There’s uncertainty in the world right now, and it tends to continue throughout the years and decades. The global economy is always up and down, so it’s crucial to be financially prepared and stable for the future. That way, the investor is taken care of no matter what happens.
One way to plan for retirement is to have appropriate retirement accounts. However, they tend to get held up in employer retirement plans. If the person worked for multiple companies in the past, it’s even harder to keep things straight. That’s why they need an IRA company that’s uniquely qualified to provide ample opportunities.
IMPORTANT – before we get too far in this review, we’d like you to know we’ve vetted quite a few companies in this space.
We know that selecting a company to work with is a major financial decision and something not to take lightly. InvestingInGold.com has put in extensive research spanning many years in order to compile a list of the 5 highest recommended companies for this year.
==> See our #1 recommended company for precious metals investing
We urge you to view the links to see where Millennium Trust Company stacks up against the competition.
When reviewing the financial resources, it’s crucial to take inventory of any retirement assets and figure out when it’s appropriate to add a person’s own money to those. With that, the investor needs someone to step in, and Millennium Trust Company can assist. It streamlines everything relating to controlling and saving for the future.
The decision to invest money into an IRA company might affect a person’s whole life, so they’ve got to be careful. Today, it’s important to learn about Millennium Trust Company, which offers specialized retirement custody services to meet all of an investor’s needs.
Overall, Millennium Trust Company manages about 305,000 accounts with $11 billion. It also offers great portfolio options, so it’s the go-to solution for investors. Please take the time to read this review and learn more about it. When ready, go to the website to find out more.
About Millennium Trust Company
Millennium Trust Company is located in Oak Brook, IL, and was founded in 2002. It’s a top financial institution, though it cannot offer legal or tax advice about what to do with third parties.
Overall, Millennium Trust Company performs various tasks as a directed custodian and provides investment options and various institutional custody services.
There are four IRA account options: SEP IRA, Simple IRA, traditional IRA, and Roth IRA. With that, investors may register their Corporate America companies or limited liability businesses and diversify their portfolios even more.
It’s crucial to understand that MTC doesn’t sell investments, and it does not provide investment advice. Instead, its custody solutions focus more on the person knowing what they want and getting what they require.
When reading things from people claiming it as a previous employer, they learn that it offers student loan debt contributions for employees. Those who already have an employer may find that a previous employer transferred the IRA to this company. When that happens, it’s crucial to set up an account with it and close the account from the other company.
Review Details on Accounts
If a person likes to use self-directed IRA platforms, the company offers that. Plus, they get an intuitive user experience with easy-to-use platform tools. The site is easy to navigate, and it’s easy to quickly see the account balances throughout the investment options. Investors like that they can download tax forms and statements with ease. On top of it, it’s possible to review the transaction history, making it a great choice for individual investors.
Various Investment Resources
Saving for the future means investing well, and this is an ongoing process. Overall, people need the investment platform offered by the Millennium Trust Company because it has many great educational resources. It’s a decent place to find videos and articles about what to do and the process for investing.
However, this is a self-directed platform and doesn’t include live support. Instead, it’s important to look to the resources to get information or make an appointment at the office for appropriate service.
Making Trades
The platform includes a dedicated trade center for people to make traditional investments. These include stocks, mutual funds, and ETFs. However, it’s crucial to read the entire user guide on the website before making any trades.
Review Investment Portfolios
Before a person starts trading, they must review and research the investment options available to see if they meet their needs. There are various fact sheets and market data from Morningstar, Inc. to assist.
Millennium Trust Company helps its clients:
- Keep accurate account records and presents them in a timely manner
- Submit tax forms and other IRS documents every year
- Set up and maintain individual accounts
- Facilitate transactions for the client
- Report, track, and document any account activities
Who Are the Management Personnel at Millennium Trust Company?
There are many service providers in the US, but the management team at MTC is experienced and sophisticated enough to handle all of the investor’s needs. The top leaders include:
Gary Anetsberger
Gary has been at MTC for many years and in various positions. However, he became the CEO in 2016 and has over four decades of experience within the financial industry.
Bob Kunimura
Bob has been with the company for eight years and has three decades of experience in the financial technology industry. Before coming here, he worked at the Swiss Bank Corporation as the Chief Technology Officer and is the same at MTC.
Dan Laszlo
Dan is responsible for any finances at the company and is the current Chief Financial Officer. Before he came to Millennium Trust Company, he was at Goldman Sachs and William Blair in various managerial positions.
Jenifer Abernathy
Jenifer is MTC’s Chief Compliance Officer. She started here in 2007 and has more than two decades of experience. However, there isn’t much information about the other companies she worked for. Still, she is an attorney who is trained and qualified.
Erik Beck
Erik is one of the Growth Officers at Millennium Trust Company. Before that, he was at BNY Mellon as a managing director. Now, he’s in charge of sales growth and maintaining relationships with clients.
Products and Services Offered by Millennium Trust Company
Clients of MTC have diversified investment options. Overall, the company is vocal about the many financial benefits available through its products and services. They include:
Retirement Funds – Traditional and Roth IRAs
It’s possible to get a Roth or traditional IRA account from MTC, which is excellent for clients who want to have financial independence as they get older and retire. Both retirement funds are great when compared to other portfolios.
For example, traditional investors use the contributions to get deductions on income taxes. It’s impossible to do that with other investment accounts.
SEP and Simple IRA
Simplified Employee Pension IRAs (SEP IRAs) are offered by MTC, as well. These are great for small companies that want to provide retirement benefits to employees. There are low administrative costs, which is more sustainable for long-term advantages.
Plus, MTC offers flexible SEP IRAs. The company contributes more money whenever it flourishes and can cut contributions when hard times come about. There’s also a way to choose the employees who are eligible for the plans based on various factors.
MTC also includes Simple IRAs, which are great for companies with fewer than 100 employees. Employees can add part of their pay, and the employer channels a percentage of the profits into the investment account. There are limits to be aware of, though.
Plus, the money is tax-deferred as it grows, so employees may pay taxes on it when they withdrawal. However, that doesn’t affect the business owner.
Self-employed investors also have the option of getting a Simple IRA!
401(K) Plans
It’s possible to get 401(K) sharing plans from the Millennium Trust Company. They cater to companies that may otherwise have larger administrative costs. This plan works well if there are multiple employees on staff because the employer sees better returns on investment.
With that, the 401(K) plan helps employers match employee programs. Plus, it’s possible to filter or share the profits with the employees and make them part of the retirement benefit.
Companies wonder why 401(K) plans are a good idea. When an employee makes a contribution, it can be deducted immediately from their paycheck. The employer doesn’t have to deal with paying taxes on it, which could fall to the employee on withdrawal. Therefore, they can hold a lower tax liability, even if the employee takes standard deductions.
Other Account Offerings
It’s best for investors to diversify their portfolios with many options. That way, they secure their financial future, even if one strategy fails or doesn’t perform well.
With MTC, there are various taxable accounts to help with retirement. They work well for high-net-worth individuals and companies because it lowers the investment risk and spread it out over different portfolios. Plus, there are other opportunities and better returns, so the money doesn’t go stagnant in just one investment strategy.
MTC Fees Schedule
The fee schedule for Millennium Trust Company looks like this:
Accounts Fee
Fees charged by MTC are similar to those of other IRA companies. Just pay a one-time fee before the account is activated and pay annual fees to maintain it.
The establishment fee is $50, and annual fees are about $100. With that, there are no hidden fees from this company!
Processing Fees
Most IRA companies charge processing fees that are separate from annual maintenance costs. MTC charges a fee to cover systematic processes, and it varies based on the situation. For example, real estate processes are $250, while renewing a CD costs $25.
Investment Custody Fee
On top of the annual $100 fee for traditional and alternative assets, customers must pay investment custody fees. This happens at all IRA companies, but Millennium Trust Company does it annually instead of quarterly or monthly.
While other companies might charge a percentage or commission based on the account’s value, MTC does things differently. It charges the investment custody fee based on the number of assets held and spreads the cost over all of the assets.
Traditional Assets
Traditional assets are either security or mutual funds. It costs $50 for a phone order to invest in bonds and certificates. However, the person pays $25 over the phone for a mutual fund, while publicly traded securities are $10 to $15.
Alternative Assets
Some investors hold various assets as alternatives. Investment custody fees range from $250 to $650 for things like real estate or foreign currencies.
MTC also charges $200 for Forex or Futures investments, but there’s a flat rate of $600 for real estate holdings. Private debt/equity and hedge funds require an investment custody fee of $100, but REITs and BDCs range from $75 to $200.
Contact Information for Millennium Trust
Millennium Trust is located on 2001 Spring Road in Oak Brook, IL. It’s possible to call a customer service representative and do business over the phone. However, it prefers for people to book an appointment at the office for any issues or concerns. From what is found in reviews, the company doesn’t offer live customer support, but there is a customer support phone number available.
What Customers Say about Millennium Trust Company
Choosing an IRA company is a big step, so it’s essential to read the reviews that other customers post. It’s possible to find thousands of Millennium Trust Company reviews online from the Better Business Bureau and Google Business. In fact, this company ranks first in similar businesses for having so many reviews.
Though it’s possible to read the conglomeration from the Millennium Trust site, it might be best to go directly to Google Business or the Better Business Bureau.
Because Millennium Trust Company has been in business for over 20 years, it’s normal for it to have good and bad reviews. However, the number of negative reviews is quite extensive. Overall, it’s easy to find IRA businesses with thousands of ratings that are better.
When checking the reviews on the BBB, the person sees that MTC only gets 1.5 stars. Various customers have complained, which is typical. However, the company hasn’t resolved them yet. Still, it claims that it’s an A+-rated company, and that seems to be a falsehood.
In most cases, the business doesn’t have management issues. However, with the service being self-directed, people must find the right answers for themselves. It’s possible, but that means a lot of extra work. Sometimes, people choose the wrong option and end up paying for it later, but that is not necessarily the fault of MTC.
Pros and Cons
Pros
- Diverse investment options
- No hidden fees
- Broad customer base to establish trustworthiness
- Established management teams with decades of industry experience
- Receive appropriate care and service regardless of social class
Cons
- May have to pay sliding case fees for any segregated accounts
- Various negative online reviews
- Higher fees for metal and administration storage
FAQs
If there are still questions about Millennium Trust Company, these FAQs could help:
Choosing an IRA company is a personal preference, and it’s crucial to do due diligence to ensure that the person can implement good benefits from it. MTC appears to be a good option because it focuses on their retirement needs. Plus, the company offers many products and services to help investors diversify their portfolios.
Everything is self-explanatory from this self-directed IRA company. Therefore, it’s possible to pay for what they use. Plus, MTC has over 300,000 active customers, and it’s easy to create the right retirement accounts to provide financial stability for the future.
However, there are issues with the internal structure of the company. For example, reliable companies require phone and online assistance from customer service reps.
Overall, the Millennium Trust Company is thought of as being legitimate because there are no hidden fees and a physical office. However, some people feel that there needs to be a decent internal structure. Things could always be better, and it might not be feasible for customers to go to the Illinois location if they’re out of state.
Many IRA providers don’t allow investors to withdraw funds regularly from their accounts or help people set up LLCs. However, MTC can help people choose between prospective investments because it’s self-directed and offers the registration of corporations and LLCs.
Conclusion
The Millennium Trust Company has stiff competition from industry professionals offering lower processing fees and rates. Though it has various custody solutions, it’s crucial to do due diligence and ensure that its custody services are right for the investor.
Those who prefer self-directed IRAs are sure to like what it offers. The benefits of using MTC outweigh the risks for the most part. Feel free to check into this business more and the competition to know what it’s all about. Most people feel that it’s legitimate and solid, but there are better choices available. Just make sure to know what needs there are and determine if MTC can assist.
About Tim Schmidt
Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He's also a published author, and his views on investing have been featured in USA Today, Tech Times, The Huffington Post, Nasdaq, and many more.
