Raymond James to Welcome New $692 Million Program with Bank Midwest

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Financial Institutions Division financial

A financial institutions division is the part of a company that designs and sells products or services specifically to banks, insurers, asset managers and other finance firms. Think of it as a specialized shop inside a larger business that focuses on serving other financial companies rather than general consumers; its performance matters to investors because it can be a steady revenue source, concentrate client or regulatory risk, and signal how well the firm competes in the financial sector.

wealth management financial

Wealth management is a professional service that helps people organize, grow and protect their money by combining investment advice with tax planning, retirement preparation and long-range financial planning into a single, ongoing strategy. Think of it as a personal financial coach and project manager who coordinates specialists and choices to meet life goals. For investors, it matters because it aligns investments with objectives, manages risk and seeks better after-tax outcomes over time.

12/11/2025 - 10:51 AM

ST. PETERSBURG, Fla.--(BUSINESS WIRE)-- Raymond James announced today that Bank Midwest has selected its Financial Institutions Division (FID) to support the bank’s investment program, Midwest Wealth Management (MWM), according to Stephen Kruchten, president of FID. Through this new alignment, MWM will rebrand as Midwest Wealth Group (MWG) and provide clients with wealth management services through Raymond James Financial Services.

Based in Spirit Lake, Iowa, the team includes six financial advisors, seven branch professionals and one program manager, collectively overseeing approximately $692 million in client assets.

“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,” said Kruchten. “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.”

“By aligning with Raymond James, Midwest Wealth Group will gain the scale, digital tools and expertise to serve clients effectively,” said Jon DeMayo, vice president of business development at FID. “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.”

“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. “Its commitment to client-centric solutions and innovative tools aligns perfectly with our mission to deliver personalized, trustworthy and local financial guidance.”

“We are excited about this new relationship with Raymond James and the opportunities it brings to enhance the services we provide to our clients,” said Brittany Koch, vice president of MWM. “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.”

About the Financial Institutions Division

The Financial Institutions Division was established by Raymond James in 1987 to provide banks and credit unions with an alternative to traditional third-party investment providers. Raymond James provides full-service securities brokerage and advisory services to financial institutions seeking to compete with the largest banks and securities firms in the country. In addition to a full complement of investment products and services, Raymond James has the ability to deliver investment banking, public finance, research, self-clearing capabilities and wealth management services to both individuals and institutions.

About Raymond James Financial Services

Raymond James Financial Services, Inc. (RJFS), member FINRA/SIPC, is a financial services firm supporting independent financial advisors nationwide. Since 1974, RJFS provides a wide range of investment and wealth planning-related services through its affiliate, Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Both firms are wholly owned subsidiaries of Raymond James Financial, Inc. (NYSE-RJF), one of the nation’s premier diversified financial services companies with financial advisors throughout the United States, Canada and overseas. Total client assets are approximately $1.75 trillion as of Oct. 31, 2025. Additional information is available at raymondjames.com.

About Bank Midwest

Bank Midwest is an employee-owned financial institution with 11 locations across Iowa, Minnesota, and South Dakota. With assets exceeding $1.3 billion, the bank offers a full suite of financial solutions, including loans, FDIC-insured deposit accounts, insurance, investment, and trust services.

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, and are not insured by bank insurance, the FDIC or any other government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including the possible loss of principal. Bank Midwest, Midwest Wealth Management and Midwest Wealth Group are not registered broker/dealers and are independent of Raymond James Financial Services. Investment advisory services offered through Raymond James Financial Services Advisors, Inc.