Millennium Trust Company Reviews & Complaints: Scam or Reputable?
Millennium Trust Company, a Self-Directed IRA Company, is located in Oak Brook, Illinois. It specializes in offering specialized custody solutions for individual investors, retirement professionals, and financial institutions. The company is known for services like tax deferral on real estate and 1031 Exchange. As of now, it holds a 3/5 rating by Focus on the User.
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Top Review
Featured
"My account was set up with this company when I left my previous job and no exit interview followed. My retirement account from that employer was closed and the balance..."
Read ReviewsTop Complaint
Featured
"All the negative reviews are well deserved. After milking my rollover traditional IRA for years with fees and making additional profit from interest, they had the nerve to tell..."
Read ComplaintsWhat is Millennium Trust Company?
Millennium Trust Company provides financial wellness solutions, focusing on employers, advisors, and institutions. Established with a commitment to financial security, it assists in planning, saving, and investing. The company manages over $56 billion in assets across more than 5 million clients. It offers an extensive network of investment platforms, including stocks, bonds, funds, and ETFs, under its Millennium Alternative Investment Network (MAIN). It is set to rebrand as Inspira Financial in 2024, indicating a continuous evolution in its services and offerings.
Millennium Trust Company is regulated by the State of Illinois, performing trustee and custody functions under the scrutiny of the Illinois Department of Financial and Professional Regulation (IDFPR). It employs systematic internal controls and adheres to Service Organization Controls (SOC) standards, ensuring the integrity of operations and the security of client assets. These practices are reinforced by annual audits conducted by an independent certified public accountant, in line with AICPA standards.
Millennium Trust Company Reputation
Top Millennium Trust Company Reviews
FeaturedMy account was set up with this company when I left my previous job and no exit interview followed. My retirement account from that employer was closed and the balance set up in this account. When I was ready to transfer those funds into the account at my new job, MT was efficient at processing my request. I filled out the form on my phone and had the check in hand in less than a week."
Featured"I called today with an inquiry about my trust account and the agent (Carlos) was well informed and communicative . He explained every detail and walked me through every step. Thank you Carlos for your help! You’re a great addition to your team!"
Featured"I was really nervous about getting my check for almost $70,000 after my company closed down and I was auto-enrolled in an IRA at Millenium Trust Company (due to all the bad reviews).Much to my pleasant surprise, I received a check with ease.I followed the instructions on MTC's website, and received a check the next day.It has now been deposited in my Fidelity 401k account and all is well.Thank you for making that so easy, Millenium Trust Company!!"
Featured"Meena was very helpful and patient walking me through all steps of setting up and distribution of my account.I am computer illiterate and was a challenge for her which she navigated through with ease. There should be more representatives like Meena."
Worst Millennium Trust Company Complaints
Featured"All the negative reviews are well deserved. After milking my rollover traditional IRA for years with fees and making additional profit from interest, they had the nerve to tell me that I did not have ownership of the account that is in my name, with my information attached. Now I'm engaged in the tedious process of getting ownership (because it's apparently all theirs) as well as transferring it to a legit brokerage. By the way, in the year 2024 Millenium Trust does not provide you with the status of transfer requests in your online account, neither do they do wire transfers. Smh. So you are stuck maneuvering their deliberately slow, frustrating and deceptive process in order to get your money. Millenium Trust is anything but trust worthy."
Featured"This is by far the worst company I've ever had to deal with. Can't access my account online and having problems getting my money. Sorry if you have money with them. But if you do I hope you have better luck than the hundreds of other people and myself are having. No wonder there reviews are so low"
Featured"This rating is a reflection my feelings of this company's overall business practices.The customer service representative was polite and helpful.Unfortunately, polite reps don't negate their employer's questionable ethics."
Featured"My former employer rolled over my 401K into Millennium Trust Company, who immediately charged me $40 for an annual maintenance fee and then another $25 to rollover my funds out of Millennium.So they made $65 for holding my money in cash for less than a month. I called them and was on hold a while but they did refund the annual maintenance fee, which I appreciate. Thanks for ruining my day, Millennium!"
Is Millennium Trust Company a Scam?
Millennium Trust Company is not a scam. It is a legitimate financial services provider, evidenced by its regulation by the State of Illinois and adherence to stringent financial standards. Its moderate rating on Focus on the User further underscores its legitimacy in the financial services sector.
Millennium Trust Company Pros and Cons
Pros
- Diverse Financial Solutions: Offers a wide array of financial wellness solutions, aiding clients in various aspects of financial planning and investment.
- Regulatory Compliance: Adheres to stringent regulatory standards, ensuring a high level of trust and security for clients.
Cons
- Limited Public Reviews: With a moderate rating on Focus on the User, the company may have mixed reviews in the public domain.
- Rebranding Transition: As the company transitions to Inspira Financial, there could be uncertainties or changes in services and customer experience.
Millennium Trust Company Services and Products
Millennium Trust Company’s services encompass a range of financial wellness solutions, including custodial services, investment networks, and financial wellness education. They offer services like rollover solutions, alternative asset custody, private fund custody, and advisor support services. The company also provides a diverse investment choice array and expertise in financial planning and asset management.
Millennium Trust Company FAQ
Is Millennium Trust Company a reputable company?
Yes, it is reputable, regulated by the State of Illinois and adhering to strict financial standards.
How long has Millennium Trust Company been in business?
Since 2000.
How does Millennium Trust Company work?
It provides financial wellness solutions, including custodial services, investment networks, and financial education, aimed at helping clients manage and grow their wealth.
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Contact Millennium Trust Company
For customer service inquiries or more information, Millennium Trust Company's contact details and social media accounts are listed in the section below.
- Phone: 800-258-7878
- Address: 2001 Spring Road, Oak Brook, IL
- Founded: 2000
- Alternate Name: MTrustCompany.com
- Category: Self-Directed IRA Company
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