The modern world is full of various uncertainties, especially throughout the global economy. People want to secure their financial stability for the future if something were to happen. One way to handle future retirement planning is to have appropriate retirement funds. However, those assets are often held up by employer retirement plans and can be plentiful if the person worked for more than one organization. Remember that companies provide investment options and various compensation schemes for employees.
When reviewing financial resources, it’s helpful to take inventory of the retirement assets and determine where and when it’s appropriate to put in a person’s own money. In that case, Millennium Trust Company can step in. It streamlines the process for saving and controlling future assets.
Since the decision to invest hard-earned money in an IRA company could affect a person’s entire life, it’s crucial to be careful. Today, it’s possible to learn more about Millennium Trust Company, which is a famous player in the business.
Overall, it manages over $11 billion in roughly 305,000 accounts. With that, it has a great portfolio, so it’s a go-to option for many investors. Feel free to read more about it or go directly to the site to see the custody solutions it offers.
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Why Did I Choose Goldco?
- Best Overall Company & Most Trusted in the Industry
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- A+ BBB Rating. 7 Time Inc. 500 Award Winner
Or, I invite you to continue on to read my Millennium Trust Company review.
About Millennium Trust Company
Millennium Trust Company is based in Illinois and is one of the top financial institutions in the United States. Founded in 2002, it provides investment options and many institutional custody services because it is a directed custodian.
It’s possible to find four different IRA accounts (Simple, SEP, Roth, and traditional IRAs). With that, the investors here can register limited liability and corporate America companies to help them diversify their investment portfolios.
Overall, Millennium Trust Company performs many services, though it cannot offer legal or tax advice. As a directed custodian, it focuses on empowering clients and finding appropriate third parties for prospective investments.
As a previous employer, it offers student loan debt contributions for staff, and third parties tend to like working with it as well. If a previous employer transferred an IRA to this company, be aware that it doesn’t sell investments. It is primarily here to provide investment opportunities to the account owner.
Review Account Details
Those who want an intuitive user experience on a self-directed IRA platform are sure to like this company. The platform tools are easy to navigate and help the person see account balances across their investment allocations. Investors can easily review transactional histories and download statements and tax forms.
Explore Investment Resources
Investing and saving for the future is an ongoing process. The Millennium Trust Company offers an investment platform that provides various educational resources. Since it doesn’t include live customer support, it’s possible to find answers to the questions through videos and articles.
Make Trades
The platform features a dedicated trade center to help a person make investments in traditional assets, such as ETFs, stocks, and mutual funds. However, a person shouldn’t trade until they read the user guide located on the website.
Research Investment Portfolios
Before trading, it’s crucial to research and review the many investment options and how they might cater to the person’s needs. It’s possible to find market data or fact sheets from Morningstar, Inc. to help.
Remember, Millennium Trust Company can’t provide legal or tax advice, but it does help clients:
- Submit IRS documents and tax forms each year
- Keep timely and accurate account records
- Report, document, and track account activities
- Facilitate investment transactions guided by the customer
- Set up/maintain individual accounts
Who’s at the Helm for Management at Millennium Trust Company?
Of all the service providers in the United States, MTC has a management team that’s sophisticated and experienced. There are various professionals on the site, but here are the top leaders:
Gary Anetsberger
Gary Anetsberger is the current CEO of MTC. He’s served in many positions here before assuming the CEO role in 2016. Overall, he has four decades worth of experience within the financial industry.
Dan Laszlo
Dan Laszlo is the Chief Financial Officer and is responsible for the finances at the company. Before joining Millennium Trust Company, he served in many managerial positions at William Blair and Goldman Sachs.
Bob Kunimura
Bob Kunimura is an experienced professional on the managerial team here. Though he’s only been there for eight years, he’s got three decades of experience within the financial technology industry. Currently, he’s the Chief Technology Officer and was the same at the Swiss Bank Corporation before that.
Erik Beck
MTC has various Growth Officers, and Erik Beck is one of the best. He served at BNY Mellon as the managing director before joining the team at Millennium Trust Company. He’s now in charge of maintaining client relationships and company sales growth here and is one reason why this company has more than 300,000 active clients.
Jenifer Abernathy
Jenifer Abernathy is the Chief Compliance Officer at MTC. Her service to the company spans over two decades and started in 2007. This company doesn’t provide in-depth information about her experience with other companies. However, she’s a qualified and trained attorney and an active member in MENSA.
Services and Products Offered by Millennium Trust Company
MTC provides a diversified investment option to its customers. This company is highly vocal about the financial possibilities and benefits clients receive through its services and products, such as:
Traditional and Roth IRAs
Roth and Traditional IRA accounts are offered by MTC and are great for people who want to secure financial independence as senior citizens. Both options provide great retirement funds compared to other portfolios.
For example, traditional investors can use various contributions to write off income taxes. A person can also consider an automatic rollover IRA solution that switches to a new account when they get a new employer.
401(K) Plans
The Millennium Trust Company offers 401(K) sharing plans that cater to corporations that sustain larger administrative costs. This plan is a go-to option if a business has multiple employees because it sees a better ROI. The 401(K) plans help companies match employee programs. With that, corporations can share and filter profits with employees as part of their retirement benefits.
Why is a 401(K) crucial? Any contributions made come directly from the employee’s paycheck before the IRS takes income taxes. Therefore, they hold a lower tax liability, whether standard deductions are taken or not.
SEP and Simple IRA
The SEP (Simplified Employee Pension) IRA is offered by MTC and is great for small business owners that want to invest in retirement benefits for employees. This option has lower administrative costs and is sustainable for long-term benefits.
With that, MTC provides flexible SEP IRAs. The company contributes more when it flourishes and cuts contributions during hard times. Plus, it’s possible to choose which employees are eligible based on the IRS standard requirements.
Alternatively, companies of 100 or fewer employees can choose the Simple IRA from MTC. This portfolio allows the employees and employer to channel a percentage of profits and pay to their investment. Just remember that there’s a contribution limit. Though the money grows as tax-deferred, employees might pay income tax upon withdrawal. On top of that, self-employed investors may choose a Simple IRA to avoid high administrative costs for setting up a 401(K) plan.
Other Account Offerings
Experts recommend that investors diversify their investment portfolios to secure their financial future. MTC provides many taxable accounts to handle various retirement saving needs. These are ideal for high-net-worth corporations and individuals because it spreads the investment risk to different portfolios that could perform differently with time. Plus, it exposes the person to other opportunities for better returns and prevents their money from staying in one investment option.
MTC Fee Schedule
There are fees involved with Millennium Trust, and they include:
Accounts Fee
MTC accounts fees are similar to other IRA companies. This one expects its customers to pay one-time fees before activating the account. People might also be required to pay an annual fee to maintain it.
At MTC, customers must pay an account establishment fee of $50. There’s also a $100 annual fee for traditional and alternative assets. However, the company doesn’t hide fees.
Investment Custody Fee
On top of that $100 fee for alternative/traditional assets, the customers are required to pay investment custody fees. They are prevalent with all IRA companies, so this isn’t abnormal. While many companies charge the fee quarterly or monthly, MTC chooses to do so annually. Plus, there are different ways to charge that fee. Most IRA businesses charge it depending on how many assets the investor holds. However, it’s possible to charge a commission or percentage of the account’s value each year.
The Millennium Trust Company chooses to charge the investment custody fee based on how many assets the person holds and spreads the fee over all assets, regardless of whether they’re traditional or alternative.
Traditional Assets
Traditional assets can be a mutual or security fund. If a person invests in certificates and bonds, they pay $50 for a phone order. However, a mutual fund requires $25 over the phone. With that, publicly traded securities cost between $10 and $25.
Alternative Assets
Certain investors might decide to hold many assets as an alternative. The investment custody fee for alternative assets here is between \$250 to \$650. Fees might vary if they invest in foreign currencies or real estate.
MTC charges about $200 per account for Futures and Forex investments, but real estate has a flat-rate fee of $600 per holding. However, private equity, private debt, and hedge funds have a $100 fee for investment custody, while BDCs and REITs are between $75 and $200.
Processing Fees
IRA companies also charge processing fees and can cover wire transfers and documentation but not annual maintenance costs. Overall, the charges cover systematic processes that the company does on the account. For example, the processing fee to renew a CD is $25, but a person pays $250 for any real estate process.
Contact Information for Millennium Trust
Millennium Trust Company is headquartered in Illinois at 2001 Spring Road. Though it’s possible to call the company and speak with a customer service representative, it encourages people to book appointments at the physical office in Oak Brook (Suite 700). The anecdotal accounts indicate that this company doesn’t provide live customer support.
How Millennium Trust Company Performs (Customer Reviews)
Whenever a person decides to choose an IRA company, it’s crucial to read the reviews posted by other customers. In fact, it’s one of the most important things to do. Amazingly, there are thousands of Millennium Trust Company reviews out there. The company actually ranks first among the IRA businesses for the highest number of reviews online.
Plus, it collects reviews from various platforms, including the Better Business Bureau and Google Business.
Since this company has more than 20 years of industry experience, there’s no reason to doubt why it has so many reviews. However, many of them aren’t that pleasant. Millennium Trust Company only scores 3.7 out of 5 stars. Though this isn’t the worst a company can have, it isn’t the best. With that, it’s possible to find IRA businesses with better ratings.
When looking at the reviews on the BBB, it’s clear that Millennium Trust has 1.5 out of 5 stars. Many of the customers logging into the BBB only go there to complain. That being said, over 37 customers recently filed complaints, and the company has yet to solve them. Though it promotes itself as an A+-rated company, MTC has a long way to go to reach that achievement.
Things can change quickly, so it might be best to regularly check the BBB site to find out which, if any, complaints get resolved and how.
Pros and Cons
Pros:
- No hidden fees
- Diverse investment options (traditional and alternative)
- Established management team with tons of industry experience
- Broad customer base (trustworthiness)
- Social class not part of the service or care received
Cons:
- Various negative reviews online
- Could be required to pay sliding case fees for segregated accounts
- Higher fees for administration and metal storage
FAQs
Customers often have questions for IRA companies. If the person is still not sure about Millennium Trust, here are a few frequently asked questions to consider:
The Millennium Trust Company is considered a legitimate business and has no hidden fees on its services and products. There is a physical office to visit with industry-known professionals in management. With that, MTC encourages customers to schedule a physical appointment if they can’t handle the problem online. As with other businesses, this company has had unsatisfied and satisfied customers.
Though the choice of IRA company is a personal preference, it appears that MTC is a good option. It can help the investor implement good benefits about their retirement needs. With that, the company provides various services and products to diversify the portfolio.
The fees relating to holding the investment account here are self-explanatory and considered an industry standard. A person only pays for what they consume and see.
With that, MTC has more than 300,000 active customers. It’s easy to create specialized retirement investment accounts that meet the investor’s needs and offer financial stability for the future.
However, some people complain about the company’s internal structure. Things could be a bit better, and online or over-the-phone help is warranted.
Most IRA service providers don’t let the investors set up an LLC or regularly withdraw funds from their accounts. However, it’s different here. The Millennium Trust Company can be used as an investment tool or to register an LLC or corporation.
Conclusion
The Millennium Trust Company has some stiff competition from other industry professionals that offer low rates and fewer processing fees. However, many customers still go with MTC because of its self-directed services.
Overall, the benefits of investing through MTC for the future outweigh the risks. For example, it offers a guarantee and reliability that others can’t match. Plus, it provides tailored services to each customer, whether they are a high-net-worth individual or not.
Just follow the instructions and investment plans to sleep soundly and get peace of mind knowing that the financial future is well.
Though MTC is a solid company, there might be better options out there. Feel free to do due diligence and more research on other IRA companies to determine what is best for the investor and their needs.
About Tim Schmidt
Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He started IRA Investing to share his expertise in using his Self-Directed IRA for alternative investments. His views on retirement investing have been highlighted in USA Today, Business Insider, Tech Times, and more. He invested with Goldco.