Consent of Independent Auditors

We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-3) and related Prospectus of Liberty Financial
Companies, Inc. and to the incorporation by reference therein of our report
dated February 3, 1998, with respect to the 1996 and 1997 consolidated financial
statements of Liberty Financial Companies, Inc. incorporated by reference in its
Annual Report (Form 10-K) for the year ended December 31, 1997 and the related
schedules included therein, filed with the Securities and Exchange Commission.


                                                          /s/ Ernst & Young LLP

                                                          Ernst & Young LLP


Boston, Massachusetts
September 11, 1998