Exhibit 23.b

                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

     As independent public  accountants,  we hereby consent to the incorporation
by  reference  in  this  Post-Effective  Amendment  No.  1 to  the  Registration
Statement on Form S-8 concerning  680,000 limited  partnership  interests of The
Jones  Financial  Companies,  L.L.L.P.  ("JFC") of our report dated February 20,
1998,  included in the Form 10-K of JFC for the year ended December 31, 1997 and
to the  incorporation by reference of all references to our firm included in the
Registration Statement.


                                 /s/   Arthur Andersen LLP

                                 ARTHUR ANDERSEN LLP


St. Louis, Missouri
May 8, 1998