Millennium Trust Company Review

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Modernity comes with various uncertainties, sometimes affecting the global economy. You would want to secure your financial stability in the future in case anything happens. One of the surest ways of planning for future financial stability is through retirement assets. However, these assets could be held by multiple employer retirement plans, mainly if you worked for various organizations. Remember, companies have various retirement plans and compensation schemes for their employees.

When reviewing your financial resources, it helps if you take inventory of these retirement assets. In that case, that’s where players like the Millennium Trust Company (MTC) step in. MTC streamlines the process of controlling and saving your assets for the future.

Since investing hard-earned money in an IRA company is a decision that could affect your entire life, you want to be careful about it. Today, we reviewed the Millennium Trust Company, a famous player in the US IRA business. Why? The company manages more than $ 37 billion held in about 2 million accounts. MTC has an outstanding portfolio, making it a go-to option for many investors.

Important to mention before we go more in depth with this review!

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Stats about this same company:

  • 1,000+ 5 star ratings
  • Protects over $1 BILLION dollars in retirement savings
  • AAA customer rated
  • A+ BBB Rating
  • 5x Inc 500 winner
  • 2021 company of the year

About Millennium Trust Company

Millennium Trust Company Review

Based in Illinois, the Millennium Trust Company is one of the leading financial institutions in the US, founded in 2002. The company offers multiple custodial and administrative services to individuals, advisors, and institutions. Generally, MTC offers up to four IRA accounts, including Traditional, ROTH, SEP, and SIMPLE IRAs. On top of that, investors at MTC can register corporate or Limited Liability Companies to diversify their investment portfolio.

Another offering from the Millennium Trust Company includes a user-friendly experience at their investment platform. Investors can perform several tasks on the investment platform, including:

❑ Review Account Details

If you’re looking for an intuitive user experience on Self-Directory IRA platforms, MTC offers that. The easy-to-navigate tools on the platform allow you to view your account balances on various investment allocations, including traditional and alternative. Investors can review their transaction histories and download print statements or tax forms. The platform doesn’t limit the number of downloads.

❑ Explore Investment Resources

Saving and investing for the future is an ongoing learning process. The investment platform at MTC gives you access to various educational resources such as videos and articles. Since the company doesn’t offer live customer support, you can find answers to your investment questions on these resources. The articles and videos also explain how the Millennium Trust Company can help you achieve your financial goals.

❑ Make Trades

The platform has a dedicated trade center for making investments in traditional assets such as mutual funds, stocks, and ETFs. However, only trade after reading the trading user guide on the website.

❑ Research Investment Portfolios

Before trading, you would want to research or review various investment options to see how they cater to your financial needs. In that case, Morningstar Inc.® provides market data and fact fund sheets to help you research various investment options such as mutual funds, stocks, and ETFs.

The Millennium Trust Company defines its roles as helping clients:

  • Set up and maintain individual accounts
  • Facilitate investment transactions as guided by customers
  • Track, document, and report account activities
  • Keep accurate and timely account records
  • Submit tax forms and documents to the IRS annually

Who Is at the Helm of Management in Millennium Trust Company?

Of all IRA service providers in the US, MTC has the industry's most experienced and sophisticated management team. The company lists tens of professionals on their website as the management team and a handful as members of the Board of Directors. Let’s look into the company’s top leaders:

Gary Anetsberger

1. Gary Anetsberger

Gary Anetsberger is the CEO at TMC. He served in various positions since 2002 before assuming this role in 2016. Gary has more than four decades of experience in the financial industry.

Dan Laszlo

2. Dan Laszlo

Dan Laszlo serves TMC as the Chief Financial Officer. He is responsible for managing the company’s finances. Laszlo served in various managerial positions at Goldman Sachs and William Blair before joining the Millennium Trust Company.

Bob Kunimura

3. Bob Kunimura

Bob Kunimura is one of the most experienced professionals on TMC’s management team. Although his service to the firm is only eight years, Kunimura has over three decades of experience in the financial technology industry. He is the company’s Chief Technology Officer and served in the same position before joining MTC in the Swiss Bank Corporation.

Erik R. Beck

4. Erik Beck

TMC has many Growth Officers, and Erick Beck happens to be among the best. Beck served as the managing director at BNY Mellon before joining the Millennium Trust Company. He is in charge of the company’s sales growth and maintaining client relationships with the firm. He is probably one of the reasons why the company has over 300,000 active clients.

Jenifer Abernathy

5. Jenifer Abernathy

Jenifer Abernathy is MTC’s, Chief Compliance Officer. Abernethy’s service to the company spins for more than two decades, beginning in 2007. The company doesn’t give in-depth information about her industry experience in other companies. However, she is a trained and qualified attorney. She is also an active member of the MENSA.

Millennium Trust Company: Services and Products

Millennium Trust Company Review

MTC offers a diversified investment portfolio to its customers. The company is vocal about the financial benefits and possibilities clients can get through their products and services. That said, the company offers:

1. Traditional and Roth IRA

Traditional and Roth IRA accounts offered by MTC are a go-to option for individuals who want to guarantee financial independence in their golden years. Traditional and Roth IRA accounts offer the best retirement savings plans compared to all other portfolios.

For instance, traditional IRA investors can use the contributions to write off their income tax. However, that translates to remitting taxes upon retirement or making a withdrawal. On the other hand, you cant use your Roth IRA contributions to write off income taxes. Even so, Roth IRA account holders don’t pay any taxes when withdrawing.

2. 401K (K) Plans

401K sharing plans offered by the Millennium Trust Company cater to corporates that can sustain larger administrative costs. That said, this plan is a go-to option if your company has many employees. The larger the number of employees, the better the ROI. 401K plans allow companies to match employee programs. It allows corporations to filter and share the profits with employees as their retirement benefits.

Why are 401K plans crucial? Any contributions towards a traditional 401K plan come directly from employee paycheck before the IRS withholds the income taxes. That means these investments hold lower income tax liability whether they take standard reductions or not.


The Simplified Employee Pension (SEP) IRA offered by MTC is ideal for small businesses that want to invest in their employees' retirement benefits. SEP IRA attracts lower administrative costs, hence sustainable for long-term gains. Most importantly, MTC offers flexible SEP IRAs. Your business can contribute more when it’s flourishing or cut the contributions during tough financial times. You also get to choose the types of eligible employees based on IRS standard requirements or the business’ policy.

Alternatively, big companies of about 100 employees or less can opt for MTC’s SIMPLE IRA. This portfolio allows you and your employees to channel a percentage of pay and profits to the investment. However, there is a contribution limit for SIMPLE IRAs. Although the money grows tax-deferred, employees may pay income taxes during withdrawal. MTC’s self-employed investors can also go for SIMPLE-IRA if they want to avoid expensive administration costs for setting up 401K plans.

4. Other Account Offerings

Experts advise investors to diversify their investment portfolios when securing their financial future. MTC offers various taxable accounts to cater to intricate retirement saving needs. Other offering accounts in the company are ideal for high-net-worth individuals and corporations. This helps spread investment risks as various portfolios perform differently over time. Moreover, it exposes you to more opportunities with better returns than concentrating all your money on one investment.

Investing in these accounts may include registering a corporation or LLC, personal trust, and joint WROs.

MTC Fee Schedule

Millennium Trust Company Review

Customers at the Millennium Trust Company may incur a fee schedule of three categories, including:

1. Accounts Fee

MTC accounts fee is nearly similar to all other IRA companies. The company expects customers to pay a one-time fee before activating their accounts. You may also need to pay an annual fee for maintaining the account. At MTC, customers pay a $50 account establishment fee. They also pay an additional $100 annual fee, primarily for alternative and other traditional assets. Usually, there are no hidden fees for account establishment.

2. Investment Custody Fee

On top of the $100 fee for traditional and alternative assets, MTC customers have to pay an investment custody fee. Investment custody fees are prevalent in all IRA companies. Although most IRA businesses charge this fee monthly or quarterly, MTC does it annually. Also, there are different ways of charging the investment custody fee. Most IRA businesses will charge the fee depending on the total number of assets an investor holds. Alternatively, an IRS company can charge you a percentage or commission of the account’s value per year.

The Millennium Trust Company charges its investment custody fee based on the number of assets an investor holds. MTC spreads the fee on all assets, whether alternative or traditional.

Investment Custody Fee on Traditional Assets

At MTC, traditional assets can either be security or a mutual fund. If you choose to invest in bonds and certificates, you’ll pay an annual investment custody fee of $50 for a phone order. Alternatively, a mutual fund attracts a charge of $25 over the phone. Any publicly traded securities cab cost about $10 to $25.

Investment Custody Fee on Alternative Assets

Some investors may decide to hold a large number of assets as an alternative. Generally, the investment custody fee of alternative assets at MTC is about $250 to $650. These fees may vary if you invest through real estate or foreign currencies. However, the range is not big.

MTC charges $200 per account for Forex and Futures investments. Real estate investment has a flat-rate hold fee of about $600 per holding. On the other hand, hedge funds, private debt, and private equity attract a $100 investment custody fee, while REITs and BDCs cost about $75 to $200.

3. Processing Fees

Like the costs above, processing fees are available in all IRA businesses. Although processing fees cover documentation and wire transfers, they don’t amount to annual maintenance costs. Besides, processing fees cover any systematic process MTC may do on your account. MTC’s processing fee for renewing a certificate of deposit is $25. You’ll pay $350 for real estate systematic processes.

Millennium Trust Company Contact Information

Millennium Trust Company has its headquarters at 2001 Spring Road, Illinois. Although you can reach MTC at 1-800-721-4900, the company encourages customers to book appointments at their physical offices in Suit 700, Oak Brook, to speak to a customer representative. The anecdotal accounts of many customers indicate that the company doesn’t offer live customer support service.

What Do Other Customers Say About Millennium Trust Company?

Millennium Trust Company Review

When it comes to choosing an IRA company, checking the reviews of other customers should be on top of your bucket list. Amazingly, MTC has thousands of reviews on the internet. The company ranks first among IRS businesses with the highest number of online reviews. The Millennium Trust Company collects online reviews on various platforms such as Google Business and the Better Business Bureau (BBB).

Since the company have over 20 years of industry experience, it makes sense to have thousands of reviews. Sadly, despite these many reviews, surpassing the numbers of other established IRA businesses such as the Equity Trust Company, MTC’s ratting is still wanting. The Millennium Trust Company scores an average rating of 3.7 out of 5.0 stars. However, this is not the worst rating given that other IRA companies perform worse. These values are from the company’s reviews on Google Business profile.

When you look into the reviews on the Better Business Bureau, MTC scores a mere 1.5 rating out of 5.0 stars. Note that many customers who log into BBB to review a business go there to complain. That said, more than 37 customers recently complained about the Millennium Trust Company on its BBB profile. From the look of the reviews, MTC hasn’t yet solved the customers’ complaints. While MTC still promotes itself as an A+ rated company on BBB and other review sites, it has a long way to enhance customer satisfaction.

Pros and Cons


  • All investors get the same service and care, social class notwithstanding.
  • A broad customer base, making the company trustworthy.
  • An established management team with decades of industry experience.
  • Diverse investment solutions; alternative and traditional assets.
  • No hidden fees.


You would want to consider these drawbacks before investing your hard-earned money in MTC’s Self-Directory IRA:

  • Metal and administration storage attract higher fees.
  • Investors with segregated accounts may pay sliding case fees.
  • MTC has numerous negative reviews on the internet.

Frequently Asked Questions about MTC (FAQs)

Customers have many intriguing questions about IRA companies. Here is a look into the FAQs about Millennium Trust Company:

Is MTC a Scam or Legitimate Business?

Of course, the Millennium Trust Company is a legitimate business with zero hidden fees on all its products and services. It has a physical office with industry-known professionals at the helm of its management. Even better, MTC encourages its customers to schedule physical appointments if they can’t resolve their issues online. Like any other business, the company experiences satisfied and unsatisfied customers.

Why Should I Work with the Millennium Trust Company?

Although the choice of IRA company is purely aesthetic, going for MTC sounds like a good plan. The company offers multiple products and services to diversify your portfolio. Even better, all the fees related to holding an investment account at MTC are self-explanatory. You only pay for the services you see and consume. Other companies may slap you with dubious monthly or quarterly fees even if you’re hardly trading.

On top of that, there is a reason why MTC has more than 300, 0000 active customers and counting. If the situation is as bad as some customers paint it in the BBB reviews, many people will go to alternative companies. Nevertheless, MTC still has room to improve its BBB ratings and reviews.

Can I Set Up a Corporation with MTC?

Generally, most Ira service providers don’t allow investors to set up LLC or withdraw funds from their accounts regularly. However, it’s a different case at MTC. The Millennium Trust Company allows you to register a corporation or LLC as an investment tool.

Wrapping It Up

The Millennium Trust Company faces stiff competition from other industry players offering lower rates and processing fees. Even so, many customers still opt for MTC for Self-Directed IRA services. The pros of investing in your future through MTC outweigh the drawbacks. For instance, you can’t find the reliability and guarantee offered by MTC in any other company. Similarly, MTC offered tailored services to all its customers, whether you’re a regular or high-net-worth individual. You only need to follow their investment plans and instructions, and you can sleep soundly knowing your financial future is secure.

Although we do think that Millennium Trust Company is a solid company, we believe that there are better companies out there to make your investment with.

===> See our top 5 recommended companies here (for IRAs AND non IRAs)

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