Park Avenue Securities LLC (New York)


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. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. 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.