1 EXHIBIT D

   1
                                   EXHIBIT D

                             JOINT FILING AGREEMENT


         In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf
of each of them of a Schedule 13D (and any further amendment filed by them)
with respect to the shares of Common Stock, $0.001 par value per share, of MS
Financial, Inc., a Delaware corporation.

Dated:   February 11, 1997.

                                        
                                   SEARCH CAPITAL GROUP, INC.                  
                                                                               
                                                                               
                                   By: /s/  Xxxxxx X. Xxxxx                 
                                      -----------------------------------------
                                            Xxxxxx X. Xxxxx                    
                                            Chairman of the Board, President   
                                            and Chief Executive Officer        
                                                                               
                                                                               
                                   SEARCH CAPITAL ACQUISITION CORP.            
                                                                               
                                                                               
                                   By: /s/  Xxxxx X. Xxxxxxxxxx             
                                      -----------------------------------------
                                            Xxxxx X. Xxxxxxxxxx                
                                            Executive Vice President           
                                                                               
                                                                               
                                                                               
                                       /s/  Xxxxxx X. Xxxx                
                                   --------------------------------------------
                                            Xxxxxx X. Xxxx                     





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