The First National Bank of Bemidji has chosen Raymond James as the third-party marketer for its wealth management group.
The bank has recently begun to focus on ways to grow its program more aggressively by adding both clients and advisors, said Tom Welle, president and chairman of the bank, in a press release. And Raymond James offers the types of financial planning, estate planning and trust services that can help the bank achieve those goals, he said. In addition, he said the bank was "impressed by the firm’s technology, particularly its client-facing technology, which appears to be far superior to our previous third-party marketer."
The community bank had been affiliated with Fintegra since 1993.
Raymond James' John Houston, managing director of the financial institutions division, said that the bank's commitment to clients makes it a good cultural fit with the brokerage.
First National Bank of Bemidji, which opened in the late 1800s, has about $642 million in assets. The Welle family has owned and managed bank since 1945.
The Financial Institutions Division of Raymond James provides investment services for banks and credit unions.