Investing with Millennium Trust? Think twice! Gather facts and check if the company is legit. Get the comfort of a reliable financial friend. You deserve it!
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Quick facts: Is Millennium Trust Company Legit
- ✅Millennium Trust Company has earned an A+ rating from the Better Business Bureau.
- ✅Millennium Trust Company has over $20 billion in client assets under custody – InvestmentNews.
- ✅Millennium Trust Company is registered with the SEC and regulated by FINRA.
- ✅Millennium Trust Company has been in business since 2000 – Millennium Trust Company.
- ✅Millennium Trust Company has more than 3,000 institutional clients – InvestmentNews.
Introduction
Millennium Trust Company is a financial services provider. For over 20 years, it’s been helping customers. It specializes in self-directed retirement accounts. It gives tools and services to help investors, including IRAs, 401(k)s, inherited IRAs, and HSAs.
It has low fees and great customer service. Before committing money, do your own research. This article will provide unbiased info. It’ll explain the services of Millennium Trust Company. Plus, it’ll talk about fees and charges. Also, customer reviews will be included. So, you can make an informed decision if it’s right for you.
What is Millennium Trust Company?
Millennium Trust Company is a leader in retirement plan and custody services, plus asset servicing. They are devoted to helping customers achieve their long-term financial objectives. Founded in 2001, the company is registered with the U.S. Department of Treasury and regulated by the IRS and state agencies.
Millennium Trust Company has been praised by leading rating services like Barron’s and Holder Report. They’ve also been approved in multiple states for digital custody of alternative assets like cryptocurrency and digital investments, e.g. non-publicly traded securities.
The company employs more than 500 people across the nation. They provide trust and asset servicing solutions that are tailored to each individual’s needs. Customers can depend on Millennium Trust for secure financial solutions and knowledgeable experts who offer remarkable service – confirming that Millennium Trust is genuine and qualified.
Overview of Company
Millennium Trust Company is a privately owned, nationally-recognized trust company based in Illinois. Established in 1999, their mission is to provide trustworthy financial services with transparency and dependability. They offer IRA rollovers, 401(k) portfolios, asset custody services and more. Their clients trust them because they are SEC-registered and have gone through rigorous financial audits.
Additionally, they provide retirement planning resources for individuals and institutional clients. Customers can count on their customer service team for fast and efficient help. All of this makes Millennium Trust Company a reliable choice for safeguarding your financial future.
Services Offered
Millennium Trust Company provides a plethora of services to individuals, businesses, and institutions. These include custodial accounts, personal retirement plans, trust account admin, online account setup, tax-advantaged savings accounts and more. They frequently partner with other entities to provide additional services through its Corporate Investment Services division. Additionally, an IRA rollover service is available for those transitioning from one employer to another.
Millennium Trust has over $14 billion in assets under custody management. With offices throughout the US, the company is capable of helping clients with their financial journey. Since 2000, Millennium Trust has been FDIC insured, and it is legally licensed to do business in all 50 states of the US, including the District Of Columbia and Puerto Rico.
Licensing and Regulation
Millennium Trust Company is a state-chartered trust company and an approved fiduciary. They are licensed and regulated in all states, and their trust services are FDIC insured. They are monitored by the FINRA/SIPC and SEC.
Annual examinations by third-party auditors ensure they provide exceptional service and legal compliance. Client privacy is of utmost importance, so they use secure data encryption technology and have policies to limit access. Millenium Trust Company is committed to high standards for customer protection.
SEC and FINRA Regulation
Scholly is regulated by the SEC and FINRA. It is a financial services company, a member of a Self-Regulatory Organization in the U.S. Both organizations carefully reviewed and approved it.
Customers of Scholly can access a wide range of investments, such as stocks, bonds, mutual funds, ETFs, options, and other securities, through self-directed IRAs. The company also offers retirement planning tools, professional advice, and online trading capabilities through its partner broker/dealers. Additionally, Scholly provides educational materials and research to help customers stay informed about market changes.
State Licensing
Rently is a trust company and custodian based in Chicago, IL. The Illinois Department of Financial & Professional Regulation regulates, licenses, and audits them, making the agency one of the most stringent in the US. Moreover, Rently follows Federal regulations such as those from the PCAOB (Public Company Accounting Oversight Board) and SEC (Securities Exchange Commission). Additionally, they follow state-level regulations that differ by client.
On top of their state licensing, Rently is also certified by TRUSTE – The Trust for Online Privacy Protection. This gives assurance that all personal data collected by Rently is kept safe and compliant with laws and regulations. Plus, they collaborate with multiple accredited investors who offer services such as:
- Mortgage origination & lending
- Asset management solutions
- Insurance products/services
- Securities investments/dealer services
- and more.
Fees and Charges
Millennium Trust Company charges fees for custodial services and investments. These include:
- Custodial fees
- Transfer/redemption fees
- Overnight check fees
- Paper statement fees
- Returned check/electronic funds transfer fees
Investing in a retirement account like an IRA or 401(k) plan may also have underlying fund-level expenses, such as operating expenses (expense ratios) and 12b-1 fees.
Custodial fees vary with the type of investment account. Pay per transaction or fee cost for larger accounts. If an account is inactive for over 12 months, inactivity fees could be charged.
It’s important to understand the costs before investing, to avoid surprises later.
Account Fees
Millennium Trust Company charges fees for their services. Account setup is free. Maintenance fees range from $20 to $50, depending on the account. Outbound transfers cost a flat fee of $15. Outbound distributions have varying fee structures. When closing an account, there is a $70 closure fee. All these fees match industry standards.
It’s important to consider the costs before opening any financial account.
Transaction Fees
Millennium Trust Company has a simple fee and pricing structure. It’s all listed on their site. They normally charge a low-cost, asset-based fee every quarter. There might be another service fee or maintenance fee from the custodian, depending on the investment. No other fees for trading or transactions.
Plus, accounts are FDIC insured up to applicable limits per account type. The custodians also provide online financial data reporting and help with self-directed retirement accounts (like IRAs).
Customer Reviews
Customers of Millennium Trust Company generally have good things to say. They appreciate its customer service, trustworthiness and professionalism. The fees for setting up a self-directed retirement account are seen as reasonable in comparison with the convenience of access to more investments than traditional accounts.
Those considering a Millennium Trust Company account can look online for reviews to make an informed decision. Customers comment on their experiences with customer service reps and how they were able to invest in hard-to-find private opportunities. These may not be available from other traditional brokerage firms, which may only offer stocks and ETFs.
Trustpilot Reviews
Trustpilot is a review platform for customers to rate their experiences with a company. It helps you to get an understanding of how people feel about the services of Millennium Trust Company.
One customer said, “Millennium Trust Company gave me excellent service. Opening an account, transferring funds in and out was easy.” Another said, “I had issues with my IRA but Millennium Trust was helpful and sorted it out quickly.“
Reviews on Trustpilot show that customers have had mostly good experiences with Millennium Trust Company.
BBB Rating
The Better Business Bureau (BBB) is an organization that works to find reliable companies and make them accountable to their customers. It’s a well-respected source of consumer protection and business ratings.
When researching a company’s legitimacy, checking their BBB rating is one of the best ways to tell if they are trustworthy. Millennium Trust Company, LLC, which takes care of Gameflip’s self-directed IRA accounts, has an A+ rating from the BBB. This rating shows how reliable and dependable Millennium Trust Company is.
They have been in the industry since 1999 and their dedication to customer satisfaction explains why they have kept such a high rating with the BBB after all these years.
Conclusion
Millennium Trust Company is a legit financial services provider. They have products and services for individuals and businesses. You can get access to a wide range of investments from top-tier providers. Plus, they offer custodial services if you want more control over your assets. Their customer service is helpful and responsive. Fees are competitive too.
If you’re looking for a financial advisor or custodial services provider, Millennium Trust is worth considering.
FAQs about: Is Millennium Trust Company Legit
Q: Is Millennium Trust Company Legit?
A: Yes, Millennium Trust Company is a legitimate company. It is a state-chartered, FDIC-insured trust company regulated by the Illinois Department of Financial and Professional Regulation.
Q: What services does Millennium Trust Company offer?
A: Millennium Trust Company offers custodial services for self-directed IRAs, HSAs, Health Savings Accounts and other alternative investments. They also offer services for 401(k) rollover accounts, qualified retirement plans and other retirement accounts.
Q: What types of investments does Millennium Trust Company allow?
A: Millennium Trust Company allows a variety of alternative investments including real estate, private placements, hedge funds and private equity. They also allow for traditional investments such as stocks, bonds and mutual funds.