No commissions, no ads, no advice. This Park Avenue Securities profile draws only on public records, each linked so you can confirm it yourself.

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The short answer: is Park Avenue Securities a fiduciary?

It depends on your account: Park Avenue Securities is a fiduciary in its advisory programs, and follows the Regulation Best Interest standard as a broker. It files with the SEC under CRD #46173. According to its latest Form ADV (filed September 8, 2026), the firm reported $19.6 billion in regulatory assets under management across 82,118 client accounts (Item 5.F). The client-type rows in Item 5.D of the same filing also add up to 82,118, so the two counts match.

Because the firm is a dual registrant, the standard of care shifts with the type of account you hold. In its advisory programs it acts as an investment adviser with a fiduciary duty. In brokerage accounts it instead acts as a broker-dealer under Regulation Best Interest (a best-interest obligation at the time of a recommendation, not a continuous fiduciary relationship). A practical step is to ask which type of account you hold. Get started with Truthifi

Our recommendation: if you hold money here, ask your representative to name your account type in writing before you judge any fee or recommendation. That answer tells you which standard of care the firm's filings attach to the account you actually hold.

What "fiduciary" means: a fiduciary is legally bound to place a client's interests above its own. (More on fiduciary duty)

Park Avenue Securities at a glance

✅ Verified from public filings, last checked October 5, 2026. Park Avenue Securities (SEC CRD #46173) is a fiduciary in its advisory programs, on a fee-based basis, with $19.6 billion in regulatory assets under management. Every figure below links to its primary source.

What	Park Avenue Securities	Source
SEC CRD	#46173	IAPD
Registration	Investment adviser and broker-dealer (dual registrant)	IAPD
Registered since	November 13, 2000 (SEC)	IAPD
Fiduciary?	Yes in advisory programs, Reg BI in brokerage	SEC Reg BI
Fee model	Fee-based (commissions + advisory)	Form ADV Item 5.E
How it's paid	A percentage of assets under management, hourly charges, and fixed fees	Form ADV Item 5.E
Regulatory Assets Under Management	$19.6 billion (Form ADV filed September 8, 2026)	IAPD
Client accounts	82,118 (78,667 discretionary)	IAPD
Employees	2,073 (2,054 in advisory roles)	IAPD
Ownership	Parent-owned	Form ADV Schedule A
Disclosures	Records carry disclosure items (common at this size). Review them directly	IAPD
HQ	New York, NY	IAPD

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Park Avenue Securities fees: what you'll pay

Park Avenue Securities fees depend on the account type: commissions in a brokerage account, an asset-based fee in an advisory program. Hold a brokerage account and you'll typically see commissions plus product costs, things like mutual fund sales loads, markups and annuity commissions. Under an advisory program, by contrast, you pay a fee based on assets rather than per-trade commissions, on top of the underlying fund expenses. According to Item 5.E of its Form ADV (2026), the firm is paid a cut of assets under management, hourly billing, or flat fees. Annuity commissions sit on that brokerage cost list, and Part 2A of the Form ADV is where the firm explains how it and its advisers are paid; the Form CRS gives the shorter version.

Fee-based means cost can come from both an advisory fee and commissions, depending on the account. For a wider frame on cost, see Are you paying too much? Why that might be the wrong question and Fee-only financial advisor: costs and how to find one.

Who owns Park Avenue Securities, and what conflicts does it disclose?

According to Schedule A of its Form ADV (2026), The Guardian Life Insurance Company of America is the owner of Park Avenue Securities. (Form ADV Schedule A)

Its Form ADV Part 2A describes the firm's conflicts of interest, including how it and its advisers are paid. This profile doesn't summarize what Part 2A says about the parent, so read it for any mention of Guardian Life or affiliated insurance and annuity products, in the firm's own words. That makes it the section to read first.

Park Avenue Securities SEC record: disclosures

Like most large firms, Park Avenue Securities' regulatory records may carry disclosure items, and at that scale the number of disclosures is not by itself a measure of wrongdoing or the firm's quality. Disclosure counts partly reflect headcount, so a raw total says little on its own. A firm reporting 2,073 employees will usually show more total items than a ten-person shop. Read any that matter to you on FINRA BrokerCheck and the IAPD page. Any Park Avenue Securities disclosures sit on the public record, not on anyone's characterization of them.

According to IAPD, it has been registered with the SEC since November 13, 2000, makes notice filings in 53 jurisdictions, and reports 2,073 employees, 2,054 of them (about 99%) in investment advisory roles. That CRD number and nearly 26 years of SEC registration are where any check on whether the firm is legitimate begins; the FAQ below covers what registration leaves out.

Reading Park Avenue Securities reviews against the public record

A single review of Park Avenue Securities describes one representative and one relationship. The filings cover 2,054 advisory staff and 82,118 accounts, and three filed facts put any one story in context. First, which account you hold: advisory and brokerage accounts are paid differently and carry different standards. Second, the Guardian Life ownership and the conflicts Part 2A discloses. Third, check whether disciplinary history shows up anywhere in its Form ADV. Read reviews alongside the record, not instead of it, and compare other firms in the Truthifi /advisors hub.

How to verify Park Avenue Securities yourself

Here's how to confirm all of it in three steps:

1. Check the SEC adviser record (IAPD): https://adviserinfo.sec.gov/firm/summary/46173.
2. Read the filings (Form ADV / Form CRS): linked from the IAPD page.
3. Confirm the entity: match Park Avenue Securities (CRD #46173, legal name PARK AVENUE SECURITIES LLC) so you're reading the right firm.

What Park Avenue Securities does and who it serves

On its Form ADV, Park Avenue Securities reports providing financial planning, portfolio management for individuals and small businesses, selection of other advisers, and educational seminars.

It reports providing financial planning to about 2,000 clients in its last fiscal year (Form ADV Item 5.H), a count the form keeps separate from the client totals below.

According to its Form ADV (Item 5.D), its clients break down by type as shown below. The rows add up to 82,118, the same total the firm reports as client accounts in Item 5.F:

Client type	Clients	Assets managed
Individuals	63,006	$9.11 billion
High-net-worth individuals	17,261	$9.40 billion
Pension and profit-sharing plans	1,139	$344.3 million
Charities	235	$92.5 million
Corporations or other businesses	397	$486.4 million
Other	80	$143.2 million

Roughly one client in five, the high-net-worth group at about 21% of the count, holds $9.40 billion, close to half of the firm's $19.6 billion. Dividing the filed figures gives roughly $545,000 per high-net-worth client against about $145,000 per individual client. By headcount, the typical relationship here is the smaller individual account.

According to Item 5.F, it reports 82,118 client accounts, 78,667 discretionary (about 96%; the firm can trade without seeking your approval first) and 3,451 non-discretionary. The firm's main office sits in New York, NY.

It reports that it or a related person has custody of certain client assets, which brings extra safeguards such as surprise examinations. The specifics are in its Form ADV.

With 78,667 of its 82,118 accounts discretionary, most Park Avenue Securities advisory clients have given the firm trading authority. For them, trade confirmations and statements are the main record of what was done. Checking them against what you expected is a review no regulatory filing can run for you.

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Confirming the firm is the easy part. Seeing everything you hold is the valuable one.

The IAPD record tells you who regulates Park Avenue Securities and that Guardian Life owns it; it can't show what you hold elsewhere. No advisor, however good, sees your whole financial life by default. A held-away retirement plan, a spouse's portfolio and the costs buried inside a fund sit outside that view, scattered and unreconciled. This is where Truthifi comes in.

How Truthifi can help

Truthifi links your accounts read-only and shows what you own, how it's allocated, how it's performing and where the risk sits, including single-stock exposure, returns next to a benchmark, a fee breakdown of the fees on each account, by type, and your Truthifi Score. You can share the accounts you choose with your advisor at Park Avenue Securities. See how Truthifi keeps your accounts secure

Prefer your own AI? With a paid Truthifi plan, you can connect an AI assistant that supports MCP sign-in, such as Claude (how to ask AI about your real investment accounts). Truthifi Connect is the lighter membership for people who only want to use their own assistant. For questions about your fees, you'll need Monitoring or Monitoring Plus+ (plans are listed on the pricing page).

Ask AI about your Park Avenue Securities accounts

Once your accounts are connected read-only, you can ask in plain English:

• "What do I own across my Park Avenue Securities accounts and everything else, and how is it allocated?"
• "What am I paying in fees on each of these accounts?"

Try it with Truthifi: start for free at app.truthifi.com and run a Monitoring Checkup (limits apply).

No commissions, no ads, no advice: Truthifi is not an investment adviser and doesn't give investment, tax or legal advice. Truthifi's access to your bank and brokerage accounts is read-only. Start free (limits apply). Per Truthifi platform data on its published plan limits, Monitoring Checkup is free and lets you link up to 10 connections. Plans and limits are on the pricing page → truthifi.com.

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FAQ

Is Park Avenue Securities a fiduciary? It depends on your account. In its advisory programs it serves as a fiduciary. In brokerage accounts it follows the SEC's Regulation Best Interest standard. Ask which type of account you have.

What are Park Avenue Securities' fees? They depend on the account. Brokerage accounts generally pay commissions and product charges. Advisory programs charge an asset-based fee instead of per-trade commissions, plus underlying fund costs. See the Form CRS.

Who owns Park Avenue Securities? Park Avenue Securities is owned by The Guardian Life Insurance Company of America, as listed in Schedule A of its Form ADV.

Does Park Avenue Securities have complaints or disclosures? Its regulatory records may carry disclosure items, as is common at its size. A disclosure is not proof of wrongdoing. Read any directly on BrokerCheck and the firm's Form ADV.

Is Park Avenue Securities legit? Park Avenue Securities is registered with the SEC (CRD #46173) and its filings are public on the SEC's IAPD site, which confirms it is a real, regulated firm. Registration doesn't tell you whether it's the right fit or what you'll pay, so read the fee and conflict sections of its Form ADV.

Can AI help me check whether I'm getting good value? Yes. Start free (limits apply): Monitoring Checkup is free and lets you link up to 10 connections. You can also connect an AI assistant you already use (such as Claude). On Monitoring or Monitoring Plus+ you can ask it, in plain English, about the fees on each of your accounts. Truthifi is not an investment adviser and doesn't give investment, tax or legal advice.

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About this profile

Truthifi built this profile from the firm's own SEC filings (Form ADV and, where filed, Form CRS). Every page is reviewed by the Truthifi Team before publishing. The Truthifi advisor fact packs are an ongoing series checking U.S. investment advisers against their public filings, one firm at a time.

Read next from the Truthifi blog

• What is a fiduciary?
• Fee-only financial advisor: costs and how to find one
• Are you paying too much? Why that might be the wrong question
• How to ask AI about your real investment accounts
• Robo-advisor vs. human financial advisor: which is better?
• All advisor fact packs on Truthifi

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A note on sources. The facts on this page come from publicly available documents, Park Avenue Securities' SEC and FINRA filings, each linked inline so you can verify it yourself (SEC data current as of October 5, 2026). This is general information, not financial or legal advice, and Truthifi is not affiliated with Park Avenue Securities. Regulatory records change, so always confirm against the official sources linked above. Spot something that should be corrected? Email us at support@truthifi.com. When the firm files its next Form ADV amendment, the discretionary account count is the figure worth comparing first: a shift there changes who holds trading authority over most client money.