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Updated September 24, 2026. Quick answer: Park Avenue Securities is registered with the SEC as both a broker-dealer and an investment adviser. Per its own current fee brochure, a $500,000 account would run $2,250 a year under its published fee schedule; the minimum to open an account is $5,000 for VestWise. Is it a fiduciary? Yes, when it is acting as your investment adviser; when the same representative acts as your broker-dealer instead, the applicable standard is best-interest, not fiduciary, and its own Form CRS states representatives can earn commissions in that capacity.
For a closer look at this firm: Park Avenue Securities Alternatives.
Park Avenue Securities at a glance
| Fact | What Park Avenue Securities’ own pages say |
|---|---|
| Legal entity | Park Avenue Securities LLC |
| Registration | Park Avenue Securities LLC (“PAS”) is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser. |
| Fee on a $500,000 account | $2,250 a year, per its own current brochure |
| Minimum to open an account | $5,000 for VestWise |
| Cost to leave (exit fee) | See how to leave Park Avenue Securities |
What Park Avenue Securities’ own fee schedule charges
“The annual client advisory fee agreed upon by you and Park Avenue is indicated in the VestWise Investment Advisory Agreement. The maximum annual fee for the VestWise program is 0.45% paid quarterly in arrears. The fee is calculated quarterly, using the average daily balance of the assets held in the Model Portfolio for your account for the completed quarter.”
VestWise charges a single maximum annual rate of 0.45% of assets under management, with no breakpoints or tiers stated in the brochure. Each dollar_at figure is simply balance times 0.0045, e.g. 250000 x 0.0045 = 1125, 2000000 x 0.0045 = 9000.
| Account balance | Annual fee |
|---|---|
| $250,000 | $1,125 |
| $500,000 | $2,250 |
| $1,000,000 | $4,500 |
| $2,000,000 | $9,000 |
See the full breakdown, including how the figure is calculated, on Park Avenue Securities’ own fee page.
Is Park Avenue Securities a fiduciary?
Park Avenue Securities LLC (“PAS”) is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser.
“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.”
We pay our financial professionals a portion of the commissions or investment advisory fees that we receive.
Full detail, including the exact registration type and source: Park Avenue Securities’ fiduciary status, explained.
The minimum to open an account
“The program’s minimum initial investment requirement is $5,000. However, there is no minimum dollar amount to open a VestWise account.”
$5,000 for VestWise. See the full minimum-investment breakdown, including what that minimum would cost per year, on Park Avenue Securities’ minimum investment page.
What it costs to leave
A dedicated how-to-leave page for Park Avenue Securities covers the exit costs in full. The general mechanics of switching financial advisors and a dated termination letter apply regardless of firm.
What we would compare it against
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- VestWise Wrap Fee Program Brochure (Form ADV Part 2A, Appendix 1) (June 18, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1048783
- 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 24, 2026, drawing directly on Park Avenue Securities’ own current fee brochure and Form CRS, both linked above, plus this site’s own already-published fiduciary and minimum-investment pages for the same firm, each independently sourced when it was built. 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 Park Avenue Securities’ own Form ADV Part 2A and Form CRS. We have not used Park Avenue Securities as a client. Park Avenue Securities did not pay for, review, or influence this content. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
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