance with Statements on Standards for 
Accounting and Review Services issued 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 
inquires 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.

We have previously audited, in accordance with generally accepted auditing 
standards, the consolidated balance sheet as of September 30, 1996, and the 
related statements of earnings, changes in shareholders' equity and cash flows 
for the year then ended (not presented herein), and in our report, dated 
October 23, 1996, we expressed an unqualified opinion on those consolidated 
financial statements. In our opinion, the information set forth in the 
accompanying balance sheet as of September 30, 1996, is fairly stated, in all 
material respects, in relation to the balance sheet from which it has been 
derived.


COOPERS & LYBRAND L.L.P.




Hartford, Connecticut
July 16, 1997









                                  						12

<PAGE>

                                    Signatures


   	Pursuant to the requirements of the Securities and Exchange Act of 1934, 
the registrant duly caused this report to be signed on its behalf by the 
thereunto duly authorized.



                           								   The Advest Group, Inc.   
									                                   Registrant




Date   August 8, 1997         				     /s/ Allen Weintraub             
							                                  Allen Weintraub,
						                             	 Chairman of the Board and
							                               Chief Executive Officer



Date   August 8, 1997        				     /s/ Martin M. Lilienthal       
							                                 Martin M. Lilienthal,
					                             		  Senior Vice President and
 						                            	   Chief Financial Officer





























                                   				13

<PAGE>


                                 Exhibit Index


 Exhibit  	Description 						                                  	Page

    11    	Computation of Net Income Per Share	              			15-16

    27    	Financial Data Schedule (Selected financial data
        		 - for EDGAR electronic transmission only for SEC.)  	  17













































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