Exhibit 23.



                         Consent of Independent Auditors


We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33-72996)  pertaining to The Morgan Group, Inc. Incentive Stock Plan, in
the  Registration  Statement  (Form S-2 No.  333-63188) for the  registration of
1,248,157 shares of its Class A common stock, and in the Registration  Statement
(Form S-8 No.  33-72998)  pertaining  to The Morgan  Group,  Inc.  401(k) Profit
Sharing  Plan of our report  dated  February  22,  2002 except for Note 2, as to
which the date is March 29,  2002,  with respect to the  consolidated  financial
statements and schedule of The Morgan Group,  Inc. included in the Annual Report
(Form 10-K) for the year ended December 31, 2001.


                                                        /s/ Ernst & Young LLP

Indianapolis, Indiana
March 29, 2002