Exhibit 23.1
                                                                    ------------

                        Consent of Independent Auditors

We consent to the  reference to our firm under the caption  "Experts" and to the
use of our report dated February 9, 2001, in Amendment No. 1 to the Registration
Statement (Form S-2/A No. 333-63188) and related Prospectus of The Morgan Group,
Inc. for the  registration  of 1,248,157  shares of its Class A common stock and
2,200,000  shares  of its  Class B  common  stock  and to the  incorporation  by
reference  therein of our report  dated  February 9, 2001,  with  respect to the
consolidated  financial  statements  and  schedule  of The  Morgan  Group,  Inc.
included in its Annual Report (Form 10-K) for the year ended  December 31, 2000,
filed with the Securities and Exchange Commission.




                                                /s/ Ernst & Young LLP
                                                Ernst & Young LLP


Greensboro, North Carolina
June 13, 2001