What is Millennium Trust Company?Millennium Trust Company Locations, Timings, Email, Phone, Services
Millennium Trust Company is a third-party financial services provider, offers the trust, custody, and administrative services required by clients to make the most of their assets and achieve their long-term objectives.
As a Financial Services Roundtable member, MTC has access to the resources and knowledge of top financial organizations including Goldman Sachs, JPMorgan Chase, and Morgan Stanley.
The SEC and FINRA also supervise Millennium Trust Company, giving customers an extra measure of security and dependability.
Self-directed IRAs, custodial accounts, 401(k) rollovers, 529 college savings plans, institutional trust services, specialist services like cryptocurrency custody, and alternative investments like real estate trusts are just a few of the many products and services offered by Millennium Trust.
- Address: 2001 Spring Rd Ste 700, Oak Brook, Illinois, 60523, United States
- Phone: (630) 368-5600
- Email: [email protected]
- Website: www.mtrustcompany.com
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People Behind Millennium Trust Company: CEO, Owner, Co-Founders & MoreWho owns Millennium Trust Company? What is the management team behind Millennium Trust Company?
Gary Anetsberger, president and chief executive officer is in charge of guiding MTC through its period of tremendous expansion while maintaining the best standards of customer service.
Before taking on his present post in 2016, Gary held executive positions and had more than 40 years of experience in the financial services industry.
Dan Laszlo, the executive vice president and chief operating officer, who has a wealth of knowledge in compliance, operations, and finance, joins him.
Before joining Millennium Trust, Laszlo worked in management at William Blair & Company and Goldman Sachs.
The MTC’s chief technology officer is Bob Kunimura. Since leaving Swiss Bank Corporation to work for MTC, he has been in the job for eight years.
He is in charge of creating and putting into action sophisticated solutions to guarantee that the assets of their clients are well-protected.
As the Chief Compliance Officer, Jenifer Abernathy is the lone female executive. She has been providing regulatory and compliance consultancy for FINRA for more than 20 years.
Jenifer has vast experience of the financial industry from her time as a senior vice president at Citigroup, which she applies to keep MTC in compliance with the most recent rules.
Millennium Trust Company Products: 401K (K) Plans, Traditional IRAs and MoreAll products offered by Millennium Trust Company
To suit the diverse demands of each of its customers, MTC provides a wide range of services and goods.
Custodial accounts for IRAs, Roth IRAs, Coverdell Education Savings Accounts (ESAs), Self-Directed 401(k)s, SEP IRAs, and Health Savings Accounts (HSAs) comprise their primary offering.
Additionally, they provide conventional trust services such guardianships, conservatorships, estates, and trusts.
401K (K) Plans
MTC collaborates with companies to provide a 401(k) plan that aids workers in saving money for retirement. The program enables companies to create, operate, and manage their 401(k) plans while still offering their staff the same degree of support.
Additionally, they provide a selection of investment options, information on retirement plans, lending programs, and other services.
Traditional and Roth IRA Accounts
MTC offers Traditional IRA and Roth IRA accounts with the option to invest in stocks, bonds, mutual funds, ETFs, and other investments. The accounts guarantee tax advantages, making it a great way to save for retirement.
However, investors cannot use contributions to settle income tax and are subject to other limitations.
Self-Directed Investments
Additionally, MTC provides self-directed investment choices that give customers greater control over their money.
They have access to a wide choice of conventional securities including stocks, bonds, and mutual funds as well as alternative investments like real estate and cryptocurrencies.
Coverdell Education Savings Accounts (ESAs)
ESAs, or education savings accounts, are tax-advantaged accounts that can be used to cover some eligible educational costs like tuition, fees, and books. These accounts can choose to invest in equities, bonds, or mutual funds, according to MTC.
Other services they offer include lending programs, education about retirement plans, and asset protection. The accounts cannot be used to cover non-qualified costs and have contribution caps that must be met.
Health Savings Accounts (HSAs)
MTC also offers Health Savings Accounts (HSAs), tax-advantaged accounts that can be used to pay for medical expenses like doctor visits, prescriptions, and other qualified costs.
The funds are available for use in any year and can be rolled over from one year to the next. The HSA plan allows individuals to save money and prepare for future medical expenses.
Asset Management Services
MTC provides comprehensive asset management services that include portfolio monitoring, risk assessment, tax optimization strategies, and more.
Through their asset management services, they offer tailored solutions to help clients manage their assets and maximize returns while minimizing risk.
SEP and SIMPLE IRA Accounts
The Simplified Employee Pension (SEP) and Savings Incentive Match Plan for Employees (SIMPLE) IRA accounts are retirement plans for self-employed persons and small business owners.
MTC offers various services related to these accounts, such as plan setup, employee enrollment, and ongoing administration.
SEP IRAs are suitable for long-term savings with tax-deferred growth, while SIMPLE IRAs can be used for long-term and short-term savings.
How to Invest in Millennium Trust Company IRA?Step-by-step guide for investing in Millennium Trust Company IRA
To invest in a Bullion Exchanges IRA, follow these general steps:
- Open a Self-Directed IRA Account: Fill out an IRA form to open a self-directed IRA account with one of their trusted custodian partners. You’ll also need to choose an IRA-approved storage facility for your precious metals.
- Fund Your IRA Account: Once your self-directed IRA account is set up, work with your custodian to fund your account with cash, rollover funds, or a combination of both.
- Choose Your Precious Metals Products: Millennium Trust Company offers a selection of IRA-approved precious metals products, including gold, silver, platinum, and palladium coins and bars. Choose the products you want to invest in.
- Place Your Order: Place your order with them for the selected precious metals products. You’ll receive a quote with the total cost of your order, including applicable fees.
- Direct Your Custodian to Make the Purchase: After placing your order, you’ll need to direct your custodian to make the purchase on your behalf. Your custodian will provide you with the necessary paperwork to complete this step.
- Store Your Precious Metals: Once your purchase is complete, Millennium Trust Company will ship your precious metal products to your chosen IRA-approved storage facility for safekeeping.
However, I don’t recommend opening an IRA with them. Why? Because there are plenty of better options available for you.
Opening a precious metals IRA is a major decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer of your state and choose accordingly.
Also, the list will help you understand what the industry’s best has to offer and what you might miss out on.
Millennium Trust Company Fees and Charges: Do they overcharge?What are their fees? Do they have hidden fees?
MTC charges a variety of fees to investors, including as account maintenance and transaction costs. Self-directed investments, asset management services, and Coverdell education savings accounts all come with service-specific fees.
Depending on the type of account formed and the level of service chosen, the price structure changes. The three most typical charges for MTC accounts are as follows:
Maintenance Fees
The expense of managing accounts, such as handling deposits and withdrawals, is covered by the maintenance fee. For each account opened, investors must pay a $50 account opening cost as well as a $100 annual fee.
Transaction Fee
The transaction fee covers the cost of executing trades and investing in securities. The prices vary depending on the type of security traded and the number of transactions.
MTC transaction fees cover stocks, bonds, and mutual funds. Investors should know that this fee must go into the maintenance account.
Custody Fee
The custody fee is used to safeguard funds in a client’s account. It ranges from 0.02% to 0.125% and is based on the total amount of the assets kept in an account. Both conventional and non-traditional assets are subject to the custody cost.
Stocks, bonds, and mutual funds are examples of traditional assets, whereas private equity, real estate, gold, and other investments are examples of alternative assets.
Companies like Augusta charge ZERO fees for up to 10 years and allow you to choose your own gold & silver. Millennium Trust Company on the other hand provides fewer options.
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Millennium Trust Company Reviews and Complaints: BBB, Trustpilot and GoogleRead all the Millennium Trust Company reviews & complaints on Millennium Trust Company
Better Business Bureau (BBB)
Millennium Trust Company received a 1.17 rating out of 5 on the Better Business Bureau (BBB) website based on customer reviews and complaints. Moreover, the company has a total of 108 customer reviews and in the last 3 years, 115 customer complaint has been closed. There are both positive and negative customer reviews. Also, the business is BBB accredited since 2017 and has been in the industry for 22 years.
Trustpilot
Millennium Trust Company received a 4.1 rating out of 5 on Trustpilot website based on customer reviews and complaints. Moreover, the company has a total of 35,314 customer reviews. There are both positive and negative customer reviews.
Millennium Trust Company has a 2.4 rating out of 5 on Google based on numerous customer reviews. There are 722 customer reviews in all. There are both positive and negative customer reviews.
Positive Reviews:
#1- In the review below, Alyce highlights that they had a great experience with the company. Also, the staff guided them throughout the process.
#2- Here’s another Millennium Trust Company review. It praises the company’s customer service. Furthermore, it highlights that they have short wait times.
Negative Reviews:
Just as MTC has received plenty of positive reviews, it has received a ton of complaints as well. Here are some of them:
#1- Eva shares that she finds the A rating of the company disgusting. That’s mainly because she expected better from Better Business Bureau.
Eva points out that the company is nothing short of a scam. Her last employer had rolled over her retirement savings from Vanguard to MTC and she hasn’t gained access to her account ever since.
Certainly, the company doesn’t respond quickly.
Moreover, she says that when she finally got in touch with them, they claimed that didn’t have accurate information on her. So, she provided them with her information again.
However, the company failed to respond.
Eva says that Eva charges extremely high fees and is a “horrible, horrible company”. Also, Eva hopes that BBB will update their rating to reflect how they are a scam.
#2- Another customer said MTC shouls not even be in business, they absolutely suck!!
#3- Another customer said she may be reaching out for legal aid and taking action. Deborah highlights that the company said it would take them a few hours to make a deposit. However, the company didn’t respond for days.
After 3 days, she contacted them again and they told her that it’ll take 10 more days.
Deborah says that if they don’t fix the way they operate then she might need to sue them.
Millennium Trust Company Lawsuits: Have its customers sued Millennium Trust Company?
Hemenway sued Millennium Trust Company.
Plaintiff Edward L. Hemenway entered into a Roth Individual Retirement Account Agreement (“Roth”) and a Traditional Individual Retirement Account Custodial Agreement (“IRA”) with Defendant Millennium Trust Company, LLC.
Our top companies have a clean background and aren’t involved in any kind of major legal dispute. You can check out the list here.
Is Millennium Trust Company Legit? Should You Invest with Them?Is Millennium Trust Company scam or legit? Are they worth it?
No, I don’t think you should invest with them.
Pros:
- Maintain transparency
- Diverse investment options
Cons:
- High fees
- Many negative reviews
- Lack of specialization
- Faced a lawsuit
While they are a legitimate company, they are not the best.
There are plenty of gold IRA companies with far more specialized services in the industry. Before you consider investing with any company, I recommend checking our best gold IRA providers first.
That way, you’d know what the industry’s best has to offer.
Alternatively, you can get a free gold IRA guide from our #1 rated company by clicking the button below:
Furthermore, if you’re eager to find out who is the best gold IRA provider of your state, check out the map below:
Each state has its own regulations and rules, so we’ve sorted and found the best Gold IRA company for each state.
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