Raymond James Financial announced a new $692 million investment program with employee‑owned Bank Midwest, adding a sizable amount of client assets to the firm’s portfolio and extending its presence in the Midwest banking sector.
The program brings Bank Midwest’s assets—over $1.3 billion—into Raymond James’ client‑assets pool, which stood at approximately $1.75 trillion as of October 31, 2025. Bank Midwest operates 11 branches across Iowa, Minnesota and South Dakota and will be supported by a team of six financial advisors, seven branch professionals and a dedicated program manager.
Raymond James’ fiscal‑year 2025 revenue reached $15.912 billion, up 6.63% from the $14.923 billion reported in 2024. The Private Client Group, the firm’s largest revenue generator, delivered $9.46 billion in the last year, a rise from $8.65 billion the year before, underscoring the company’s continued growth in high‑margin advisory services.
The partnership aligns with Raymond James’ long‑standing strategy of expanding through targeted alliances. By partnering with Bank Midwest, the firm can leverage its Financial Institutions Division—established in 1987—to provide advanced wealth‑management technology and advisory resources to a regional bank that seeks to broaden its service offering without building those capabilities in‑house.
Stephen Kruchten, president of Raymond James’ Financial Institutions Division, said the program “was built to meet the unique needs of banks like Bank Midwest, giving them access to a broad suite of resources and technology that enhances productivity and client experience.” Luke Donnenwerth, president of Bank Midwest, added that the partnership “is a significant milestone that will elevate the wealth‑management services available to our clients.”
The $692 million program not only adds a substantial asset base to Raymond James but also reinforces its diversified client‑first model, positioning the firm for continued growth in the competitive wealth‑management landscape.
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