Exhibit 23.1

                          CONSENT OF ERNST & YOUNG LLP

We consent to the reference to our firm under the caption "Experts" in Amendment
No. 1 to the Registration Statement (Form S-4 No. 333-109951) and related
Prospectus of Wintrust Financial Corporation for the registration of 360,000
shares of its common stock and to the incorporation by reference therein of our
report dated March 7, 2003, with respect to the consolidated financial
statements of Wintrust Financial Corporation incorporated by reference in its
Annual Report on Form 10-K for the year ended December 31, 2002, filed with the
Securities and Exchange Commission.


/s/ Ernst & Young LLP

Chicago, Illinois
November 4, 2003