Millennium Trust Company is a massive IRA account administrator and record-keeper with over 305,000 accounts and around $11 billion under management. They deliver a range of alternative and traditional asset investments to their varied client base of individuals, financial advisors, and institutions. The company charges a bit higher fees for this wide array of offerings at $200 for administration and storage fees. There are no sliding scale fees unless a client opts for segregated storage of their precious metals, which costs another $75.
Millennium Trust Company is ranked #7 on our list of the top 10 precious metals IRA custodians of 2020. In the following review, we’ll discuss this custodian’s history, management, reputation, products/services, and fees.
Millennium Trust Company (http://www.mtrustcompany.com/) is an industry-leading financial firm that specializes in providing a broad range of custodial and administrative services to individuals, institutions, and advisors. The company was established in 2000 and has since amassed a client base consisting of more than 305,000 accounts, with more than $11 billion in total assets under custody.
Millennium Trust Company's staff consist of more than 200 experienced professionals, about a dozen of which are part of the key management staff. The company's CEO is T. Scott McCartan, an investment specialist with more than 35 years experience in the financial industry. To learn more about their management staff, see their Key Managers page.
Millennium Trust Company provides clients with the opportunity to invest in a traditional and alternative investments within a variety of account types. They offer self-directed IRAs and Solo 401(k)s to individual investors, while services offered to institutions and advisors include alternative asset custody solutions, private fund custody services, automatic rollover programs, and registered investment advisor services. To gold IRA investors, their most important service is of course the self-directed IRA, which allows you to invest in precious metals within your retirement account. The screenshot below displays the section of Millennium Trust Company's fee schedule dedicated to precious metals fees:
You can see by the fee schedule above that the annual maintenance fee for holding a precious metals IRA with Millennium Trust Company is set at a flat-rate charge of $100, with a flat-rate depository storage fee of only $100 as well. Thus, the total annual cost of having a Gold IRA with MTC is $200. That fee does not change or increase with the value of your account in the way that some custodians charge sliding scale fees, unless you want segregated storage, in which case it would cost $75 more. If you'd like to see the rest of Millennium Trust Company's fee schedule, click here.
Choosing a custodian to administer your precious IRA is not a decision that should be overlooked or underestimated in importance. Although most financial advisors only recommend allocating between 5% – 20% of a retirement investments towards precious metals, this seemingly small portion of your portfolio could wind up being the most pivotal investment you could make.
As the threat of hyperinflation continues to loom on the horizon, there is a very good probability that gold and other precious metals will continue to increase in demand and in price. As other forms of currency are gradually devalued, prudent investors are becoming increasingly interested in protecting their wealth with gold, driving the demand up, and therefore the price as well.
This essentially means that the longer you wait to invest in gold, the more likely it is that you'll have to pay a higher price per ounce. It also means that converting some of your cash holdings to gold is the best way to protect against inflation and the possibility of currency debasement.
With this investment being of such critical importance, we strongly suggest that you consider all options before making a commitment. You might want to start by comparing the top Gold IRA companies, and learning more about the top precious metals IRA custodians.
If you're an owner, representative, or associate of Millennium Trust Company and you've noticed any information within this review that us outdated or inaccurate, please do bring your concerns to our attention. We will gladly revise or remove any content that is not in line with our goal of providing the most accurate and useful company reviews.
While building this year's list of the top 10 IRA custodians, we considered a total of 37 different companies before narrowing down the candidates presented in the finalized custodian comparison table. We've made it easy for anyone to conduct their own research regarding the history, features, reputations, and fees of the leading precious metals IRA custodians. Each company has been thoroughly researched and ranked based on the following factors:
In addition to excelling in the above aspects, Equity Institutional also ranked as the #1 custodian this year because of their partnership with Regal Assets, the #1 company on 2020's list of the top Gold IRA companies. Equity Institutional partners with bullion dealers, brokers, and investment firms to bring retirement investors cost-effective, streamlined access to precious metals IRAs. While it is possible to setup an account with Equity Institutional directly as an individual, there are numerous benefits associated with opening your account through Regal Assets, including:
If you'd like to learn more about the advantages of opening an Equity Institutional precious metals IRA through Regal Assets, see the full review of Regal Assets. You can also access Regal Assets highly informative investor's education kit that teaches you everything you need to know about investing in a Gold IRA by filling out the simple form below. Even if you don't plan on investing any funds right now, we strongly recommend you consider the content presented in their FREE information kit before making an investment decision in the precious metals industry.
Unsure about which Gold IRA company to choose? Let us match you based on your situation and objectives by taking this 1 minute quiz:
Millennium Trust Company is a massive IRA account administrator and record-keeper with over 305,000 accounts and around $11 billion under management. They deliver a range of alternative and traditional asset investments to their varied client base of individuals, financial advisors, and institutions. The company charges a bit higher fees for this wide array of offerings at $200 for administration and storage fees. There are no sliding scale fees unless a client opts for segregated storage of their precious metals, which costs another $75.
George M
January 17, 2019 at 5:46 pmHorrible company, not helpful – my IRA was transferred here. I tried to roll over out of this company and they just would not budge. Kept coming up with all kinds of forms that need to be filled out. Excruciating experience.