Millennium Trust Company Review 2024

Millennium Trust Company is one of the leading and most renowned IRA companies. This is why it’s not surprising that it caught your eye when looking at available IRA brokers. However, as a savvy person, you know it’s best to learn a thing or two about a company before trusting it with your hard-earned savings. 

That curiosity has led you here. Well, as trusted IRA experts, we’re happy to help. The following Millennium Trust Company will tell you everything there is to know about this reputable IRA broker. So, without further ado, let’s discover whether Millennium Trust Company is a good fit for your IRA investments. 

Millennium Trust Company Overview

Quick Facts:

• Millennium Trust Company was founded in 2000
• The CEO of the company is Dan Laszlo (since 2016)
• As of 2023, MTC has $55.96 billion in total assets under custody
• The company manages over 5 million client accounts
• The company focuses on offering custodian services for self-directed IRAs
• MTC is regulated by the Illinois Department of Financial and Professional Regulation (IDFPR)

About Millennium Trust Company

Millennium Trust Company is a privately owned financial company founded in 2000. The company aims to provide individual investors with financial advice and services, primarily focusing on self-directed IRAs and rollover IRAs. 

With over 20 years of experience in the field of IRA investments, Millennium Trust Company has established itself as one of the industry leaders. In 2023, their total assets under custody were valued at $5.96 billion. The number of client accounts reached over 5 million, which speaks volumes about the company’s reputation. 

Furthermore, the company undergoes annual audits performed by an independent certified public accountant with strict adherence to AICPA (American Institute of Certified Public Accountants) standards. MTC also holds a license from the Illinois Department of Financial and Professional Regulation (IDFPR), which further confirms its reliability.

Products & Services Available at Millennium Trust Company

Millennium Trust Company specializes in rollover and self-direct IRAs. Through these services, clients can invest in a wide range of available investment products, ranging from real estate and stocks to commodities and, what interests us the most, precious metals. 

Let’s discuss these options in more detail.

Rollover IRAs

If you’re interested in a 401(k) to gold IRA rollover, Millennium Trust Company is your broker. The company makes it incredibly easy to rollover your current retirement plan into an IRA of your choice. The whole process is mighty straightforward, and the company will provide you with detailed instructions for each step to ensure everything goes smoothly. 

However, what we found most impressive is the flexibility Millennium Trust Company provides their account holders after a successful rollover. Once the funds land in your IRA account, you can decide whether to stay with MTC as a custodian, rollover your funds back to 401(k), transfer the money to another IRA custodian, or simply withdraw your savings.  

Self-Directed IRAs

If you decide to stay with Millennium Trust Company as your custodian, you’ll gain access to all their available traditional and alternative investment assets, including real estate, private equity, commodities, precious metals, and hedge funds. These are available through self-directed IRAs. 

These are IRAs that come with similar tax benefits to traditional and Roth IRAs while providing you with more control over your assets. 

And speaking of assets, it’s time we took a closer look at the investment products Millennium Trust Company provides:

• Precious Metals
  MTC allows clients to invest in precious metals through Gold Bullion International, a third-party exchange platform. Using it, clients can effortlessly invest in precious metals IRAs, including gold, silver, platinum, and palladium. Products available include all IRA-eligible coins and bars, with the full offer accessible through the GBI platform. 
• Hedge Funds
  MTC offers its clients several hedge funds to invest in. These are types of private funds that pool assets from investors and follow a specific investment strategy to generate steady returns at limited risk. 
• Private Equity and Private Debt
  You can use your IRA to provide private businesses, usually startups, with capital, either through private equity or private debt. MTC does a great job here, connecting investors with capital-seeking private firms and allowing their clients to diversify their portfolios further. 
• Real Estate
  Millennium Trust Company also allows clients to invest in real estate with their IRAs, which you can do by purchasing real estate directly, investing in a property purchasing entity, investing through a real estate investment trust (REIT), or purchasing a mortgage. 
• Commodities and Futures
  Investing in commodities through future contracts is a popular investment strategy. This is why we were happy to notice that MTC offers its IRA clients plenty of options for investing in commodities and futures. 
• Marketplace Loans
  Besides private debt loans, you can also use your IRA funds for marketplace loans, which refer to lending money to borrowers who want to refinance their credit cards, grow their businesses, pay a mortgage, etc. 
• Traditional Investments
  Finally, there’s an option to use your IRA to invest in traditional assets, including stocks, bonds, mutual funds, and exchange-traded funds. 

So, all in all, Millennium Trust Company offers an excellent selection of assets available for their account holders. Whether you want to use your IRA to invest in gold, purchase real estate, or lend capital to private firms, you’re free to do so through their investment platform. 

Is It the best selection of assets we’ve seen from an IRA company? We wouldn’t go as far as that, but it definitely comes close to the top. 

Fees and Costs

MTC’s fee structure is very transparent and similar to what other IRA companies charge for their services. There’s a standard $100 account annual maintenance fee, with investment custody fees depending on the asset you hold. 

For instance, an annual holding fee for precious metals is $100. For real estate, it’s $600 per holding, whereas for futures, you’ll need to pay $200 plus a $50 establishment fee. It’s also important to note that the $100 holding fee for precious metals doesn’t include shipment and storage. 

There are also a bunch of processing fees you’ll need to consider when moving your assets and funds, including outgoing asset transfer fees ($30 for domestic transfers and $75 for international). You’ll also need to pay a $100 fee if you decide to terminate your account. The good news is that opening an account is free, although that’s pretty much today’s industry standard. 

Overall, Millennium Trust Company isn’t the least expensive IRA company we’ve reviewed. Indeed, compared to some other renowned brands, their prices may seem quite hefty. Although, again, it all depends on the asset you hold. 

Customer Support & Resources

Millennium Trust Company customer support is accessible through email, phone, or live chat. The support team is very responsive, and we had no trouble reaching them via all three contact options. The phone is the fastest, although if your query isn’t overly complex, the live chat feature also works brilliantly. 

We were also pleased to notice an extensive selection of resources available for investors. There’s a comprehensive knowledge center where you’ll find guides, blog posts, videos, ebooks, and white papers. One issue we had was with the FAQ section, which, in our opinion, isn’t comprehensive enough.

Millennium Trust Company Reviews

So, based on what we’ve covered so far, Millennium Trust Company does seem like a trustworthy IRA company. As some online reviews suggest, though, the company’s reputation is far from pristine. 

For example, while MTC is accredited by BBB (Better Business Bureau) at a B+ rating, there have been 135 customer complaints closed in the last three years. Indeed, the average BBB customer rating for Millennium Trust Company is a mere 1.15 stars out of five, with most complaints relating to exorbitant fees, difficulties with moving assets, and non-responding customer service. 

Things look much better at Trustpilot, though, where customers rate Millennium Trust Company at 4.2 out of five. What does this mixed bag of reviews tell us? That, as always, you should treat reviews regarding financial companies with a pinch of salt, as they are often written by angry investors who expect guaranteed returns. 

On the other hand, it’s impossible to ignore so many customer complaints, especially with so many of them mentioning issues with customer support. And while many of these are likely exaggerated, you should keep them in mind before creating an account with Millennium Trust Company. 

Setting Up a New Account with Millennium Trust Company

It’s always a bonus when an IRA company offers fast and hassle-free registration. As a reputable company, that’s precisely what Millennium Trust Company offers. The registration process is simple, quick, and, what’s essential, free of charge. 

To set up your account, simply open the registration form, type in your personal information, and create login details. Once confirmed, you can roll over your retirement account funds into your IRA and start investing. 

Pros and Cons

Final Verdict

So, all things considered, Millennium Trust Company is definitely a company worth considering when choosing a reputable IRA custodian. It offers investors numerous options to use their IRA funds, including both traditional and alternative investment options, ranging from precious metals to real estate and hedge funds. 

Is it the best IRA company out there? We can’t give that title. While it’s among the most reputable IRA custodians, Millennium Trust Company falls short when it comes to its fee structure. There are also issues with customer support and money transfers, highlighted by the numerous customer complaints. 

That said, it might be better to look elsewhere, especially if you want to focus primarily on precious metals IRAs. In such instances, companies like Augusta Precious Gold or Advantage Gold are better options. 

Want to learn more about precious metals IRAs? Download our Free Gold IRA Guide or head to our knowledge base for the latest news, articles, and reviews from the IRA and precious metals industry. 

Article Sources

At Gold IRA Blueprint, we dive deep into the world of gold IRAs, using trusted sources to back up our insights. Our sources range from official documents to expert interviews, ensuring our content is both accurate and reliable. We also draw on research from reputable publishers to give you the most comprehensive understanding possible. Check out our editorial policy to see how we maintain our high standards for accuracy and fairness. Also make sure to check out our Financial Review Process to have a better understanding of our process.

1. https://www.bbb.org/us/il/oak-brook/profile/trust-company/millennium-trust-company-llc-0654-33001550
2. https://www.trustpilot.com/review/www.mtrustcompany.com
3. https://www.mtrustcompany.com/individuals