Park Avenue Securities LLC (New York)

Name: Park Avenue Securities LLC
Address: 10 Hudson Yards, New York, NY, 10001
Telephone: 1-888-600-4667

Park Avenue Securities LLC is a large advisory firm based in New York. It manages $4.02 billion of regulatory assets for 25,160 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 49 other states.

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. Hourly charges are usually charged for consulting work and special projects. 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

Name	Entity	Date acquired	Ownership	Employer ID
Inc. The Guardian Insurance & Annuity Co.	Owner	1 Aug 1998	75% - 100%	13-2656036
Inc. The Guardian Life Insurance & Annuity Co.	Owner	1 Aug 1998	75% - 100%	13-2656036
Joseph Anthony Caruso	Secretary	1 Aug 1998	Other	1087300
Cheryl Lynn Crawford	Finance/accounting officer	1 Aug 1998	Other	3112894
Philip Howard Dutter	Director	1 Aug 1998	Other	2050561
Arthur Vincent Ferrara	Director	1 Aug 1998	Other	1462175
Leo Richard Futia	Director	1 Aug 1998	Other	216073
Peter Lounsbery Hutchings	Director	1 Aug 1998	Other	1818601
Frank Joseph Jones	Director	1 Aug 1998	Other	1358943
Richard Thomas Jr Potter	Vice president/counsel	1 Aug 1998	Other	1469205
Joseph Dudley Sargent	Chairman/director	1 Aug 1998	Other	410994
William J Burns	Chief compliance officer	1 Aug 1999	Other	2058159
Theresa E Nurgealws	Chief operating officer	1 Sep 1999	Other	xxx-xx-xxxx
James Edmond Clements	Vice president investment advisory services	1 Nov 2000	Other	2445775
Michael David Fleming	Vice president, director operations	1 Nov 2000	Other	1613035
Douglas Scott Crossman	Vice president, sales director	1 Nov 2000	Other	2749478
Earl Harry	Treasurer	1 Nov 2000	Other	xxx-xx-xxxx
Georgia Lee Gaidula	Municipal securities principal	1 Nov 2000	Other	1065507
Joanne Basso Mack	President	1 Feb 2001	Other	1290191
David Joseph Jr Liguori	Registered options principal	1 Feb 2001	Other	2156138
Meryl Arlene Rosenthal	Vice president business development	1 Mar 2001	Other	1775763
Gretchen Teckla Hafner	Manager	1 May 2001	Other	1476233
Susan Elizabeth Pabst	Investment advisory services consultant	1 Aug 2001	Other	1036108
Mark Avery Silberman	Chief financial officer	1 Dec 2001	Other	2957441
Gary Bert Lenderink	Director	1 Jun 2002	Other	4560183
Alfred Joseph Durso	Acting chief compliance officer	1 Feb 2003	Other	2546771
Armand Michael Depalo	Director	1 Mar 2003	Other	4416954
Bruce Carson Long	Director	1 Mar 2003	Other	312135
Dennis Manning	Director	1 Mar 2003	Other	318946
Robert Ernest Iii Broatch	Director	1 Mar 2003	Other	4652058
Robert Ernest Broatch	Director	1 Mar 2003	Other	1923376
Barry Ivan Belfer	Vp treasurer	1 Oct 2003	Other	xxx-xx-xxxx
Theresa E Nurgealws	Senior vice president & chief operating officer	1 Mar 2004	Other	1474521
James Edmond Clements	Senior vice president investment advisory services	1 Mar 2004	Other	2445775
Mark Avery Silberman	Senior vice president & chief finanical officer	1 Mar 2004	Other	2957441
Theresa E Nurge Alws	Senior vice president & chief operations officer	1 Mar 2004	Other	1474521
Alfred Joseph Durso	Vp compliance	1 May 2004	Other	2546771
James Philip Bodovitz	Chief compliance officer	1 May 2004	Other	2983570
Dennis S Callahan	Llc manager	1 Mar 2005	Other	xxx-xx-xxxx
Thomas William Riley	Registered options principal	1 Jan 2006	Other	2538463
Donald Paul Jr Sullivan	President	1 Jun 2006	Other	1022281
Alfred Joseph Durso	Interim chief compliance officer	1 Feb 2007	Other	2546771
Alfred Joseph Durso	Chief compliance officer	1 Apr 2007	Other	2546771
Mark Avery Silberman	Senior vice president & chief operating officer	1 Aug 2007	Other	2957441
Salvatore C Troia	Vice president & chief financial officer	1 Aug 2007	Other	2174656
Theresa E Nurge Alws	Senior vice president & chief information officer	1 Oct 2007	Other	1474521
Thomas William Riley	Municipal securities registered principal	1 Mar 2008	Other	2538463
Mark Avery Silberman	President, ceo & chief operating officer & svp investment advisory services	1 Apr 2008	Other	2957441
Donald Paul Jr Sullivan	Senior vice president, agency distribution	1 Apr 2008	Other	1022281
Donald Paul Jr Sullivan	Senior vice president, agency distribution and pas / llc manager	1 May 2008	Other	1022281
Thomas William Riley	Registered options and security futures principal (rofsp)	1 Sep 2008	Other	2538463
Margaret W Skinner	Llc manager	1 Jan 2009	Other	2255576
D. Scott Dolfi	Llc manager	1 Jan 2009	Other	xxx-xx-xxxx
Joseph Anthony Caruso	Sr. vice president, associate corporate secretary	1 Jan 2010	Other	1087300
Tracy L Rich	Executive vice president, general counsel, corporate secretary	1 Jan 2010	Other	xxx-xx-xxxx
Jill Diane Cooley	President /chief operating officer pas/	1 Jul 2011	Other	4251752
Stephen James Buell	Interim chief compliance officer park avenue securities llc	1 Aug 2011	Other	2023777
Thomas John Bellaro	Interim chief compliance officer park avenue securities registered investment advisor	1 Aug 2011	Other	3251959
Brian David Bono	Field vice president, program manager and ria head	1 Aug 2011	Other	3239647
Scott Ives Noah	Chief compliance officer	1 Oct 2011	Other	2334448
Michael John Ryniker	Chief operating officer	1 Mar 2012	Other	2474604
Stephen James Buell	Interim chief compliance officer	1 Aug 2012	Other	2023777
Michael B Cefole	Chairman of the board of managers of park avenue securities llc	1 Mar 2013	Other	2720073
Joseph Daniel Jr Neary	Chief compliance officer	1 Apr 2013	Other	2993505
John H. Walter	Interim chief financial officer	1 May 2013	Other	2358945
Lara Gillett	Interim chief compliance officer	1 Dec 2013	Other	3095526
D. Scott Dolfi	Llc manager	1 Feb 2014	Other	5384389
Michael Nicholas Ferik	Llc manager	1 Feb 2014	Other	4994941
Marc Costantini	Llc manager	1 Feb 2014	Other	4469603
John Palazzetti	President	1 May 2014	Other	1815805
Kenneth Ray Goodall	Chief compliance officer	1 May 2014	Other	2682569
James Robert Conway	Controller	1 Jun 2014	Other	4368039
Allen Warren Boggs	Registered options principal	1 Sep 2014	Other	4751363
Barbara Jean Fuentez	Vice president, business administration & controls	1 Dec 2014	Other	2139355
Douglas Bruce Dubitsky	Vice president, wholesale division	1 Apr 2015	Other	4866845
John Harold Walter	Vice president, financial officer, wholesale division	1 Apr 2015	Other	2358945
James Patrick Jr Lake	Field vice president, national sales manager, wholesale division	1 Apr 2015	Other	2042318
Linda Ellen Senker	Second vice president, chief compliance officer, wholesale division	1 Apr 2015	Other	1980001
Robert Stephen Chamerda	Second vice president, wholesale division	1 Apr 2015	Other	6009954
Nahulan N Ethirveerasingam	Second vice president, wholesale division	1 Apr 2015	Other	2935062
Jeffrey Joseph Butscher	Second vice president, chief compliance officer, wholesale division	1 Oct 2016	Other	2116887
Christopher Sivert Dyrhaug	Managing member	1 Oct 2016	Other	2245327
Carrie Ann Corej	Interim controller	1 Nov 2016	Other	4989477
Thomas Lawrence Cahill Jr	Second vice president, individual markets controller	1 Dec 2016	Other	4088561
Joseph Rosanel	Financial and operations principal	1 Jan 2017	Other	6215325
Andrew Mead Shainberg	Interim chief compliance officer - broker/dealer	1 Jan 2018	Other	4987237
Joshua Neil Hergan	Chief compliance officer - ria	1 Apr 2018	Other	4572643
Joshua Neil Hergan	Chief compliance officer	1 May 2018	Other	4572643
Andrew John Mr. Mcmahon	Elected member	1 Apr 2019	Other	4994940
Leyla Ada Lesina	Elected member	1 May 2019	Other	3004323
Frank Todd Ingraham	Second vice president, supervision and business risk	1 Jul 2019	Other	xxx-xx-xxxx

Indirect Owners

The SEC currently registers 1 indirect owner.

Name	Entity	Date acquired	Ownership	Employer ID
The Guardian Life Insurance Company Of America	Owner	1 Nov 1992	75% - 100%	13-5123390

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.