EXHIBIT 23.2

                         CONSENT OF HOVDE FINANCIAL LLC


We hereby consent to the inclusion of our opinion letter dated November 16, 2004
to the Board of Directors of First Northwest Bancorp, Inc. as Annex D to the
Proxy Statement-Prospectus which forms a part of the Registration Statement on
Form S-4 of Wintrust Financial Corporation and to the references to our name and
to the description of such opinion letter contained in the Proxy
Statement-Prospectus under the captions "Summary--Fairness Opinion of First
Northwest's Financial Advisor," "Description of the Merger--Background of the
Merger," and "Description of the Merger--Fairness Opinion of First Northwest's
Financial Advisor." By giving such consent, we do not thereby admit that we are
experts with respect to any part of such Registration Statement within the
meaning of the term "expert" as used in, or that would come within the category
of persons whose consent is required under, the Securities Act of 1933, as
amended, or the rules and regulations of the Securities and Exchange Commission
promulgated thereunder.


                                                     /s/ Hovde Financial LLC
                                                     ---------------------------
                                                     HOVDE FINANCIAL LLC



Washington, D.C.
January 20, 2005