Exhibit 23.1


CONSENT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors
Liberty Financial Companies, Inc.

We consent to the  incorporation by reference in the  registration  statement on
Form S-8 of Liberty  Financial  Companies,  Inc.,  pertaining to its Amended and
Restated  1995 Stock  Incentive  Plan,  of our report  dated  February 16, 1996,
relating to the consolidated balance sheet of Liberty Financial Companies,  Inc.
and subsidiaries as of December 31, 1995 and the related consolidated statements
of  income,  stockholders'  equity  and cash  flows for each of the years in the
two-year period ended December 31, 1995 which report appears in the December 31,
1995 annual report on Form 10-K of Liberty Financial Companies, Inc.


                                    KPMG Peat Marwick LLP


Boston, Massachusetts
May 29, 1997