Insightful Millennium Trust Company Review: Navigating Financial Trust Services

Considering Millennium Trust Company for your retirement planning or investment management? In this Millennium Trust Company review, we evaluate their service quality, fees, and customer satisfaction to help guide your decision-making process. Get honest insights to see if they align with your financial goals.

Key Takeaways

Analyzing Millennium Trust Company Reviews

Diverse customer experiences at Millennium Trust Company

Customer reviews for Millennium Trust Company paint a picture of varied experiences. While many customers praise the company’s investment balancing and tax reduction plans, others voice concerns about customer service and account accessibility. The company’s website has earned accolades for user-friendliness, but some customers have faced hurdles with obtaining account statements and navigating through multiple login loops.

Many clients have communicated their satisfaction with the retirement planning services provided by Millennium Trust. The company’s tax reduction plans and investment balancing have instilled confidence in clients looking forward to a comfortable retirement. However, the customer service has received mixed reviews, with some clients reporting unfriendly interactions and difficulties in receiving necessary documentation and account information.

Customer Service Experiences

Customer service experiences at Millennium Trust Company swing across a spectrum. On one end, there are clients who have lauded the representatives for their kindness, helpfulness, and patience. These representatives are described as knowledgeable and swift in processing transactions, which greatly adds to customer satisfaction.

On the other end, some customers have had less favorable experiences. These include:

These issues have been a source of frustration for some customers, leading to negative reviews.

Fees and Transparency

Millennium Trust Company’s fee structure is a web of various account maintenance fees, which include costs for asset assignments, beneficiary designation changes, address updates, and power of attorney affidavits. The company also levies fees for specific account actions like 60-day asset rollover requests, custodial account transfers, IRA-to-IRA transfers, direct rollovers, new account openings, and internal transfers.

Some customers, however, have expressed dissatisfaction with the company’s fee structure. There have been complaints about fees charged for updating personal information and for the distribution of their funds. Some clients have encountered account maintenance fees unexpectedly upon accessing their accounts. Certain fees, such as those for updating contact information, have been deemed unreasonable by some clients, leading to requests for refunds.

Accessibility and Account Management

Despite the generally user-friendly nature of the company’s website, some customers have reported difficulties, including:

Millennium Trust Company has acknowledged these complaints and is actively working to resolve these issues. They have taken the following steps to address the concerns:

Retirement and Institutional Custody Services

Retirement and institutional custody services at Millennium Trust Company

Millennium Trust Company offers an array of specialized retirement and institutional custody services. From Self-Directed IRAs to Health Savings Accounts, Millennium Trust offers a variety of options for its clients. Potential clients, however, should be aware that these services come with their own set of rules and limitations.

For those seeking a more hands-on approach to their retirement savings, Millennium Trust offers Self-Directed Individual Retirement Accounts (IRAs). These accounts allow individuals to invest in a broader range of assets, including non-publicly traded securities, real estate, and private placements. However, as a directed custodian, Millennium Trust does not evaluate the quality or suitability of any investment or provide investment advice. Clients are responsible for conducting their own due diligence on potential investments and for ensuring their investments comply with IRS rules and regulations.

Retirement Fund Solutions

Retirement fund solutions provided by Millennium Trust Company are centered around Self-Directed IRAs for non-publicly traded investments. The company, formerly known as Inspira Financial, allows clients to set up these accounts. As a directed custodian, they hold assets on behalf of the IRA but do not evaluate the quality or suitability of any investment or provide investment advice.

The self-directed IRAs allow individuals to invest in a broader range of assets, including non-publicly traded securities, real estate, and private placements. These accounts are designed for investors seeking more control over their retirement savings and interested in diversifying their portfolio beyond traditional stocks, bonds, and mutual funds. However, clients are responsible for conducting their own due diligence on potential investments and ensuring their investments comply with IRS rules and regulations.

Health Savings and Emergency Savings Accounts

Health Savings Accounts (HSAs) offered by Millennium Trust Company are tax-advantaged and available to individuals enrolled in high-deductible health plans. Contributions to these accounts are tax-free, and the funds earn tax-free interest, allowing for the balance to roll over year after year if not spent.

It should be noted that these accounts are subject to certain rules and limitations. For instance, withdrawals for nonqualified expenses before age 65 are subject to federal income taxes, a 20% tax penalty, and any applicable state income taxes. Additionally, individuals enrolled in Medicare cannot make new contributions to HSAs but can withdraw from existing funds.

HSAs with a minimum balance may offer the option to invest a portion of the balance in mutual funds, stocks, and bonds, serving as emergency savings funds for some individuals.

Alternative Assets and Investment Opportunities

Millennium Trust Company allows clients to access alternative assets such as real estate, private equity, and hedge funds for portfolio diversification. The company provides the Alternative Investment Network, which connects clients to alternative investment opportunities but does not perform due diligence on behalf of the clients.

The investment opportunities listed on the network are provided by the platforms themselves and do not reflect endorsements by the company. The network does not represent an exhaustive list of all available investment providers or opportunities available for account holders.

As a directed custodian, Millennium Trust does not undertake due diligence for clients regarding the investment platforms listed on the network, their prospective investments, or any other investments selected by clients.

Employee Perspectives: Working at Millennium Trust Company

Positive work environment at Millennium Trust Company

Employees generally report a positive working environment at Millennium Trust Company, with employees praising the company’s benefits package, including the student debt/loan repayment program. Leadership within the company is recognized as being passionate about employee growth, positively influencing the company culture. However, changes in leadership have been cited as causing a reduction in training and support for new hires, with long-term employees finding the introduction of new guidelines challenging.

Despite these challenges, the company’s diverse executive team is seen as a strength that contributes to its growth. A need to improve cross-departmental cooperation and create unified company goals has been suggested for enhancing teamwork and efficiency. On the career advancement front, progression is noted as being possible after one year of employment, but some individuals feel unsure about their career paths following recent acquisitions.

Company Culture and Environment

The company culture at Millennium Trust Company promotes a family-like environment, where employees enjoy working with their teams and have positive experiences with friendly colleagues. The company has been recognized as a ‘Best Place to Work for Midsized Companies’ in 2023 by BuiltIn Chicago, reinforcing its positive reputation.

However, feedback from within suggests a need for meetings to become more streamlined and purpose-driven to enhance team efficiency and collaboration. Despite this, a commitment to creating a diverse and inclusive workforce is demonstrated through the company’s diversity commitment programs.

Growth Opportunities and Career Paths

While career advancement is possible at Millennium Trust Company, some employees have raised concerns about unclear career progression paths, particularly in light of the company’s recent expansions. An employee review highlighted challenges in learning and asking questions due to insufficient guidance, which can hinder employee development and career advancement within the company.

On the other hand, the company was listed in Crain’s Fast 50 by Crain’s Chicago Business in 2023, indicating substantial company growth and increased opportunities for career development. This suggests that while there might be challenges, there are certainly opportunities for career growth within the company.

Compensation and Benefits

When it comes to compensation and benefits, Millennium Trust Company has received mixed feedback from its employees. Some feel that the pay structure is unorganized and not competitive with the market, leading to cases where an employee’s salary was significantly less than the market average without bonus or incentives.

However, the company has made changes to employee benefits, removing some perks, such as bonuses and schedule flexibility, which some employees might compare to their former employer. On the positive side, they do offer benefits solutions like assistance with student debt, which employees appreciate. In this context, a well-crafted welcome letter can play a crucial role in setting the right expectations for new employees.

Despite changes in benefits, employees point out that the company maintains a strong focus on work-life balance, with immediate managers offering flexibility and understanding for personal needs.

Comparing Millennium Trust Company to Competitors

Comparing Millennium Trust Company to competitors

When compared to its competitors, Millennium Trust Company seems to perform quite well. The company has a higher CEO approval rating of 86/100 compared to The Entrust Group’s CEO, indicating a positive perception of leadership from the perspective of employees and customers. When it comes to professional development, Millennium Trust Company is rated 12% higher than The Entrust Group, suggesting a stronger focus on employee growth and career advancement opportunities.

The company has received higher ratings than The Entrust Group in terms of:

These ratings indicate a more favorable work environment as perceived by employees and customers alike.

Service Offerings

In terms of service offerings, Millennium Trust Company stands strong against its competitors. While the company offers a broad range of retirement and institutional custody services, some competitors focus on more niche offerings. For instance, Directed IRA distinguishes its services by focusing exclusively on self-directed IRAs for non-publicly traded investments. Lively offers health savings account platforms featuring user-friendly solutions and transparent pricing, standing apart from Millennium Trust Company’s HSA offerings.

Rocket Dollar specializes in self-directed retirement accounts that enable investment in non-traditional assets, including startups, peer-to-peer lending, small businesses, and real estate. On the other hand, HealthVerity offers a healthcare data and patient informatics platform, diverging from Millennium Trust’s direct financial services by focusing on data discovery and integration for healthcare insights.

Fee Structures

Millennium Trust Company’s fee structures are competitive and notable for their transparency and simplicity, compared to other financial trust companies. The company’s fee structures are competitive within the industry, falling in line or below the average costs of similar financial institutions. Fees charged by the company include annual fees, establishment fees, and transactional fees, which are clearly outlined for clients at the onset of their services.

Unlike some competitors, Millennium Trust offers complete transparency on their fees, ensuring clients understand what they are paying for and avoiding hidden charges. Clients appreciate the company’s fee structure for its simplicity and straightforwardness, which add value to the overall trust service experience.

Customer Satisfaction

In the financial trust industry, customer satisfaction is a crucial measure of success. On this front, Millennium Trust Company shines. Customers are thrilled with their interactions with the company, indicating high levels of satisfaction. Even customers initially skeptical about phone transactions report positive experiences after engaging with customer service.

Customer service agents are noted for their unmatched service, being very helpful and amazing at explaining everything, enhancing the overall satisfaction. Operators are commended for their helpfulness and pleasant demeanor, efficiently guiding customers through all required steps. The end result of customer service interactions leaves customers with a highly positive impression of the financial trust company.

Addressing Common Concerns and Misconceptions

Addressing common concerns and misconceptions about Millennium Trust Company

In any financial trust service, it’s inevitable that concerns and misconceptions will arise. One common concern with Millennium Trust Company revolves around account transfers and rollovers. The company offers automatic rollover services for retirement plan providers to address the issue of missing or non-responsive plan participants, which has led to concerns regarding unexpected fees. Concerns have also been raised over the adequacy of notice and the consent procedures in place for the transfer of retirement funds, as this has sometimes resulted in account holders incurring unexpected fees.

Fees related to updating personal information or distributing funds from Millennium Trust accounts also raise concerns. These have been a source of dissatisfaction among some clients, highlighting the need for a clearer explanation of these charges. However, it’s important to note that the company addresses these complaints by clarifying the fee responsibilities when transferring funds to an IRA.

Account Transfers and Rollovers

Account transfers and rollovers at Millennium Trust Company require clear communication and consent procedures to avoid unexpected fees and dissatisfaction. The company’s rollover process requires the receiving custodian to initiate the transfer and submit paperwork that confirms their acceptance of the assets. Notices from the previous employer are designed to provide individuals with the option to transfer or distribute funds prior to their rollover account being rolled over to Millennium Trust.

However, customers often feel that they should receive direct notice and give consent regarding fees and services when their previous employers direct the transfer of funds. A common customer concern is the reluctance and lack of assistance in transferring accounts at Millennium Trust Company.

Associated Fees and Charges

Some clients have expressed concern over the fees and charges imposed by Millennium Trust Company. The company may impose fees for:

Clients have voiced dissatisfaction with the fees charged for these services, and our goal is to address this issue by empowering clients to make informed decisions.

However, Millennium Trust Company addresses these concerns by clarifying the fee responsibilities when transferring funds to an IRA. By maintaining transparency about their fees and charges, the company aims to alleviate any concerns or misconceptions that clients may have.

Resolving Issues and Disputes

Millennium Trust Company is committed to resolving issues and disputes through customer satisfaction and open communication. Despite a few negative experiences reported in customer reviews, the company has maintained an A+ rating on BBB. Some customers have experienced issues such as withdrawal delays, errors in transactions, and late tax form distributions, which have been highlighted in complaints on BBB.

Despite these complaints, Millennium Trust Company states their commitment to customer satisfaction by emphasizing the importance of reuniting individuals with their retirement funds and openly invites customers to contact them directly in order to resolve any issues. This shows the company’s dedication to maintaining positive customer relationships and resolving issues in a timely and efficient manner.


In conclusion, Millennium Trust Company stands as a prominent player in the realm of financial trust services, offering a wide range of retirement and institutional custody services. Despite facing some criticisms, the company has shown commitment to resolving customer concerns and providing a positive work environment for its employees. As the financial landscape continues to evolve, Millennium Trust Company is poised to navigate the changes, offering its clients flexible and innovative solutions to meet their financial needs.

Are you prepared to diversify your financial investments with the addition of gold?

The financial investment in gold and other priceless metals can assist expand your spending profile. Due to the fact that gold has little or zero link with equity or bonds, it reduces the risk for you in overall. You can place your money into gold with specialized gold IRA firms.

Frequently Asked Questions

Is the Millennium Trust company real?

Yes, Millennium Trust Company is a real and leading financial services company providing alternative custody solutions.

Can I take my money out of Millennium Trust Company?

Yes, you can process a distribution to withdraw money from your Millennium Trust Company account.

Is Millennium Trust Company regulated?

Yes, Millennium Trust Company is regulated by the State of Illinois and is examined annually by the Illinois Department of Financial and Professional Regulation. Additionally, it undergoes annual audits by two separate and independent audit firms.

What are some of the services offered by Millennium Trust Company?

Millennium Trust Company offers a wide range of services, including specialized retirement and institutional custody services, Self-Directed IRAs, Health Savings Accounts, and access to alternative assets for portfolio diversification.

What is the general customer satisfaction rating for Millennium Trust Company?

The general customer satisfaction rating for Millennium Trust Company is positive, with many customers expressing satisfaction with their investment balancing and tax reduction plans.