Millenium Trust Company Reviews
Millennium Trust company was established in the year 2000, the corporation is an expert in providing specialized custody solutions for retirement funds, alternative assets, and investment accounts. Being one of the country’s leaders, the firm has the ability to solve even the most complex requirements and craft entirely new solutions whenever needed.
You will get empowered with exceptional service, trusted expertise, and access to several custody solutions. MTC will perform the duties of a directed custodian. Therefore, it doesn’t provide you with the due diligence on the prospective investments, sponsors, platforms, or service providers.
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What Will I Learn?
About Millennium Trust Company
The Millennium Trust Company is a rapidly growing and leading financial service provider offering you specialized retirement services. Whether you are one of the employers with a responsibility to manage any corporate retirement assets, running your business, or just wanting to choose beyond the traditional asset options, Millennium Trust will have a flexible and digital solution intended for your financial success.
This is the only Trust Company in Oak Brook, IL. MTC has experienced double-digit growth from year-to-year. The company prides itself on its strong, and progressive culture. Millennium Trust Company has been recognized for rapidly growing, such as the Crain’s Fast 50, and the Inc. 5000, and has been recognized for the positive workplace culture in 2019.
The company was termed as the best Place you can Work in Illinois, It has also received the 2018 Champion for Young Professionals Award and the 2019 Model Workplace Award from the Greater Oak Brook Chamber of Commerce.
Specialties
Millennium Trust Company is a trusted leader in specialized retirement and custody services for many institutions, empowering you with unmatched services. To increase access to a large range of custody solutions, and expertise, you can count on MTC. Whether it is the custody of alternative assets, retirement funds, or accounts, Millennium Trust is qualified in a unique way to support clients’ success.
Millennium will offer you custody solutions, the company is not carrying out the due diligence towards third parties in given prospective investments, sponsors, platforms, or service providers. It will not provide investment advice or sell investments.
MTC is the main provider of most specialized retirement as well as custody services. They are helping advisors, employers, institutions, and service providers. Thus ensuring clients’ success while approaching retirement age.
Once you determine which action you want to take, your representative from millennium trust can assist you with submitting the paperwork required and expediting your request.
Your Allies in Specialized Custody Solutions
Millennium Trust will provide flexible and digital solutions. They will also improve your workplace benefits programs by understanding worker dissatisfaction. Your team of experienced professionals is very dedicated to assisting clients with investment and financial management. you will get specialized assistance with your retirement investments.
Importance of the company’s platform
There are several duties you can perform on the platform of Millennium Trust company.
You can Explore your Investment Resources
To service your savings and invest for your future is a continuous learning process. The Millennium Trust company will provide an investment platform that will increase access to your previous employer to several educational resources like articles and videos.
Since the Millennium Trust Company does not provide live client support, answers to most of your questions are available on these resources. The resources like videos and articles can also explain most details on how Millennium Trust will have the ability to help employers to achieve their goals financially.
You can Research Your Investments Portfolios
Before you can trade, you should review or research several options to realize how they can help with your financial requirements. You have many options like EFTS, mutual funds, and stocks.
You can Review your Account Details
Are you looking for an educative user experience on the platforms of Self-Directory IRA, you will find it at Millennium Trust. Some tools are easy to navigate on the platform. This allows you to be viewing your account balances on several allocations, which include traditional and alternative. You can review your transaction histories as well as download tax forms and print statements. The platform does not limit the number of downloads.
You can improve your workplace benefits programs
Employers can turn the great resignation into an opportunity to retain and attract new talent by understanding the workers’ dissatisfaction with the business. Thus they can control how employees view the business.
You can Make Trades
You will find a dedicated trading center on the platform where you can make your investments in traditional assets like ETFs, mutual funds, and stocks. But, you can only trade after you have read their Facebook page, website, and user guide to trading.
The Millennium Trust Company will define its role in the clients’ success
Facilitate the investment transactions while guided by the customers
Set up individual accounts and maintain it
The document, Track and report the account activities
Submit the tax forms and the documents annually to the IRS
Keeping accurate and a timely account records
Self Directed IRA Benefits and Custody Services
MTC’s Role as Custodian
The custody of alternative assets is very complex since many are one-of-a-kind in nature. You need to work with a company that specializes in and has offered custody solutions for a wide range of alternative assets as well as many different account types. As a custodian, you will rely on Millennium Trust for the following main reasons:
Establish and maintain clients’ accounts
Facilitate investment transactions as directed
Ensure timely and accurate recordkeeping on your account
Process yearly tax documents, such as IRS Forms 1099s and 5498s
Service, Access & Expertise
MTC being your ally in supporting and diversifying your multi-asset portfolio, you will get access to custody solutions for alternative investments. you will take advantage of new and emerging opportunities with confidence.
Service
If you are a sophisticated investor, Millennium Trusbelieves that support is very important to provide a great fluid experience. The Millennium Trust company is always readily available by email or phone to answer most of your questions as well as to support your needs.
Expertise
your custody expertise will give you peace of mind since most details are well taken care of. Regardless of whether it is a hedge fund, traditional investments, real estate, or just a range of several other investments, Millennium Trust company possesses the know-how you need to offer you the right custody solutions.
Access
As a custody provider, MTC will provide you with access to a great range of choices. Custody for current alternative investments and retirement as well as taxable accounts. A wide spectrum of investment options for qualified investors through the Millennium Alternative Investment Network. More options mean more opportunities to invest wisely and diversify your portfolio.
Millennium Trust Company: Services and Products
MTC will offer you a diverse investment portfolio. Millennium Trust is loud about the main financial possibilities and benefits clients can get through their products and services. That said, the company offers:
1. Traditional and Roth IRA
Millennium Trust offers you Roth and Traditional IRA accounts which are a go-to option if you want guaranteed financial independence in your golden years. Roth and Traditional IRA accounts will provide you with the best retirement funds savings plans as compared to other portfolios.
For example, if you are a traditional IRA investor, you can use the contributions to write off your income tax. But, this will translate to remittance of taxes upon your retirement readiness benefits or you can make a withdrawal. On the contrary, you will not use your Roth IRA contributions to write off your income taxes. Roth IRA account holders will not pay any amount of tax when withdrawing.
2. The Simplified Employee Pension (SEP) and SIMPLE IRA
Millennium Trust company offers SEP IRA which is great for small businesses that are interested in investing in their employees’ retirement readiness benefits. SEP IRA will attract lower administrative costs, Thus you can sustain the IRA for the long-term profit.
Ultimately, Millennium Trust will provide SEP IRAs that are flexible. Your business may contribute more funds when it is flourishing. You may also choose eligible employees depending on the business’ policy or IRS standard requirements.
Alternatively, big organizations with not more than 100 employees may opt for SIMPLE IRA. The portfolio will allow you together with your employees to give a percentage of their pay as well as profits to such an investment.
Although, SIMPLE IRAs have a contribution limit. But, the money will grow tax-deferred, and employees will pay their income taxes on the withdrawal. As a self-employed investor of Millennium Trust, you may prefer SIMPLE-IRA if you do not want to incur huge administration costs to be used to set up 401K plans.
3. 401K (K) Plans
The MTC will offer 401K sharing plans that will take care of corporates. This will sustain huge administrative costs. This plan is a great option for the previous employer with many employees. The larger the number of employees, the better the ROI. 401K plans allow any type of business to match employee programs. It allows corporations to filter and share the profits with employees as their retirement benefits.
4. The Other Offerings Account
Some experts will advise you to diversify your portfolios whenever you are securing your financial future. The MTC will give you several taxable accounts for you to cater to the intricate retirement saving requirements. Other accounts offered in such a business are great for high-net-worth corporations and individuals.
This will help you spread the investment risks as several portfolios may perform differently with time. Additionally, it will expose you to various opportunities with a great return compared to putting all your funds into one investment.
Investing in these accounts may include registering a corporation or LLC, personal trust, and joint WROs.
Features
Flexible and Digital Solutions
Millennium Trust Company will empower you with the resources they collect to help you achieve retirement readiness. MTC is a leading financial and rapidly-growing company, providing institutions, advisors, and individuals with a specialized custody solution.
Millennium Trust will provide you with flexible and digital solutions to support your success. Ultimately, you will be educated on how to increase access to investment. This will help with your clients’ success. However, they cannot provide investment advice.
Outstanding Clients Services
Millennium Trust company recently has been recognized for its exceptional service in the business at greater oak brook chamber of commerce’s awards ceremony and Annual Meeting. AdditionallyThe company has been recognized for a positive workplace culture in 2019.
They are termed to be the best places to Work in Illinois, as well as the 2019 Model Workplace Award and 2018 Champion for Young Professionals Award from the Greater Oak Brook Chamber of Commerce.
Millennium Trust Company is a leader in providing custody services for both alternative and traditional assets. As such, the business will not provide an investment with due diligence on such prospective investments, service providers, or sponsors.
MTC will also not sell investments or offer legal, tax, or provide investment advice. MTC empowers clients with trusted expertise, exceptional service, and access to a wide range of custody services solutions for retirement people.
When you are considering self-directing your IRA/401k, you’ll need to find a 3rd party custodial firm. Why is this 3rd party custodian necessary? Well, in essence, they are the ones who make sure that the money isn’t being withdrawn without the appropriate penalties (if required by IRS regulations). There is a fee associated with using a 3rd party as a custody firm, however, the fees are fairly reasonable.
Pros and Cons
Pros
All investors get the same service and care, social class notwithstanding.
A broad customer base, making the business trustworthy.
An established management team with decades of industry experience.
Diverse investment solutions; alternative and traditional assets.
No hidden fees.
Cons
You may want to take into consideration the below drawbacks when investing your cash in Millennium Trust company’s IRA:
Metal and administration storage for investors with segregant higher fees.
The business has several negative reviews online.
Millennium Trust Company Fee
As a customer at Millennium Trust, You will incur the below fee as per the three categories which include:
Investment Custody Fee
There are several ways MTC can charge a custody fee for investments. Most IRA businesses may charge such fees depending on the total assets that they hold. Alternatively, you will be charged a commission or percentage of the value of the account per year by an IRS company
The MTC will be charging its fee depending on a given the assets you hold. Millennium Trust will spread the fee on the assets, Regardless of whether traditional or alternative.
Traditional Assets’ Investment Custody Fee
At Millennium Trust Company, traditional assets are either mutual funds or security. If you may choose an investment in bonds or certificates, you will make a payment of $50 yearly for a custody fee of investment via phone order. A mutual fund Alternatively will attract a charge of $25 over the phone. Any publicly traded securities can cost about $10 up to $25.
Investment Custody Fee on the Alternative Assets
You may choose to hold several assets as an alternative. the investment custody fee for alternative assets at Millennium Trust Company ranges from $250 to $650. such fees may sometimes vary if your prospective investments are through foreign currencies or real estate. Though, the range seems not too big.
Millennium Trust Company will charge $200 per account for Futures and Forex investments. The Real estate investments will have a flat-rate holding fee per holding of about $600. On the other hand, private debt, hedge funds, as well as private equity will attract an investment custody fee of $100, while BDCs and REITs will cost you about $75 up to $200.
Accounts Fee
Millennium Trust Company accounts fee is almost similar to most IRA companies. MTC will expect you to make a one-time fee payment before any activation of your accounts. You will also be required to do a payment for an annual fee for the maintenance of the account data.
At Millennium Trust, You will pay only $50 as an account establishment fee. you will also pay an additional annual fee of $100, primarily for an alternative including other traditional assets. there are Usually no hidden fees for an account establishment.
Processing Fees
Just like the above costs, The processing fees are available in all IRA companies. However, the processing fees will cover wire transfers and documentation. such fees don’t add up to the annual cost of maintenance.
Besides, the processing fee will cover any process systematically Millennium Trust may do on your account. MTC’s processing fee of $25 for the renewal of a certificate of deposit. You’ll pay $350 for real estate systematic processes.
Factors to Consider when Choosing a Custodian firm
An important thing to ask when looking for a custodial business is whether or not they permit the funds to be placed in a trading account with a forex (foreign exchange) broker/dealer. Not all custodial firms support that type of self-direction.
Another thing to ask is whether or not you can open an account with an “off-shore” broker, that is, one that is outside the United States. This is important because many of the recent regulations being put in place by the National Futures Association make trading with a US broker much more restrictive.
The fees differ for each business and can change, so it is best to visit their respective websites to find out what the current fee structure is. The good news is that these fees may be tax-deductible! Consult your tax professional with questions regarding these fees as part of your itemized deductions.
Summary
The Millennium Trust Company is facing stiff competition in the market full of other players in the industry with lower rates as well as processing fee offerings. Even so, several clients are still opting for Self-Directed IRA services from MTC. The pros of investing in MTC outweigh the disadvantages. For example, you will not find reliability together with the guarantee that MTC is offering in any other similar business.
Ultimately, MTC will provide flexible and tailor-made service on investment instructions and plans, Thus you can soundly relax knowing that you are in control of your future financial status.
About Arthur Karter
Hi, I’m Arthur, and nobody wants to wake up in their 50s like me that they are in serious debt with minimal assets. This wake-up call forced me to reevaluate everything. After going through the school of Hard Knocks, I’m ready to help you by sharing the best retirement choices and how they differ from all the same-old, same-old options that financial advisors sell. These alternatives will help you build and protect your wealth.
