Exhibit 23.1

                          CONSENT OF ERNST & YOUNG LLP

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 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
October 21, 2003