Park Avenue Securities LLC (New York)

Park Avenue Securities provides financial planning services, portfolio management for individuals and small businesses, selection of other advisers, and educational seminars and workshops. It prepares financial plans for approximately 1,000 clients. On top of advisory services, the firm doesn't engage in other business activities.

Park Avenue Securities: assets under management

The assets under management (AUM) of Park Avenue Securities LLC is $4.02 billion. The firm's AUM has grown by 38% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $2.8 billion in discretionary accounts and $1.22 billion in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $132.9 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $299.6 thousand.

Park Avenue Securities has custody of $4.02 billion in cash and securities for 25,160 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 47% of the total AUM. The second-largest asset type is investment and business development companies, which make up 27% of the firm’s portfolio. Investments in state and local bonds form 11% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Park Avenue Securities LLC for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Flat-fee based compensation is the most transparent and the one you can safely predict in advance. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients John Palazzetti serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of John Palazzetti is individuals with 35,367 clients and $2.33 billion of assets under management. Among the 11 most similar advisory firms, Park Avenue Securities has the highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $4.02 billion for 55,953 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Park Avenue Securities doesn't advise any private funds.

Careers at Park Avenue Securities LLC

The company employs 1,777 people that are either part- or full-time employees. 99 percent of the employees work as investment advisers or researchers. 1,538 employees are registered as investment adviser representatives with the state securities authorities.

There are 11 people with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees receive compensation from other entities for client referrals.

John Palazzetti has been acting as President since 1 May 2014. Frank Todd Ingraham joined the executive team most recently as the Second Vice President, Supervision And Business Risk.

Direct owners and executive officers

Indirect Owners

The SEC currently registers 1 indirect owner.

Based in New York

The principal office where Park Avenue Securities LLC performs its advisory services is located at 10 Hudson Yards, New York, NY 10001, which is also the mailing address of the firm. An additional office of the firm is in Needham, MA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 1-888-600-4667 or by fax 212 919-3781. The normal business hours are 9:00 am to 5:00 pm on Monday - Friday. You can find more information about the New York firm at parkavenuesecurities.com.

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