Raymond James is scaling its fintech and wealth management footprint with a new partnership, signaling continued momentum in its Financial Institutions Division.
According to a press release, Bank Midwest has selected Raymond James’ Financial Institutions Division (FID) to support its investment program, transitioning approximately $692 million in client assets to Raymond James Financial Services. As part of the move, Bank Midwest’s wealth management unit will rebrand as Midwest Wealth Group.
The Spirit Lake, Iowa–based team includes six financial advisors, seven branch professionals, and one program manager, per the press release. The partnership represents another step in Raymond James’ national expansion strategy, particularly as financial institutions seek technology-forward alternatives to traditional third-party investment providers.
Stephen Kruchten, president of Raymond James’ Financial Institutions Division (FID), said the division was designed to meet the evolving needs of banks.
“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,” Kruchten said, according to the press release.
Raymond James Centers
Through the partnership, Midwest Wealth Group will gain access to Raymond James’ advisor-centric technology and operational infrastructure.
Kruchten emphasized the role of technology in driving both efficiency and experience, stating, “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.”
As digital tools continue reshaping how advisors serve clients, the investment firm has positioned its platform to enable advisors to focus more deeply on relationships. Jon DeMayo, vice president of business development at FID, highlighted the strategic value of the alignment.
“By aligning with Raymond James, Midwest Wealth Group will gain the scale, digital tools, and expertise to serve clients effectively,” DeMayo said. “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.”
A Milestone Moment
For Bank Midwest, the transition marks a significant expansion of its wealth management capabilities.
“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,” said Luke Donnenwerth, president of Bank Midwest, per the press release. He added that Raymond James’ “commitment to client-centric solutions and innovative tools aligns perfectly with our mission to deliver personalized, trustworthy, and local financial guidance.”
