CERTIFICATION


     In connection with the quarterly report on Form 10-Q of Investors Capital
Holdings, Ltd. (the "Company") for the period ended December 31, 2003 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
the undersigned, Timothy B. Murphy, Chief Financial Officer of the Company,
hereby certifies, pursuant to 18 U.S.C. Section 1350, that:

     (2)  the Report fully complies with the requirements of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     (2)  the information contained in the Report fairly presents, in all
          material respects, the financial condition and results of operations
          of the Company.





Date:    November 17, 2003                    By:  /s/ Timothy B. Murphy

                                                       Timothy B. Murphy
                                                       Chief Financial Officer

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