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Updated September 23, 2026. Quick answer: It depends which hat Park Avenue Securities is wearing. As your investment adviser, Park Avenue Securities owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, Park Avenue Securities owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. Park Avenue Securities’ own Form CRS states: “When we provide you with a recommendation as your broker-dealer or act as your investment adviser, we have to act in your best interest and not put our interests ahead of yours.”
How it’s registered
From Park Avenue Securities LLC Form CRS (April 2024): “Park Avenue Securities LLC (“PAS”) is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser.”
Park Avenue Securities LLC’s Form CRS is a single combined document covering both its broker-dealer and investment-adviser capacities; the standard-of-conduct sentence below covers both in one sentence rather than two separately worded standards.
The standard of conduct, in its own words
“When we provide you with a recommendation as your broker-dealer or act as your investment adviser, we have to act in your best interest and not put our interests ahead of yours.”
On commissions: “We pay our financial professionals a portion of the commissions or investment advisory fees that we receive.”
Fiduciary status by capacity
| Capacity | Registration | Standard you’re owed | Can earn commissions | Source |
|---|---|---|---|---|
| As your broker-dealer | SEC-registered broker-dealer | Regulation Best Interest (not a fiduciary duty) | Yes | Park Avenue Securities LLC Form CRS, April 2024 |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: $2,250 a year, 0.45% on a $500,000 account) | Park Avenue Securities LLC Form CRS, April 2024 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Park Avenue Securities discloses a published fee that runs $2,250 a year on a $500,000 account; see the full dollar breakdown from Park Avenue Securities’ own fee disclosure before deciding whether the standard of conduct here changes your answer.
If the answer above changes your mind about staying, read the general mechanics of switching financial advisors, or use a dated termination letter once you decide.
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- Park Avenue Securities LLC Form CRS (April 2024): https://reports.adviserinfo.sec.gov/crs/crs_46173.pdf
- SEC Investment Adviser Public Disclosure, Park Avenue Securities LLC (CRD #46173): https://adviserinfo.sec.gov/firm/summary/46173
- Park Avenue Securities LLC, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/46173/PDF/46173.pdf
Methodology. This page was built September 23, 2026, quoting directly from Park Avenue Securities’ own current Form CRS, with the source linked above; any distinction we could not independently confirm this session is named as an honest gap rather than presented as verified. Nothing here is personalized financial, tax, legal, or investment advice, and it is not a substitute for reading the firm’s own Form CRS. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
What does it take to open an account? See Park Avenue Securities’s minimum investment, straight from its own Form ADV Part 2A brochure.
Weighing whether to move ahead? Read the full Park Avenue Securities review, including its fiduciary status and what it costs to leave.
Comparing Park Avenue Securities against other options? See Park Avenue Securities alternatives, including a lower-fee full-service firm, a flat-fee route, and a robo/hybrid.
How does this compare? See how 127 advisory firms are registered, from each firm’s own SEC record.