Exhibit 99.2
                                                                    ------------

                      LETTER FROM BROKERS OR OTHER NOMINEES
                              TO BENEFICIAL OWNERS

                 UP TO 1,248,157 SHARES OF CLASS A COMMON STOCK
                   OFFERED PURSUANT TO WARRANTS DISTRIBUTED TO
                     STOCKHOLDERS OF THE MORGAN GROUP, INC.

To Our Clients:

         Enclosed for your consideration is a Prospectus, dated _________, 2001,
relating  to the offer by The Morgan  Group,  Inc.(the  "Company")  of shares of
Class A Common Stock, $.015 par value (the "Class A Common Stock"),  pursuant to
warrants (the "Warrants") distributed to holders of record ("Record Holders") of
shares of the  Company's  Class A Common  Stock as of the close of  business  on
___________,  2001 (the  "Record  Date").  The  Warrants  are  described  in the
Prospectus and are evidenced by a Warrant Certificate registered in our name and
held for your account.

         As described in the  Prospectus,  you will receive one Warrant for each
share of Class A Common  Stock held by us in your account as of the Record Date.
You are  entitled to purchase one (1) share of the Class A Common Stock for each
Warrant  granted to you at the exercise  price of $9.00 per share (the  "Warrant
Exercise Price").  The Warrant Exercise price will be reduced to $6.00 per share
during a reduction  period of at least 30 days to be set by the Company's  Board
of Directors.

         THE  MATERIALS  ENCLOSED ARE BEING  FORWARDED TO YOU AS THE  BENEFICIAL
OWNER OF THE SHARES OF CLASS A COMMON  STOCK HELD BY US IN YOUR  ACCOUNT BUT NOT
REGISTERED IN YOUR NAME.  ANY EXERCISE OF THE WARRANTS MAY ONLY BE MADE BY US AS
THE RECORD  HOLDER AND PURSUANT TO YOUR  INSTRUCTIONS.  Accordingly,  we request
instructions  as to whether you wish us to elect to exercise  your  warrants and
purchase any shares of Class A Common Stock pursuant to the terms and subject to
the conditions  set forth in the enclosed  Prospectus.  However,  we urge you to
read these documents carefully before instructing us to exercise any Warrants.

         The Warrants cannot be sold.

         The  Warrants  will  expire  at 5:00  p.m.,  New  York  City  Time,  on
____________,  2006,  unless extended by the Company.  Once you have exercised a
Warrant, such exercise may not be revoked.

         If you wish to have  us,  on your  behalf,  exercise  Warrants  for any
shares of the Class A Common Stock to which you are entitled, please so instruct
us by  completing,  executing  and returning to us the  instruction  form on the
accompanying this letter.


         ANY QUESTIONS OR REQUESTS FOR ASSISTANCE CONCERNING THE OFFERING SHOULD
BE DIRECTED TO AMERICAN STOCK TRANSFER & TRUST COMPANY, THE TRANSFER AGENT, TOLL
FREE AT (800) 777-0800.