Raymond James announced a significant expansion of its Financial Institutions Division with the addition of Bank Midwest’s investment program, bringing approximately $692 million in client assets under the Raymond James umbrella. As part of the transition, Bank Midwest’s Midwest Wealth Management unit will rebrand as Midwest Wealth Group and begin offering clients a full suite of wealth management services through Raymond James Financial Services.
The Spirit Lake, Iowa-based team includes six financial advisors, seven branch professionals, and one program manager. This new relationship is positioned to enhance the bank’s ability to compete with larger national firms by providing access to advisor-centric technology, deeper resources, and a broader base of financial services offerings.
The companies said the alignment is designed to strengthen client service capabilities by equipping advisors with expanded digital tools, scale advantages, and dedicated support. Leadership from both organizations highlighted the strategic importance of the relationship, pointing to improved efficiency, enhanced client experience, and long-term growth opportunities as primary motivators.
Raymond James noted that its Financial Institutions Division, launched in 1987, was created to offer banks and credit unions a more flexible alternative to traditional third-party investment providers. The firm currently supports a broad range of financial institutions with services including investment banking, public finance, research, self-clearing capabilities, and wealth management.
Bank Midwest, an employee-owned institution spanning 11 locations across Iowa, Minnesota, and South Dakota with more than $1.3 billion in assets, said the partnership reinforces its ongoing commitment to provide personalized and local financial guidance backed by sophisticated tools and national scale.
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“FID was built to meet the unique needs of financial institutions like Bank Midwest – those that value collaboration and innovation while maintaining a culture centered on clients.”
“Through Raymond James, Midwest Wealth Group will have access to broad resources and an advisor-centric technology suite designed to enhance productivity and elevate the client experience.”
Stephen Kruchten, President, Financial Institutions Division, Raymond James
“By aligning with Raymond James, Midwest Wealth Group will gain the scale, digital tools and expertise to serve clients effectively.”
“With a comprehensive suite of technology, resources and dedicated support built for bank investment programs, advisors can devote more time to clients and operate with greater efficiency – strengthening relationships and fueling long term growth.”
Jon DeMayo, Vice President of Business Development, Financial Institutions Division, Raymond James
“Transitioning to Raymond James represents a significant milestone for Bank Midwest as we continue to expand and enhance the wealth management services offered to our clients.”
“Its commitment to client centric solutions and innovative tools aligns perfectly with our mission to deliver personalized, trustworthy and local financial guidance.”
Luke Donnenwerth, President, Bank Midwest
“We are excited about this new relationship with Raymond James and the opportunities it brings to enhance the services we provide to our clients.”
“Access to Raymond James’ resources and technology will allow our team to deliver a more comprehensive and personalized wealth management experience, supporting our commitment to client success and long term growth.”
Brittany Koch, Vice President, Midwest Wealth Management
