CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

As independent  public  accountants,  we hereby consent to the  incorporation by
reference of our report dated  February 5, 1996 in his Form 10-K into the Morgan
Group, Inc.'s previously filed Registration Statements on Form S-8 (Registration
Nos.  33-72996,  33-72998).  It should  be noted  that we have not  audited  any
financial statements of The Morgan Group, Inc. subsequent to December 31, 195 or
performed any audit procedures subsequent to the date of our report.


                                             ARTHUR ANDERSEN LLP

Chicago, Illinois
March 27, 1997