Exhibit 23.2


                    Consent of Independent Auditors


We consent to the  incorporation by reference in the  Registration  Statement on
Form S-8  pertaining  to the  Liberty  Financial  Companies,  Inc.  Amended  and
Restated  1995 Stock  Incentive  Plan of our report dated  February 5, 1997 with
respect to the 1996 consolidated financial statements  incorporated by reference
in the Annual Report (Form 10-K) of Liberty  Financial  Companies,  Inc. for the
year ended  December  31, 1996 and the  related  financial  statement  schedules
included therein, filed with the Securities and Exchange Commission.



                                          Ernst & Young LLP

Boston, Massachusetts
May 29, 1997