Park Avenue Asset Management

  www.parkavenueassetmgt.com
  www.parkavenueassetmgt.com

Park Avenue Asset Management Reviews

9 Reviews
4.6
9 Reviews
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Michael A. De Rose
8 Ratings

Employee Reviews

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  1.  

    I have been with Park Avenue Asset Management as an AP since May, 2013

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Commodity Broker in New York, NY
    Current Employee - Commodity Broker in New York, NY

    I have been working at Park Avenue Asset Management full-time (less than an year)

    Pros

    Park Avenue Asset Management specializes on managed futures programs (professionally managed commodity programs), working with a number of best performing CTA's (commodity trading advisor) in the industry. Managed futures is a very sophisticated alternative investment strategy that has been employed by many institutional investors (e.g., hedge funds, pension funds, etc.) as well as accredited (hight net worth) individual investors for over three decades. Over the last 5 to 10 years, increasing number of suitable, sophisticated retail investors are getting involved with managed futures as a ways to diversify their portfolio in order to lower the risk/volatility and potentially increasing the return. In that sense, Park Avenue Asset Management has an edge in the retail investors market and a mission to deliver such great opportunities to them.

    Having been with two other commodity brokerage firms on wall street in the past, I can say Park Avenue is one of the best run firms in the industries in many ways. First off, it provides great opportunities to its employees for them to build their own book of business. The compensation structure is very generous and it provides an ongoing training program that helps them succeed in their business. The CEO has an extensive and successful career and experience in the industry almost 20 years. He is always present and willing to spend as much time as it takes for us to grow and succeed. Thanks to him, I have already opened many accounts. The business is run highly tightly and commitment to the compliance is second to none.

    It also provides an excellent work environment such as state of art phone system, unlimited number of quality leads, high spec computers, etc. The office is located in midtown manhattan, on the 31st floor of an office building with an amazing view of manhattan.

    Cons

    We make a lot of cold calls on a daily basis. It helps us improve our sales pitch and closing skills. Those who are driven and professionally minded can definitely succeed in such favorable environment (which I can say based on my personal experience of working with other similar types of firms). But I have also seen a few individuals with lazy, defeatist and complacent attitude leave the company shortly after being hired. Conversely, those who remain with the firm tend to be very professional and highly motivated individuals, which further adds to a good working environment.

    Advice to ManagementAdvice

    Please keep up the good work.

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    Awesome Opportunity for one who is Looking to Succeed

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Associated Person in New York, NY
    Current Employee - Associated Person in New York, NY

    I have been working at Park Avenue Asset Management full-time (less than an year)

    Pros

    Park Avenue Asset Management provides an awesome opportunity for the career minded person who is willing to work very hard at developing a book of client business & relationships. There is no ceiling in what you can make if you expand your book of business.

    Cons

    There is a lot of cold calling for new business on a daily bases, but hard work does pay off. Days are long as in any career and the income possibilities are based on commissions only and there is no salary or hourly pay.

    Recommends
    Positive Outlook
    Approves of CEO
  3.  

    Excellent Company - CEO is dedicated to Success for his Clients & Brokers

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Executive Secretary in New York, NY
    Current Employee - Executive Secretary in New York, NY

    I have been working at Park Avenue Asset Management part-time (more than 8 years)

    Pros

    I have worked for this company as an Executive Secretary since 2004.

    I have rarely seen a CEO who spends 12 + hours a day, including weekends, working with his clients, brokers and employees to ensure the companies continued success.
    The offices are extremely professional and really beautiful. We see clients in the office on a regular basis. The Management Team is very well trained and committed to ensuring success for both the brokers and the Clients.

    The offices open at 7:30 a.m. daily and open late into the evening for those brokers that handle clients on the West Cost and Overseas. The CEO- Michael DeRose is usually the very last person to leave the office every night. He is here by 8am and does not leave until well after 8 p.m. every night. He spends the majority of the day in the Brokers Department working with brokers and their clients on a regular basis.

    There are many joint activities outside of the office that brokers engage in as a team and the environment is extremely positive at all times. Brokers work very long hours and very hard at their jobs. Some of the brokers even come in over the weekend to be able to service their clients needs. There is no set hours for the work day at the brokers level. I personally have a set hourly schedule, but the brokers can remain in the office as late as they wish and have access to the office at ALL times.

    I have made this company my career and my husband and I are huge fans of the company, the CEO, and the environment I work in. My husband has also become a major client over the years and is very satisfied with the high level of service he receives.

    Park Avenue has continued to grow consistently since I have been employed here. It is very well establish in the industry and in the NYC business community.

    I am PROUD to be Part of the Park Avenue Family.

    Cons

    For those who do not wish to work hard and build a career, this is not the place for you. Brokers who do not wish to work hard and make this a career should not seek employment here. Other than on a clerical level, the hours are not 9 to 5. Brokers work hard at all hours to meet their clients needs.

    Recommends
    Positive Outlook
    Approves of CEO
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  5.  

    Great opportunity

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Commodity Broker in New York, NY
    Current Employee - Commodity Broker in New York, NY

    I have been working at Park Avenue Asset Management full-time (more than an year)

    Pros

    Pros: Park Avenue offers a great opportunity to build a career.
    –The CEO invests time and money in his employees; from daily training (done on the computer) to regular meetings with the brokers. He makes himself available essentially 24/7 (when he is out of the office and on weekends too).
    *I previously worked for a larger firm and this was not the case; I enjoy the personal touch and I think the clients do as well.
    -The office is beautiful and the co-workers are friendly; it’s a place I truly enjoy coming in to every morning.
    - Occasionally the boss will order lunch, take us out for drinks, or out on a boat. It’s a nice way to build camaraderie outside of the work environment.

    Cons

    Cons: Sometimes opportunity looks a lot like hard work
    - Just like any commission-based job, your check depends on how bad you want it. When you’re starting out it is going to be a grind (which will only make achieving your goals that much sweeter)
    - There is a lot of calling and prospecting for clients which is just part of the business and is to be expected.

    Recommends
    Positive Outlook
    Approves of CEO
  6.  

    "Great Opportunity At PAAM"

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Principal/Senior VP--Managed Accounts in New York, NY
    Current Employee - Principal/Senior VP--Managed Accounts in New York, NY

    I have been working at Park Avenue Asset Management full-time (more than 5 years)

    Pros

    I have been working at PAAM for over 5 years and only have good things to say. This is an amazing opportunity for brokers to come in, work hard, and build a very successful career. The office space, location, and environment is ideal for the task at hand. The CEO puts his heart and soul into the company and is very accessible for brokers that need help/guidance. He is very generous with his time and wants nothing more than for brokers to succeed. Additionally, he sponsors many outside business activities to foster camaraderie among brokers. Our business is 95% using professionally managed commodity programs as opposed to most firms that focus on churning small broker assisted trading accounts. As a result, the firm has a spotless record in the eyes of the National Futures Association and the Commodity Futures Trading Commission.

    Cons

    As the compensation is 100% commission, it's not for everyone. If you cannot keep your head above water for 60-90 days until you start to bring in new accounts then this is not the career for you. The majority of everyday is spent prospecting for new clients and, at times, this can seem like a daunting task when you consider the number of calls/conversations you need to have in order to find a few qualified leads. There are days where the phone can feel like a thousand pounds, but you have to grind through.

    Advice to ManagementAdvice

    The screening process for new brokers has to be improved as it seems that too many people come in with misconceptions/misunderstandings about the structure and the traits of successful brokers at PAAM.

    Recommends
    Positive Outlook
    Approves of CEO
  7.  

    Fabulous Opportunity for the CAREER MINDED BROKER

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Commodity Broker in New York, NY
    Current Employee - Commodity Broker in New York, NY

    I have been working at Park Avenue Asset Management full-time (more than 3 years)

    Pros

    The Company provides an incredible opportunity for Career minded People who are willing to work very hard at developing a book of client business & relationships in accordance to Industry & company policy. Income level is never capped & growth potential is unlimited.

    Cons

    Licensing & continuing education through the proper agencies is a MUST. Remaining Compliant at all times when conducting business is a constant & you will always be supervised in everything you do. All Emails & phone calls are subject to strict company policy. There is a Lot of Cold Calling & Prospecting for new business on a daily bases. Days can & often will be long as in any career opportunity / position. Income is based on commissions only & the is no salary or hourly pay.

    Recommends
    Positive Outlook
    Approves of CEO
  8.  

    I have worked here for several years.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President - Principal in New York, NY
    Current Employee - Vice President - Principal in New York, NY

    I have been working at Park Avenue Asset Management full-time (more than 3 years)

    Pros

    I have worked for this company for many years now. It is a very tightly run organization that is very successful & highly respected in its business community. The offices are beautiful, professional and very modern. The building is a tall corporate building on Park Avenue in Midtown Manhattan - NYC. The owner is a very generous person, who spends a great deal of time working with the brokers to help them become successful. There are a lot of team activities & broker events outside of the office such as a corporate sailing team that races 1 night a week which I have been part of for 2 years now. It's a lot of fun & a great way to blow off steam after several long days of work. The firm focuses on Managed Futures business & is not a traditional brokerage firm in the sense that it does very little transactional business. The firm does very little trading on behalf of their clients. The sales training is extensive (on a regular basis) & there is a lot of support provided in many ways which helps brokers develope their skills & hopefully become successful.

    Cons

    Like any brokerage firm, there is a lot of cold calling and prospecting for new business being done by the brokers on a daily basis. Brokers compensation is based on commissions generated from the book of business the build. When you first get licensed & start working it can take a month or two to start bringing in new business. I often get into the office before 9 am and won't leave until 6-7 pm. There is one night a week that stay until almost 9pm with many of the other brokers doing the same. I can put in as much time as I feel fit in an effort to build my book, & become successful which means that i spend long days at the office. The office is open to brokers pretty much 7 days a week for those brokers who want to work a lot. This is a financial sales organization not a trading firm.

    Advice to ManagementAdvice

    I see a lot of new brokers being provided with a desk etc.. Who don't seem to be there because they are looking for a career. Outside of myself and 5 others who have been there a long time & are doing well, there is some turn over in new brokers. My advise would for the firm to be a lot more selective in who they provide an opportunity to.

    Recommends
    Positive Outlook
    Approves of CEO
  9.  

    SVP Trading Desk/Financial Advisor

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Vice President Trading/Financial Advisor in New York, NY
    Current Employee - Senior Vice President Trading/Financial Advisor in New York, NY

    I have been working at Park Avenue Asset Management full-time (more than an year)

    Pros

    Park Avenue Asset Management is an Introducing Broker whose accounts are carried by Vision Financial Markets LLC, one of the largest providers of introducing brokerage services in the country.

    I work closely with my clients to develop strategies tailored to their specific time horizons and investment objectives. I also take into consideration my clients' risk tolerance, market dynamics and tax consequences. I focus on high value added investment solutions in accordance to Modern Portfolio Theory and proper diversification.

    This is a great opportunity for someone looking to put in hard work to build a business for themselves. This is a commission only position that requires you to put in the effort. The company give you all the tools and support necessary to succeed, but in the end it's up to you. You get out what you put in...

    Cons

    Outside of some hard work and extra time put in to build your business, there is no limit to your success!

    Commission based only, which means you have to produce to earn your income.

    Recommends
    Positive Outlook
    Approves of CEO
  10.  

    This is a small sweatshop run by Michael De Rose, a person who does not honor his word.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Commodity Broker in New York, NY
    Current Employee - Commodity Broker in New York, NY

    I have been working at Park Avenue Asset Management full-time (less than an year)

    Pros

    The office is primarily a Commodity Brokerage acting as an Introducing Broker (IB) and clears through Vision. It has the capacity for twelve brokers (three have been there for over one year) but due to rapid turnover there are typically eight. The office is small, the Midtown view from the 31st floor is nice and the owner, Michael De Rose will occasionally take you out for a Friday beer or go sailing Thursday on his four-person boat.

    Cons

    Mike De Rose does not keep his word. He will agree to a monthly salary (x) and will calculate it as follows: x/30days x days worked! For example, $3500 month (office hours are Mon-Fri 8.30am-5pm (8pm on Wed)) over two weeks/ten working days would, in a reputable firm, be half a month's pay ($3500/2 = $1750). Not Here!!! $3500/30 days x 10 days = $1166.66. The kicker is, despite the smiles and pats on the back, you will not discover what you are to be paid until the 15th of the following month. There are no benefits and pay is on the 15th of the following month.

    The owner also turns the air conditioning off after 5pm (last Wednesday if was 92 degrees in the room) and formal business attire is required.

    The leads are at least fours years old and you will be demanded to make at least 300 dials per day -- it's all about the dials, not talk time here. Most of the Commodity Brokers there are paid $1500/month and if you do make a commissioned sale, it goes to cover your wage first and you get at most, 33%.

    Ensure you get a signed and notarized work agreement prior to starting (outlining specifically, the number of days worked per week and month, compensation, commission, etc.) and count the rings on your hand when you complete shaking his hand.

    Advice to ManagementAdvice

    1. Read the Bible and the Ten Commandments.
    2. Read a book on Effective Management.
    3. Repeat above...

    Doesn't Recommend
    Negative Outlook

    Park Avenue Asset Management Response

    Aug 21, 2013

    As the Owner & CEO of Park Avenue Asset Mgt. I felt the need to write this rebuttal to the review that an Ex-Broker wrote about myself & my firm. 1.) We are an Introducing Broker that focuses on ... More

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