Raymond James Adds $692M Bank Program  

Raymond James has added a bank-based wealth management team, which manages about $692 million. 

Bank Midwest’s investment program has selected the Financial Institutions Division to support its wealth management program, named Midwest Wealth Management. 

Spirit Lake, IA–based Midwest Wealth Management includes six financial advisors, seven branch professionals, and one program manager.  

As part of the addition, Midwest Wealth Management will rebrand as Midwest Wealth Group and provide wealth management services through Raymond James Financial Services. 

“By aligning with Raymond James, Midwest Wealth Group will gain the scale, digital tools and expertise to serve clients effectively,” Jon DeMayo, VP of business development at Financial Institutions Division. “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.” 

Bank West, which is an employee-owned firm, is led by president Luke Donnenwerth and has 11 locations across Iowa, Minnesota, and South Dakota, overseeing more than $1.3 billion in assets. 

Recently, Raymond James Limited, the Canadian branch of Raymond James Financial, launched its Canadian Alts Desk, a new platform designed to support the rising demand for alternative equity strategies in Canada.  

The initiative marks a significant expansion of the firm’s institutional equity capabilities as more asset managers incorporate hedge fund, liquid alternative, and nontraditional strategies into their portfolios.