EXHIBIT 23.1


            CONSENT OF REGISTERED INDEPENDENT PUBLIC ACCOUNTING FIRM

         We consent to the reference to our firm under the caption "Experts" in
         the Registration Statement (Form S-4) and related Prospectus of
         Wintrust Financial Corporation for the registration of 657,000 shares
         of its common stock and to the incorporation by reference therein of
         our report dated February 13, 2004, with respect to the consolidated
         financial statements of Wintrust Financial Corporation included in its
         Annual Report (Form 10-K) for the year ended December 31, 2003, filed
         with the Securities and Exchange Commission.


                                             /s/Ernst & Young LLP


         July 29, 2004
         Chicago, Illinois