As a result of the move, the investment program of the bank will be rebranded as Midwest Wealth Group.

Bank Midwest has chosen the financial institutions division (FID) of Raymond James to support its investment program, Midwest Wealth Management (MWM).

Under the realignment, MWM will rebrand as Midwest Wealth Group, providing services via Raymond James Financial Services, Raymond James said in a statement. 

The MWM business is 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.

Raymond James’ Financial Institutions Division was set up in 1987 to provide banks and credit unions with an alternative to traditional third-party investment providers. 

At the end of October, Raymond James said total client assets stood at $1.75 trillion.