- Phone : 1-800-258-7878
- URL :
- Global Rating
- Very Good
User Rating
- 0 No reviews yet!
Millenium Trust Company has been serving self-directed IRA investors since 2000. It offers a low starting point for fees which makes it easier for investors to use the company as an on-ramp for their self-directed IRA investments. There are also wide number of account options available.
Pros:
- Solid executive team
- Variety of account options
- Low starting price for fees
Cons:
- No cryptocurrency offering
- Complicated fee calculations
Millennium Trust Company has one of the largest executive teams of all the IRA providers we have reviewed. But that’s just where the fun begins. They offer a large Friday of investing options similar to competitors but that same executive team that administers the company’s financial services brings with it so much experience that clients trust them.
Based out of Illinois, the organization offers four basic types of IRA accounts including the Traditional and Roth IRA, SEP and SIMPLE IRA. Beyond that they do allow individual investors to register Limited Liability Corporations that make IRA accounts more flexible.
Millennium Trust Company also offers an annual fee structure based on the number of assets one owns. This is most beneficial to investors who have a high net worth stored away in their IRA and don’t want it to be taken away by commissions or percentage based fees.
When it comes to what prospects and customers think about Millennium Trust Company, there’s lots of room for improvement as the company has received its share of negative feedback. That said, Millennium Trust Company does have a large customer base spread across America and all that all is still a great choice for a self-directed IRA account.
If you’re considering going with other self-directed IRA companies, you might as a take a read through this review and see if Millennium Trust Company is right for you.
Table of Contents
The Management Team and Board of Directors of Millennium Trust Company
Of all the custodians and IRA providers we’re reviewing here at Sophisticated Investor, Millennium Trust Company has one of the largest, experienced and robust management teams in the industry. There are no fewer than 10 people listed as part of the management team and then a handful of individuals listed as part of Millennium Trust Company’s Board of Directors. We won’t go over the full team here but we’ll go over the top leaders.
Gary Anetsberger is the CEO of Millennium Trust Company.
Gary Anetsberger, CEO of Millennium Trust Company
Gary Anetsberger, CEO, Millennium Trust
He’s been with the company in two different C-level roles since 2002. Anetsberger is more than 40 years into a career in financial services. He’s been CEO of the company since 2016. His educational background includes accounting and financial planning designation.
Dan Laszlo is the Chief Financial Officer of the company.
Dan Laszlo, CFO, Millenium Trust Company
Dan Laszlo, CFO, Millenium Trust Company
He manages the finances and facilities of the organization. He’s held significant roles as an investment banker at big firms in the past, including William Blair and Goldman Sachs. Laszlo also holds an MBA designation in finance.
Bob Kunimura is the Chief Technology Officer of Millennium Trust Company.
Bob Kunimura, Chief Technology Officer, Millennium Trust Company
Bob Kunimura, CTO, Millennium Trust Company
Kunimura is in his eighth year with the company and has over 30 years of experience combining technological advancements with financial services. He has held similar roles at the Swiss Banking Corporation and investment firm UBS.
Erik R. Beck, Chief Growth Officer, Millennium Trust Company
Erik R. Beck, Chief Growth Officer, Millennium Trust
Erik R. Beck is the Chief Growth Officer at the company. He’s responsible for the sales growth and client relationship management of the firm. Beck’s prior experience includes serving as a managing director at BNY Mellon.
Jennifer Abernathy, Chief Compliance Officer, Millennium Trust Company
Jennifer Abernathy, Chief Compliance Officer, Millennium Trust Company
Jennifer Abernathy rounds out the C-level team at Millennium Trust Company. She’s the company’s Chief Compliance Officer. She’s a qualified attorney and a member of MENSA who has been with the company since 2007.
Investing Account Options at Millennium Trust Company
If there’s one thing Millennium Trust Company does as well as any other custodian or IRA provider, it’s explaining the advantages and benefits of using their services. Millennium Trust Company clearly defined its role as a custodian to clients. The company states clients can count on Millennium Trust Company for:
- Establishing and maintaining individual accounts.
- Facilitating investment transactions as directed by the investor.
- Tracking and reporting all of the investment activity in the account.
- Ensuring accurate and timely record keeping for the account.
- Submitting annual tax documents and forms for the IRS.
They pretty much at the nail on the head with what a custodian is responsible for and they do a good job of explaining it to the customer. Now let’s go into the specific account types that might benefit a client.
The Traditional IRA and Roth IRA
Traditional and Roth IRAs are the two accounts most individual retirement planners will use to facilitate the dreams they have for their golden years. A Traditional IRA allows contributors to write off their contributions against their income tax. Taxes are paid upon withdrawal or retirement. A Roth IRA does not give a contributor the chance to benefit from tax refunds during their contributing years, but they also don’t pay income tax on their withdrawals upon retirement.
SEP and SIMPLE IRA
A SEP IRA stands for Simplified Employee Pension. It’s perfect for a small business that wants to offer retirement planning to employees without significant administrative costs.
A SIMPLE IRA is for companies with 100 or fewer employees that want to offer plans and benefit from matching their employee’s contributions. It also might be good for self-employed individuals who want to avoid the administrative costs associated with registering a 401(k) plan.
401k(k) Plans and Profit Sharing Plans
Millennium Trust Company offers these kinds of plans for companies that can afford to take on larger administrative costs and have a larger number of employees. These plans allow for employee matching programs and for companies to filter down their profits and share them with employees for the sake of their own retirement benefits.
Other Account Offerings at Millennium Trust Company
Millennium Trust Company offers a large gamut of taxable accounts that allow for retirement style savings in different forms. Most of these other account options relate to corporations or individuals with more complex retirement planning needs. This includes registering LLCs and corporations, joint WROs, personal trust accounts and more.
Types of Investments Offered
The fact that Millennium Trust Company offers virtually every type of IRA or retirement account American investors are allowed under the law, it means the investing options are virtually limitless.
Clients’ investment options include but are not limited to real estate, private lending deals, promissory notes, digital currencies, stocks, bonds and mutual funds, private equity deals, mortgages, loans and so much more.
The power really is in the hands of the individual self-directed investor when it comes to determining what assets should be part of one’s asset mix at Millennium Trust Company and how those assets should be allocated.
Millennium Trust Company Fee Schedule
Millennium Trust Company’s fee schedule breaks down into three categories:
- Account Fees
- Investment Custody Fees
- Processing Fees
Let’s explore them all.
Millennium Trust Account Fees
Millennium Trust Company’s account fees are pretty simple to understand. There is a one-time establishment fee of $50 and an annual fee of $100 for most traditional and alternative assets. The investment custody fees are where things get more detailed and specific.
Investment Custody Fees
While some other IRA providers and custodians choose to charge their fees on a monthly or quarterly basis, Millennium Trust Company does everything on an annual basis. Again, some IRA providers charge these fees based on the number of assets the investor holds while others charge based on the total value of the account and charge a percentage or commission per year.
Millennium Trust Company chooses charge set annual fees based on a particular number of assets and whether those assets are considered alternative investments or traditional investments. Millennium Trust Company defines a traditional asset as a mutual fund or security. Bonds carry a $50 charge for a phone order while mutual fund orders over the phone cost $25. Investing in bonds and certificates of deposit require a $50 fee to be paid out.
Fees for holding a larger number of assets in an account can cost the investor between $250 and $650. Those fees vary slightly for foreign currency investments or real estate investments but they stay in the same range.
Here are some of the minimum fees for alternative assets outlined in a chart:
| Alternative Asset Fees | Fee Amount |
|---|---|
| Hedge Funds, Private Equity and Private Debt - Minimum Fee | $100 |
| Forex and Futures | $200 per account |
| Real Estate | $600 per holding |
| REITs and BDCs | $75-$200 |
Here are some of the minimum fees for traditional assets outlined in a chart:
| Traditional Asset Fees | Fee Amount |
|---|---|
| Mutual Funds - No transaction fees | $0-$25 |
| Mutual Funds - Transaction fees | $10-$25 |
| Publicly-traded securities | $10-$25 |
| Bonds and Certificates of Deposit | $50 |
Processing Fees
Processing fees are a part of the game when it comes to self-directed IRA investing. These fees have nothing to do with the annual maintenance of accounts. They have more to do with documentation, wire transfers and any supporting or systemic processes that need to be carried out.
Millennium Trust Company’s fees range from $25 for a renewal fee on a certificate of deposit to up to $350 for real estate transaction fees.
Customer Support at Millennium Trust Company
Millennium Trust Company can be reached at 1-800-721-4900 and via email through a Contact Us form. Unfortunately, there is no option to contact a live customer support representative to get help right away. But as an alternative Millennium Trust Company does offer the opportunity to book an appointment with a customer service representative in advance so that there is no waiting to get a hold of someone.
Millennium Trust Company Customer Reviews
Millennium Trust Company does a great job of collecting customer reviews on its Google business profile, but that’s just in terms of quality and not necessarily in terms of the company’s overall rating. 417 customers have left her views on that profile which ranks among the top as far as quantity of reviews is concerned among all IRA providers, including Equity Trust Company. The downside of that is that Millennium Trust Company’s overall rating is a 3.7 out of five stars. That’s not the worst rating that we’ve seen compared to other self-directed IRA companies, but there’s clearly room for improvement.
The more telling sign of the fact that Millennium Trust Company needs to work on the way the company treats its clients is the fact that the company only maintains a 1 ½ star rating out of five on the Better Business Bureau website. These reviews should be taken with a grain of salt given the company has been registered on that website for 20 years now and people usually don’t log onto the Better Business Bureau website for anything other than to complain.
That said there are 37 recent complaints listed on the company’s BBB profile and it appears a lot of them haven’t been resolved according to the customer satisfaction. All that being said, the company still promotes the fact that it maintains an A+ rating on the Better Business Bureau website.
Frequently Asked Questions about Millennium Trust Company
Let’s take a look at some of the questions you might have about Millennium Trust Company answered below.
What is Millennium Trust Company?
Millennium Trust Company is one of the larger self-directed IRA providers in America. They provide investment retirement accounts to individuals, small businesses and corporations and they provide a wide variety of alternative assets as investing options.
Can I set up an LLC with Millennium Trust Company?
Some IRA providers don’t actually allow you to set up a corporation or company name as a way of investing in an IRA or withdrawing from the account on a regular basis. Millennium Trust Company fortunately is one of the IRA providers out there that allows investors to register an LLC or corporation.
What is Millennium Trust Company?
Millennium Trust Company is one of the larger self-directed IRA providers in America. They provide investment retirement accounts to individuals, small businesses and corporations and they provide a wide variety of alternative assets as investing options.
Can I set up an LLC with Millennium Trust Company?
Some IRA providers don’t actually allow you to set up a corporation or company name as a way of investing in an IRA or withdrawing from the account on a regular basis. Millennium Trust Company fortunately is one of the IRA providers out there that allows investors to register an LLC or corporation.
Should You Choose Millennium Trust Company for your Self-Directed IRA?
It’s easy to please a customer base when you have a small number of clients, but that’s why getting five-star reviews isn’t always the most important thing when it comes to reputation management and the appearance of an IRA provider in the eyes of the public.
The fact of the matter is despite the fact that Millennium Trust Company has an obvious opportunity to improve its overall customer ratings, the organization is large and its run by very competent individuals who have been in the finance and retirement industry for a long time. There is a reason Millennium Trust Company has a high volume of customers and all in all it still remains one of the top providers in the industry.
While we here at Sophisticated Investor encourage you to take a look at our list of the Top IRA Providers before making a decision, going with Millennium Trust Company isn’t a bad play.
- Phone : 1-800-258-7878
- URL :
- Global Rating
- Very Good
User Rating
- 0 No reviews yet!
Millenium Trust Company has been serving self-directed IRA investors since 2000. It offers a low starting point for fees which makes it easier for investors to use the company as an on-ramp for their self-directed IRA investments. There are also wide number of account options available.
