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Millennium Trust Company is a financial institution that provides unique services to investors. They can help you manage your retirement assets and open a self-directed IRA. If you're interested in creating an account with alternative assets, you'll need a custodian of this kind.
But this company is far from the only self-directed IRA custodian in the industry. Are they actually the best pick? Judging by some of the poor online reviews, the answer sadly seems to be no.
We've taken a look at the most important things you should know about this company before making a decision. There's also some guidance for the easiest way to set up a self-directed IRA with alternative assets like precious metals.
Important: Before we move on with this review...
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About Millennium Trust Company
As you move through the workforce, you might find that you have several retirement accounts scattered across different careers. Consolidating these can be complicated, but managing them properly can be even more complicated. Players like the Millennium Trust Company exist to help ease the burden.
Millennium Trust is one of the largest IRA custodians in the United States. They have more than 300,000 customers with over 11 billion dollars of total managed assets. Because of the company's large industry presence and impressive portfolio, many people choose it as their first investment option.
But there are potential issues lurking behind the scenes. The company policies aren't up to date with the competition, and multiple customers have reported negative experiences.
The company you choose to manage your retirement account needs to be impeccable. You will be working with them for decades, assuming all goes according to plan. Not only should it be easy to access your account data, it should also be easy to withdraw your assets when the time comes to pay dividends.
Millennium Trust was founded in 2000 and operates out of Illinois. They represent investors in all fifty states. There are a variety of administrative and custodial services available for other financial institutions, financial advisors, and individual investors.
An individual investor or institution can have a maximum of four IRAs managed through the company. There are also services that allow you to create corporate tax shelters for a more diversified portfolio.
The company also has an investment platform, which allows people to access and view data about their holdings.
Investment Platform Options
Once you have an account with Millennium Trust, you will be given access to the investment platform. You'll use your login credentials to view a dashboard of your assets. This will show you the current value of your holdings, their growth over time, and other information.
One of the major drawbacks of many online investment companies is their software. They have apps or interfaces that are simply difficult to use. That's not the case with Millennium Trust, as their platform is built specifically to be as intuitive as possible.
You'll have access to information about balances on all of your accounts, as well as information about the growth or depreciation of your assets. You can look at your entire transaction history, download tax forms, and download account statements. There aren't even any limits on how many files you can download.
Resources for Investing
Investing can be intimidating, especially when you're working with a self-directed IRA. Rather than having a professional investment manager, the assets in a self-directed IRA are completely controlled by you. You want to have a sense of how different portfolios work if you want to allocate your assets properly.
Millennium Trust aims to make this process simple by providing account holders with educational resources. These include blogs, articles, answers to questions, and tutorial videos.
One potential drawback of the company is that there isn't any live customer chat or phone offered. If you have questions, you'll need to poke through the educational resources until you find the answer yourself. That's not always the most user-friendly experience, especially for beginners.
In addition to being a data center, your account gives you access to a trade platform. You have the opportunity to invest in things like stocks, mutual funds, and other common assets. These are the types of assets that you'd typically see in a managed IRA.
The website has a robust trading guide that teaches you everything you need to know about navigating the marketplace. You shouldn't start trading until you're confident that you understand what you're doing and have a solid plan for long term growth.
Research and Data
Prior to buying or selling any assets, you want to get a sense of the investments that are right for you. Not only do you need to decide what types of investments to choose, but you also need to decide which specific opportunities are best.
You'll learn how to evaluate different market opportunities and companies. With your account, you'll get access to data and fact sheets about the market. That way, you already have the information you need to compare and contrast the different options that interest you.
In total, Millennium Trust says that it helps customers with the following things:
There are many licensed custodians in the US who can handle IRA management. But Millennium Trust has one of the most impressive teams of managers. If it wasn't for their poor customer reviews, the staff alone would be a reason to pursue the company's services.
The robust management team is made up of many different people with a diverse range of backgrounds. There are also a few people who make up the company's Board of Directors, which is in charge of the management team.
The CEO of Millennium Trust is Gary Anetsberger. Prior to becoming the company CEO in 2016, he had been working as a corporate executive within the company for more than fourteen years. Before that, he had over two decades of experience working in finance.
The CFO of the company is a man named Dan Laszlo. He manages finances for the company, which is an arduous job when the company is built around financial management. Prior to joining Millennium Trust, Dan had managerial and corporate positions with financial powerhouses like Goldman Sachs.
Bob Kunimura serves as the Chief Technology Officer for the company. Though he has been with Millennium Trust for less than a decade, he has worked with finance technology for more than three decades. In fact, he's one of the most experienced employees in the entire company. Prior to joining Millennium Trust, he was also the CTO for another banking corporation.
Erik Beck is one of many Growth Officers with the company. These employees are dedicated to analyzing the investment playing field to mitigate risks and help clients take advantage of potential opportunities. Prior to joining Millennium Trust, Erik was a managing director of another corporation. Now his main job is to protect client relationships and company growth.
Jenifer Abernathy is the Chief Compliance Officer for the company. She has been working with the institution for over fourteen years, and she is qualified to practice an attorney. On top of that, she actively participates in the MENSA.
Available Products and Services
The purpose of the Millennium Trust Company is to manage client assets. That involves covering retirement accounts and sometimes personal portfolios. The company says that their services give you access to more investment opportunities than you would otherwise have.
Traditional and Roth IRAs
Traditional and Roth IRAs function largely the same way. They are both managed by a financial advisor or investment manager, and they both involve traditional assets. The main difference is that Roth IRA taxes are paid upon contributing, while traditional IRA taxes are deferred until you start receiving payments.
Millennium Trust employs financial experts who can take care of your investment portfolio. They will buy a variety of stocks and mutual funds according to your wishes, and they may give you financial advice for the future.
An individual retirement account works great for individuals. But for corporations that need to coordinate their retirement plans, Millennium Trust has 401K sharing options. These are ideal if you have a company with a lot of employees who need a solid retirement plan.
The bigger your corporation is, the more you'll get for your dollar. With the 401K, you can match the employee contributions to help them save for retirement.
All 401K contributions are taken directly out of a person's paycheck prior to their taxation.
SIMPLE and SEP IRAs
The SIMPLE and SEP IRAs will work for specific types of people.
You might be interested in an SEP IRA if you own a small business rather than a corporation. By using this individual retirement account, you can secure benefits for a few employees. The low administration costs of this account make it ideal for long term growth.
Another benefit of the SEP IRAs offered by Millennium Trust is that they are flexible. When your business is raking in the profit, you can up your contributions. Then if you find yourself dealing with financial hurdles, you can lower the contributions.
In addition, you can choose which employees are eligible for this plan by using either your business policy or the standard tax requirements from the IRS.
The SIMPLE IRA is an option that works for larger companies that still have under 100 employees. By setting up this account, your employees will have part of their paycheck and the company profits sent to their account.
But you will have to keep in mind the contribution limit. And since the money isn't taxed when it's invested, your employees will begin paying taxes once they take dividends. Self-employed individuals might also create a SIMPLE IRA for themselves to avoid the high cost of a 401K plan.
Millennium Trust also has other accounts available to open. The idea is that you should be able to have most, if not all, of your retirement assets managed by the same company. At the same time, you can have several accounts to keep your retirement income as diversified as possible.
Millennium Trust's other account offerings are built to meet very specific retirement needs. They work best for corporations and for very high net worth individuals. The accounts allow a person to have several portfolios at once, which helps with risk management.
Different assets in different portfolios will gain or lose depending on the market. The more spread out your assets are, the more stable your income will be.
Is Millennium Trust Company a Scam?
Millennium Trust Company is not a scam. They are a legitimate financial institution with a variety of licenses. If you're looking for a custodian for a self-directed IRA, they can handle it. But reviews of the company tend to be mixed, and they have less than 4 stars on Glassdoor, indicating that they're a fairly average place to work.
The large number of customer complaints is what gives us the most pause. There are some excellent consumer reviews and some terrible ones. It seems like the service you receive is hit-or-miss, and it's probably better to work with a trust company that's reliable all the time rather than just some of it.
If you work with a gold IRA company, they can help put you in touch with a more reputable custodian. Some companies are partnered with several different financial institutions, which allows you to compare and contrast to find the perfect one for you.
Pros & Cons of Millennium Trust Company
Millennium Trust Company is a financial establishment that can act as the caretaker for your IRA. In addition to storing precious metals, they will also maintain other alternative assets and traditional retirement holdings. But customer feedback tends to be much more negative with them than with some competing custodial options.
When you're picking a custodian for your IRA, you want to be sure that it's a company you trust. You'll theoretically be working with them until you retire, after all. Millennium Trust has so many bad reviews that it's hard to imagine being happy with their service for decades.
There are other custodian options that have better fee structures and customer service. And if you aren't sure how to find a custodian, you might consider working with a precious metals IRA company. They'll help you get your account set up and communicate with your custodian of choice for you.
The custodian is just one part of setting up an IRA, but it's an important part. Make sure you choose one that's actually right for your needs.
Overall, we believe that there is a better option when it comes to your investment.
The above company is our top recommendation after doing extensive research. Feel free to keep doing your own research, or you can visit Millennium Trust Company below!