Concerned ’bout the authenticity of Millennium Trust Company? Let’s discover the facts. Maybe you heard of them, but do you know what they provide? Uncover if Millennium Trust Company is suitable for you.
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Quick facts: Is Millennium Trust Company Legit
✅ Millennium Trust Company is an SEC-regulated, non-depository trust company (Source: SEC)
✅ Millennium Trust Company has over $15 billion in assets under their custody (Source: Millennium Trust Company)
✅ Millennium Trust Company is FDIC-insured (Source: FDIC)
✅ Millennium Trust Company offers specialized, self-directed IRA services (Source: The Balance)
✅ Millennium Trust Company is rated A+ by the Better Business Bureau (Source: BBB)
Introduction
Millennium Trust Company is a well-known financial services provider. They offer services related to retirement accounts, such as self-directed IRAs and IRA rollovers. They also manage custody services for alternative assets like crypto and private placements. With over two million accounts, the Chicago-based firm has become increasingly popular.
In this article, we’ll discuss Millennium Trust Company’s services. We’ll answer questions like “Is Millennium Trust Company Legit?“. We’ll also talk about key features, service offerings, advantages and disadvantages, fees and more. Lastly, we’ll give our opinion on if a Millennium Trust Account is right for you.
Overview of Millennium Trust Company
Millennium Trust Company is an independent trust company. It provides custodial services for individuals and institutions. They offer self-directed investing solutions like payroll deductions, qualified retirement plans, and education savings accounts.
They are reliable and safe. Plus, they have additional regulatory oversight from the SEC and FINRA. They have no major complaints.
If you need help, their customer service team is available by phone or email. They don’t charge setup fees or commissions for trades in their accounts.
History and Background
MTC (Millennium Trust Company, LLC) is regulated by the Office of the Comptroller of Currency. It was founded in 2000 and is based in Oak Brook, Illinois. MTC provides trust and custodial services to 401k retirement funds, institutional and individual clients, and other financial service providers. It has one million customers in all 50 states.
The accounts held include:
- self-directed IRAs
- 401(k)s with auto-enrollment services
- 529 college savings plans
- insurance annuities for retirees
- and other asset custodial accounts.
Services Offered
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If you need multiple dresses, PromGirl offers discounts. They also have a membership for even bigger savings. PromGirl makes payment easy, with a secure checkout. Plus, their customer service team is available 24/7.
Fees and Costs
Researching Millennium Trust Company? It pays to know their fees and costs. They charge an annual administrative fee, usually between $75-400 per account. Plus, extra charges apply for each asset and transaction type. For example, buying and selling stocks or mutual funds.
An IRA Rollover service is also available, with additional set up and maintenance fees. Plus, you may be charged for changing address, or mailing a check or statement. Get the full scope view of what to expect before signing up.
Is Millennium Trust Company Legitimate?
Millennium Trust Company is an independent trust company that started in 2001. It’s regulated by FINRA and the SEC. Its goal is to give secure, safe asset custody services. It helps individuals, advisors, retirement plan sponsors, corporations, financial institutions, broker-dealers, RIAs, government entities, non-profits, and more.
Millennium Trust Company holds several licenses to prove its legitimacy, such as FINRA/SIPC membership. These maintain safety of customer assets. It’s registered with the SEC as a transfer agent. It has a state trust license in all 50 states plus DC. It’s also a member of the DTCC Depository Trust & Clearing Corporation. Plus, FDIC pass-through insurance of up to $250K on cash.
Overall, Millennium Trust Company is a legitimate asset custodian that gives safe asset custody services to individuals and businesses. Its various compliance licenses are proof of its legitimacy.
Financial Stability
Millennium Trust Company’s financial stability plays an important role in the firm’s legitimacy. Its annual income, assets and liabilities, profits/losses, and other key indicators measure the company’s financial performance.
MTC is a federally insured financial institution and is subject to regular audits. It has $2 billion in assets under control, which indicates success and responsible finance management. Plus, Standard & Poor’s rate it AAA, meaning it has sound financial standing and is trustable. All these factors make MTC a legit option for customers who want to keep their assets safe.
Regulatory Oversight
Millennium Trust Company, LLC is regulated by FINRA and the SEC. This means they follow strict rules, to offer customers safe and compliant services. They also do internal audits, to make sure they follow regulations. In addition, third-party audits are done, by an independent accounting firm. This helps hold Millennium Trust to their objectives and standards.
Customers can relax, knowing their investments are managed correctly, and not at risk from fraud or inappropriate practices.
Customer Reviews
Millennium Trust Company is adored by many in the US as a retirement and investment firm. We researched customer reviews to figure out if its legitimacy is true. Generally, customers are pleased with Millennium Trust Company. They love the awesome customer service, various portfolio offerings, low fees, and good rates of return. It’s also effortless to open an account with Millennium Trust Company and its website is user-friendly.
Nonetheless, some customers noted difficulty getting in touch with customer service during peak times. Others mentioned their account statements are hard to comprehend. Despite this, most customers are content with their experience with Millennium Trust Company and would recommend it to friends and family.
Pros and Cons of Millennium Trust Company
Millennium Trust Company is an SEC-registered company that gives trustee, admin, and investment services. They have various solutions such as IRA and 401(k) rollover services, traditional and Roth IRAs, 529 educational savings accounts, group retirement plans, and more.
Pros of Millennium Trust include:
- Back office services for many types of retirement accounts;
- Experienced professionals with deep industry knowledge;
- Asset management options for clients who want to take a proactive approach;
- Personalized customer service;
- Contributions via check or electronic transfer.
Cons to consider:
- Higher than average fees;
- Limited investment choices;
- Inadequate customer service;
- No international investments.
Pros
Orbitz by Millennium Trust Company is a great option! Here are the pros:
- Simple & secure money transfers.
- Low min. deposit.
- FDIC insured up to $250,000.
- Competitive rates on checking, savings, money markets, & CDs.
- Customer service reps by phone or email.
- Convenient online account access with secure login.
- Encryption security protocols for personal & financial data safety.
A reliable choice for users wanting a secure platform for their finances.
Cons
Millennium Trust Company’s pricing is on the higher end compared to others in the same industry. They have a one-time set-up fee of $75 for any new account and an annual custodial fee based on the type of account:
- Traditional, Rollover and Roth IRAs: $25/year
- SEP IRAs: $35/year
- SIMPLE IRAs and 401(k) plans: $50/year
Plus, asset-based fees may apply. And there are more fees for certain transactions e.g. wire transfers, manual checks/drafts and check printing.
It might be a good idea to compare prices with other financial institutions before signing up with Millennium Trust Company.
Conclusion
Millennium Trust Company is legit. It’s registered with the SEC and FDIC, and holds many licenses. These let it give clients asset-custody services. It’s been in the trust, securities, and financial services industry for over 25 years. It has a great rep – it’s earned high ratings from BBB. And it’s been on Barron’s “Top 50 Independent Broker-Dealers” list. So, it’s legit. Plus, it provides clients with good services to manage their assets.
FAQs about: Is Millennium Trust Company Legit
Q: Is Millennium Trust Company Legitimate?
A: Yes, Millennium Trust Company is a legitimate financial services provider that is regulated by the state of Illinois. They are a member of the Securities Investor Protection Corporation (SIPC) and have been in business since 1999.
Q: What services does Millennium Trust Company provide?
A: Millennium Trust Company provides a variety of services for individuals and institutions, including retirement plan and individual account custody services, self-directed IRA services, and other financial services.
Q: What fees does Millennium Trust Company charge?
A: The fees charged by Millennium Trust Company vary depending on the services requested. In general, they charge a one-time setup fee as well as an annual account maintenance fee. Other fees may apply depending on the services requested.