Park Avenue Securities is a dually registered broker-dealer and investment advisory firm with billions of dollars in client assets under management (AUM). The firm has over 1,900 affiliated financial advisors who utilize its services. This differs from a typical financial advisory firm that has its own set of on-staff advisors. Here, advisors use Park Avenue's offerings within their independent practices. The firm's website features a page that can help you locate Park Avenue-affiliated advisors in your area.
Through its affiliated advisors, Park Avenue works with tens of thousands of individual clients. Institutional clients of the firm include retirement plans, charitable organizations, insurance companies and businesses. Located in New York City, this fee-based firm provides a number of investment advisory programs that these clients can take advantage of.
Park Avenue Securities Background
Park Avenue Securities was founded in 1999 and firm registered with the U.S. Securities and Exchange Commission (SEC) as a investment advisor in 2000. Today, the firm exists as a wholly owned subsidiary of The Guardian Life Insurance Company of America, a life insurance and annuity company.
Park Avenue Securities Client Types and Minimum Account Sizes
Park Avenue Securities offers investment advisory services to both non-high-net-worth and high-net-worth individuals, pension and profit-sharing plans, charitable organizations, insurance businesses and companies.
Park Avenue Securities imposes different initial investment requirements that depend on the program you're subscribed to. Here's a breakdown:
- Park Avenue Portfolio Select: Closed to new investors, but $10,000
- Signature Portfolio: $10,000
- VestWise: $5,000
- Park Avenue UMA Select: $10,000
- Park Avenue SMA Select: Varies on an advisor-to-advisor basis
- Strategist Select and Strategist Select Plus: $10,000
- Foundations/Quantitative Innovations: $10,000
Services Offered by Park Avenue Securities
Park Avenue Securities offers both its proprietary investment programs and third-party investment programs. Investment advisory representatives (IARs) of the firm manage these programs on behalf of clients. Depending on the IAR you work with, you may also have access to financial planning and consulting services. These may include guidance around retirement planning, such as individual retirement accounts (IRAs), as well as education funding through 529 plans and other investments.
The firm also offers access to VestWise, an automated investment advisory program.
Park Avenue Securities Investment Philosophy
Park Avenue Securities and its IARs don’t put many restrictions, if at all, on the types of securities it considers. Generally, your account may invest in mutual funds, ETFs, closed-end funds, separately managed accounts (SMAs), individual stocks and bonds and more. Investments can be both long-term (held for a year or longer) or short-term (held for less than a year) in nature, depending on market conditions and your needs.
Your advisor will analyze your situation, taking into account factors such as your risk tolerance, time horizon and financial goals, before making recommendations. As your financial objectives change, though, your advisor will amend your portfolio to reflect them.
Fees Under Park Avenue Securities
Park Avenue Securities charges fees that vary by program and are typically based on a percentage of assets, sometimes combined with additional costs.
In its wrap fee programs (such as Signature Portfolio), clients pay a bundled "Total Client Fee" that includes both advisory and platform fees. This fee is tiered based on account size and can reach approximately 1.90% to 2.05% for smaller accounts, declining as assets increase. This all-in fee generally covers investment management, trading, and custody services, though underlying investment expenses (like mutual fund fees) still apply.
In contrast, the Park Avenue Portfolio Select program uses an unbundled structure. Clients pay a negotiable asset-based advisory fee, but also incur separate transaction, trading, and execution costs in addition to that fee, which can increase total expenses depending on account activity.
Other services have their own fee ranges. Third-party advisory programs typically charge 0.50% to 1.75%, while retirement plan consulting and related services generally range from 0.10% to 1.00%, and participant-level advice may be 0% to 0.50%. Financial planning and consulting services are usually separate, with hourly fees of $100 to $500 or flat fees ranging from $500 to $25,000 or more, depending on complexity.
What to Watch Out For
According to its SEC-filed Form ADV, Park Avenue Securities has several disclosures on its record.
Advisors at this firm may be affiliated with other firms in the financial services industry. As a result, they may be incentivized to recommend products from these affiliates due to extra commissions or compensation earned. However, registered advisors must uphold their fiduciary duty to always prioritize clients' best interests when making recommendations.
Opening an Account With Park Avenue Securities
You can contact Park Avenue Securities by calling (888) 600-4667. Alternatively, you can send a message via the contact page on its website. Despite its name, Park Avenue Securities is located at 10 Hudson Yards in New York City.
All information is accurate as of the writing of this article.
Tips for Investors
- A financial advisor can help you pick an asset allocation based on your situation and implement it. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- If you’re not sure how to diversify your portfolio, use our asset allocation calculator to get a basic glimpse into what an appropriate asset mix may look like based on your risk tolerance.
