Bank Midwest expanding wealth management program

Spirit Lake, Iowa-based Bank Midwest is expanding its investment services program by offering wealth management services via Raymond James Financial Institutions Division..The program will rebrand to Midwest Wealth Group from Midwest Wealth Management. The group, which oversees nearly $700 million in client assets, includes a half-dozen financial advisers, seven branch employees and a program manager. Bank Midwest President Luke Donnenwerth said the transition marks a significant step in expanding the bank’s wealth management capabilities. “Its commitment to client-centric solutions and innovative tools aligns perfectly with our mission,” he said.Raymond James executives said the move will give Bank Midwest’s wealth program greater scale and improved digital tools. “Advisors can devote more time to clients and operate with greater efficiency,” said Vice President of Business Development Jon DeMayo.Bank Midwest, an employee-owned institution with more than $1.3 billion in assets, operates nearly a dozen branches in Iowa, Minnesota and South Dakota.Founded in 1987, Raymond James’ Financial Institutions Division oversees $1.75 trillion in client assets and offers brokerage, advisory and wealth management services to banks and credit unions.