Advisor moves: BofA bags $5B Citi advisor as Raymond James announces Janney hire

The war for advisor talent has taken new turns in the East Coast, with Bank of America and Raymond James both welcoming veteran professionals from rival firms.

Bank of America Private Bank announced that Nicole Nunag has joined its New York City office as a managing director and private client advisor.

Nunag brings nearly 30 years of experience serving ultra-high-net-worth individuals, families, and institutions. She will focus on providing investment services, strategic philanthropy, family office solutions, credit strategies, and wealth planning.

Nunag most recently worked at Citi Private Bank and began her private banking career at JPMorgan Private Bank. Over the course of her career, she has worked with clients in sectors including financial sponsors, real estate development, art collection, and nonprofit endowments.

“Nicole’s depth of experience and commitment to serving clients will strengthen our ability to serve ultra-high-net-worth families,” said Emily Dreas, New York City senior market executive at Bank of America Private Bank.

A native New Yorker, Nunag is active with several arts and cultural organizations, including the New Museum, Carnegie Hill Neighbors, and Central Park Conservancy.

Bank of America Private Bank operates with more than 4,000 professionals across 100 offices in 45 US markets, managing $674 billion in client balances as of December 31.

Some of its most notable moves last year include adding another multibillion-dollar Citi advisor in Georgia, and an elite advisor duo, also from Citi, who reportedly managed $7 billion in client balances in Palm Beach, Florida.

In the first quarter of 2025, Bank of America Private Bank reported $671 billion in client balances, with $400 billion in AUM balances and around 280 net new relationships of at least $3 million.

Separately, Raymond James Financial Services announced that Jeff Purdon has joined its independent advisor channel in Atlanta, Georgia. Purdon moves to Raymond James from Janney Montgomery Scott, where he previously managed approximately $110 million in client assets.

Purdon, who has worked in financial services for more than three decades, specializes in holistic wealth management, often collaborating with attorneys and accountants to create comprehensive financial plans. He also spent nearly 10 years in strategic planning roles at Unum Corporation and Bank of America earlier in his career.

“The majority of those I serve are second, third or even fourth generation clients, so the firm’s specialty offerings within longevity planning are a game-changer for their long-term plans,” Purdon said in a statement on Thursday.

He added, “The emphasis on succession planning and freedom to choose my own successor will help ensure my clients can continue to be well-served for generations to come.”

Before Prudon, Raymond James recently brought on a pair of experienced Edward Jones advisors and another seasoned financial professional from Morgan Stanley who joined Raymond James's employee advisor unit.