David A. Noyes adds wirehouse advisers to its lineup

The consolidation and regulatory changes facing the wirehouse brokerage industry is proving to be a bonanza for David A. Noyes & Co., an advisory firm that recently added six veteran financial advisers to its ranks. The firm, which has $2.8 billion under management and employs 85 financial advisers, has hired 12 advisers in the past nine months. “We’re focusing on recruiting people who don’t want to deal with the aggravation that comes with working for a big wirehouse firm,” said Mario Bernardi, the chief operating officer. “I think a lot of advisers right now are looking to work for boutique firms where they can specialize in client services.” The most recent hires were Marci Arnheim from Morgan Stanley Smith Barney; Constance Etter and Robert Runnfeldt from UBS AG; John Majcher from First Trust Portfolios LP; Carla Voss Genelly from Nations Financial Group; and Shawn Woodward from Merrill Lynch & Co. Inc. The recruiting effort is focused on advisers with at least five years of experience, Mr. Bernardi said. “We don’t train anybody,” he said. David A. Noyes is a full-service investment firm founded in 1910.