Park Avenue Securities has unveiled a new offering aimed at strengthening its emphasis on its wealthy clientele’s financial well-being.
The RIA and broker-dealer, which reportedly has 2,400 financial professionals managing $50 billion across the United States, announced Monday that it is launching a new private client group designed to augment the wealth management experience for high-net-worth individuals.
This group, a branch of Guardian, the life insurance giant, will provide a suite of premium products and services tailored to the sophisticated financial needs of affluent clients.
The private client group will offer personalized investment management solutions, including alternative investments, structured products, cash management, and securities-based lines of credit.
Additionally, through partnerships with various firms, clients will have access to trust services, large-scale mortgage options, and solutions for philanthropic giving and business owners.
The firm is rolling out the new division in the wake of its latest Mind, Body, and Wallet report, which found more than one-third of high-net-worth individuals see their financial plan for achieving significant financial goals as a top concern.
"Over the years, our Mind, Body, and Wallet report has shown that financial well-being plays an outsized role in influencing overall well-being," Marianne Caswell, president of Park Avenue Securities said in a statement, emphasizing a holistic view that weaves clients’ wealth into their overall health.
Beyond financial planning and wealth management, the Private Client Group will offer preferred pricing and rates on a broad range of goods and experiences such as hotels, travel, and family activities, designed to provide a more enriched lifestyle.
John Lentz, partner and financial advisor at Strategic Wealth Group, remarked on the client-focused nature of the new service.
"The establishment of Park Avenue Securities' Private Client Group builds on the firm's legacy of offering the products and tools individuals need to take charge of their financial future while introducing an enhanced level of white glove service that meets the needs of high-net-worth individuals," he said.
A $141M judgment and a federal asset freeze collide over one shrinking pool
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
