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Our Millennium Trust Company review seeks to present Bear Lake Gold's expert views on this precious metal IRA firm and what it offers to its customers in the industry. As a dedicated review organization in the precious metals IRA niche, we will also provide you with current facts about the company's leadership team, costs and fees, and uniqueness in the industry.
We utilized our homed Gold IRA dealer review methodology to conduct this review. The central facts contained in this review came from our many interviews and virtual meetings with the company's clients and staff.
Based on our review methodology, we could not rate this company among our first thirty best precious metal dealers in the industry. In our opinion, it has some major flaws. If you are interested in knowing what we consider these flaws to be, read this review until the end.
Bear Lake Gold cares about your money and investment needs, so we have handpicked the best companies through which you can invest your money ahead of your retirement. Among the hundreds of companies we have reviewed, Augusta Precious Metals, Goldco, and American Hartford Gold, Birch Gold Group and Noble Gold Investments surpassed the criteria in our review methodology. Therefore, we have nominated them as our top five gold and precious metal dealers and IRA providers in the industry.
If you wish to find out the features of these top five companies, why we recommend them, and why they stand out in the industry, please click the buttons below to request their full Information packs.
Millennium Trust Company (MTC) is a leading investment company in the United States that offers innovative financial wellness solutions to interested investors. The company was founded in 2002 and is currently located in Illinois. MTC provides interested investors with several administrative and specialized custody solutions. Its customer base ranges from individuals to institutions and advisors.
Millennium Trust Company provides its customers with four Individual Retirement Account (IRA) types. These include;
Furthermore, investors can register LLCs (Limited Liability Companies) to diversify their investment portfolio through Millennium Trust Company. The company also offers customers a user-friendly investment platform. On the platform, investors can carry out various tasks. Below are the various tasks investors can perform on the company's investment platform.
MTC provides a Self-Directed IRA platform that offers its customers an intuitive user experience. The tools on the platform make navigating important business challenges easy. Customers can use these tools to look through their accounts based on the allocations of their alternative and traditional investments.
In addition, through Millennium Trust's user-friendly platform, customers can go through the histories of their transactions, download, and print their account statements or tax forms. There is no limitation to the number of downloads a customer is allowed to make.
When you start saving and investing ahead of retirement, you have begun your journey to continuous learning. MTC knows there is no limit to what an investor should know about savings and investments. Hence it provides educational materials for its investors. These educational resources include articles and videos. The central focus of these various resource materials is to tell you how the company can help you meet your investment needs and achieve your goals.
The MTC platform has a trade center dedicated to investing in traditional assets like stocks, mutual funds, and ETFs. However, we advise that you trade only after going through the trading user guide. The guide is on the company’s website.
We also advise that before going to trade, you should have researched the different investment options to see how they can meet your investment needs and goals. For effective research, you can visit Morningstar Inc.®. The firm will provide you with fact fund sheets and market data to help you understand MTC's different investment options.
MTC defines what it does to help its clients. The various things the company does to help investors are;
In the United States, MTC arguably has the best and most experienced management team in the IRA industry. Its team members have decades of expertise in the investment world.
The company is very transparent about its management team. The company’s website mentions some professionals on its management team. Among these professionals are also members of its board of directors. As of the time of writing this review, here are the top five people on the company’s board of directors.
Gary is MTC's Chief Executive Officer (CEO). He became the CEO in 2016. However, he has worked in different positions since 2002. Gary is a financial expert with over forty years of experience in the industry.
Laszlo is the current CFO (Chief Financial Officer) at MTC. He manages the finances of the company. Dan was a manager at William Blair and Goldman Sachs before joining the company.
Among the growth officers working in MTC, Erik Beck is one of the best. He served as the MD (Managing Director) of BNY Mellon before he joined the company. Currently, Erik takes care of growing the company's sales and maintaining customer relationships with the company. Part of the reason MTC has over 300,000 customers could be because he is on the team.
As President of Consumer Directed Benefits, Mike leads the growth, strategy, sales, relationship management, and operational support functions of Consumer Directed Benefits, including HSAs, FSAs, HRAs, COBRA administration, and other wellness and benefits administration services.
Prior to Millennium Trust’s acquisition of PayFlex, where Mike was CEO, he served as Vice President of Global Business Solutions for Human Resources at Aetna, where he led employee service delivery functions. Before joining Aetna, Mike held leadership roles at Mercer, JPMorgan Chase & Co., Affiliated Computer Services, and Mellon Financial Corporation.
Mike holds a bachelor’s degree in accounting and a Master of Business Administration in finance from Pace University, and he has completed executive education programs in general management and leadership at Columbia Business School.
Michelle is a growth marketing executive and digital customer experience expert with more than 20 years of experience leading transformative marketing and customer acquisition strategies that propel business growth and brand loyalty. Her career spans multiple industries including financial services, technology, and professional services.
Prior to joining Millennium Trust, Michelle was the CMO and Vice President at Alliant Credit Union, where she led member acquisition, engagement, and retention efforts and headed its digital banking product suite and experience design. Before joining Alliant, she was the CMO of Sikich LLP and the Senior Director of Emerging Media at CareerBuilder.
Michelle earned a bachelor’s degree in journalism from Drake University and a Master of Business Administration in marketing management from DePaul University. She also holds an Executive Scholar Certificate in Marketing & Sales from the Kellogg School of Management at Northwestern University.
Among the growth officers working in MTC, Erik Beck is one of the best. He served as the MD (Managing Director) of BNY Mellon before he joined the company. Currently, Erik takes care of growing the company's sales and maintaining customer relationships with the company. Part of the reason MTC has over 300,000 customers could be because he is on the team.
As President of Consumer-Directed Benefits, Mike leads the growth, strategy, sales, relationship management, and operational support functions of Consumer-Directed Benefits, including HSAs, FSAs, HRAs, COBRA administration, and other wellness and benefits administration services.
Prior to Millennium Trust’s acquisition of PayFlex, where Mike was CEO, he served as Vice President of Global Business Solutions for Human Resources at Aetna, where he led employee service delivery functions. Before joining Aetna, Mike held leadership roles at Mercer, JPMorgan Chase & Co., Affiliated Computer Services, and Mellon Financial Corporation.
Mike holds a bachelor’s degree in accounting and a Master of Business Administration in finance from Pace University, and he has completed executive education programs in general management and leadership at Columbia Business School.
Michelle is a growth marketing executive and digital customer experience expert with more than 20 years of experience leading transformative marketing and customer acquisition strategies that propel business growth and brand loyalty. Her career spans multiple industries including financial services, technology, and professional services.
Prior to joining Millennium Trust, Michelle was the CMO and Vice President at Alliant Credit Union, where she led member acquisition, engagement, and retention efforts and headed its digital banking product suite and experience design. Before joining Alliant, she was the CMO of Sikich LLP and the Senior Director of Emerging Media at CareerBuilder.
Michelle earned a bachelor’s degree in journalism from Drake University and a Master of Business Administration in marketing management from DePaul University. She also holds an Executive Scholar Certificate in Marketing & Sales from the Kellogg School of Management at Northwestern University.
Millennium Trust Company offers customers various investment opportunities in traditional and alternative vehicles. The company also has various accounts in these investment vehicles based on customers' needs and goals. Individual investors can open a Solo 401 (k) and Self-Directed IRA with MTC. For advisors and institutions, the company offers private fund custody services, registered investment advisor services, and automatic rollover programs.
The company offers a self-directed IRA service for precious metals IRA investors; the precious metals self-directed IRA allows customers to invest in IRA-eligible precious metals within their retirement accounts for short-term and long-term financial security.
Millennium Trust Company’s clients may incur fees in any of these three categories.
The accounts fee of MTC is not very different from those of other IRA organizations. When we spoke to a member of the company's customer care staff, he told us that before MTC activates a customer's account, the customer will pay a one-time fee. In addition, customers may also pay a yearly fee for account maintenance. The account setup fee customers pay MTC is $50. Customers with other traditional or alternative assets will also pay an extra $100 yearly. The company has no hidden fee for establishing customers' accounts.
In addition to the $100 annual fee for alternative and traditional assets, MTC charges its clients a fee for investment custody. Investment custody fees are a commonly occurring fee in every IRA company. Some financial institutions collect this fee from their customers monthly or quarterly. However, MTC collects it annually.
Furthermore, the ways that IRA companies charge this investment custody fee differ. Many IRA firms collect the fee from their customers based on their total value of assets; some other companies charge customers a percentage based on the account's value every year.
MTC charges customers using the first method. The company spreads the investment custody fees across the assets in the investors’ holdings, whether traditional or alternative assets.
At Millennium Trust Company, traditional assets can be mutual funds or securities. If a customer wants to invest in certificates and bonds, the customer will pay a $50 yearly custody fee for a phone order. On the other hand, if you want to invest in mutual funds, you will pay a $25 over-the-phone fee. You will pay between 10 to $25 for any traded security you want to invest in.
As an investor, you can decide to hold a large part of your retirement funds in an alternative investment. For alternative asset investment, MTC charges clients between $250 to $650. When we asked a customer care team member about the fee variation, he told us that the amount you pay depends on your investment. There are several ways of investing in alternative assets through this company; two of which are foreign currencies and real estate. The method you choose will determine the amount you will pay as alternative investment fees.
MTC collects a $200 annual fee for Futures and Forex investments accounts. If you invest in Real Estate, you will pay a flat fee of up to $600 for every holding. Alternatively, you will pay MTC a $100 investment custody fee for private debt, hedge funds, and private equity. Lastly, for REITs (Real Estate Investment Trusts) and BCDs (Business Development Companies), customers pay MTC between $75 to $200 custody fee annually.
Every IRA company charges customers processing fees. These processing fees take care of wire transfers and documentation and do not sum up to yearly maintenance costs. Moreover, the processing fees cover MTC's systematic customer accounts processes. If you want to renew a certificate, you will pay $25. You will pay the company a $350 fee for MTC's real estate systematic processes.
The company provides various opportunities for its customers to diversify their investment portfolios. The services include;
Millenium Trust company also offers investors the opportunity to add precious metals to their portfolio through precious metals IRA. The company sells IRA-eligible precious metals meeting IRS standards. Below is the list of some precious metals that investors can add to their IRA through MTC.
Gold Coins
Silver Coins
Platinum Coins
MTC sells precious metal bars with the following minimum fineness.
To add precious metals to your IRA through MTC, you must open a trading account with any of the investment companies on MTC’s Millennium Alternative Investment Network® (MAIN®). For example, Gold Bullion International (GBI).
When it launched the MAIN platform, MTC said, “MAIN is a free research, education, and alternative investment resource to help investors and advisors increase their understanding of alternative assets and invest through simplified and streamlined investment processes.”
GBI is an LLC located in New York, United States. The company allows its clients to buy, sell and store precious metals directly.
When you have set up your GBI trading account, you will get a link through which you will set up your precious metals IRA with MTC. When you complete the MTC precious metals IRA setup, you can add funds by transferring, rolling over, or contributing to your new IRA. The funding process can take between 14 to 28 days to be completed.
Once you complete your funding process, you can instruct MTC to fund your GBI trading account with funds from your MTC precious metals IRA. After the funding process, you can start buying IRA-eligible precious metals to add to your precious metals IRA.
If you have a single-purpose IRA (an IRA containing only precious metals) with MTC, it will charge you $100 as an account fee annually.
Furthermore, GBI stores its clients’ IRA-eligible coins and bars in different locations. It has a strong partnership with Brink’s Depository and Loomis International. These secure storage companies have state-of-the-art facilities with state-of-the-art security and are under constant 24-hour surveillance. GBI charges storage fees directly from customers’ online trading accounts, and the storage fees are based on the worth of customers’ holdings.
You can choose to sell the precious metals in your holding from the GBI online trading account. GBI will charge you a transaction fee based on the value of the precious metals that you want to sell.
Besides selling metals, you can convert your precious metals to other Alternative Investment IRAs. The IRA can contain investments like managed futures, commodities, hedge funds, real estate, and private placements.
MTC will not charge you for this conversion. However, after conversion, you will begin to pay MTC’s custodial fees for the alternative assets you converted to.
MTC offers investors who want to gain financial freedom after retirement an opportunity to invest in Traditional IRA and Roth IRA (Individual Retirement Account). These two offer individual investors the best savings plan among other retirement plans.
Millennium Trust Company provides 401K sharing plans for large organizations. If you own a company with many employees, you should choose this investment option. The plans allow businesses to filter and distribute their profits to employees through retirement benefits.
401k plans are very important because contributions to the plans come from the paycheck of the employee directly before the IRS taxes the income. As a result, 401k plans are a very tax-efficient way for your employees to save for their retirement years.
SEP is another IRA that MTC provides for small businesses that wish to make provisions for their employees' retirement benefits. MTC offers flexible SEP Individual Retirement Accounts. It means that you can add more contributions when your business is getting more profit. You can also cut contributions when your business is going through hard times. You also can select the employees eligible for the contributions based on the standard requirements of the IRS or the policy of your business.
Companies with up to 100 employees can choose the SIMPLE IRA offering from MTC. The investment portfolios empower employers and employees to channel a percentage of paychecks or other incomes. During withdrawals, employees will pay income taxes even though the money grows tax-deferred. The plan is also available for self-employed investors, especially if these investors cannot afford the management fees that setting up 401k plans attracts.
As experts in the precious metals investment niche, we believe that one way to secure your future financially is by diversifying your investment portfolio. Millennium Trust Company provides customers with different taxable accounts to help meet their investment goals and needs. MTC offers investors other accounts. However, they are for corporations and individuals with high net worth.
The company helps investors to distribute the investment risks by having a wider range of asset types. The theory is that varying asset types are less likely to perform badly simultaneously. While some may not perform well at some points, others will, and vice versa.
Furthermore, portfolio diversifications provide investment opportunities for investors and better ROIs. Diversification is better than putting all your money into one investment type as it reduces risk. For some of the accounts offered by MTC, investing in them will require that you register your corporation, LLC, and personal trust.
A+
70 complaints in the last 3 years. Customer reviews show their BBB rating at 1.2 out of 5 stars
B.
2 complaints in the last 3 years.
2.7 out of 5 Stars.
The rating was from 601 reviews.
No Reviews Were Found
No Reviews Were Found
4.2 out of 5 Stars
This rating was from a total of 25,856 reviews
While conducting this review, there was no information on the company's website showing that it offers promotions to new and existing customers. Suppose you wish to invest in precious metals IRA through trusted companies that give their new and existing investors promotional offers. In that case, we suggest that you should invest through any of our top three recommended companies. At the time of writing this review, customers who invest in precious metals IRA can get up to $10,000 worth of silver for free.
To end this Millennium Trust Company review, Bear Lake Gold will give its final verdict on this company. Based on the information we gathered from talking with its customers and the staff, we believe the company is a legitimate financial community and not a scam company.
MTC is a leading financial investment company in the United States with proven people in its management team. However, because of its weak service offering in the gold and precious metals market, its sluggish and inaccurate non-live customer service, and the high number of complaints recorded on key review sites like BBB and BCA, we have not rated Millennium Trust Company in our top 50 gold and precious metal investment companies.
Additionally, the company's high cost and fees for precious metals storage and account management is a disadvantage for all potential Gold IRA investors. The aim is to grow your money rather than spend your profits on storage and maintenance fees. Your money will not grow if a large portion is returned to an IRA custodian as fees.
Therefore, we suggest you look for other precious metal dealers or Gold-IRA companies through whom to make your prospective investments.
We suggest you look at all five of the gold IRA service providers we rated most highly in this sector as an alternative to Millennium Trust Company.
To get the full details about these companies, click the buttons in the next section.
This company is the absolute best precious metals IRA firm in the U.S. today due to Augusta's transparency, pricing, dedication to education, and extraordinary attention given to customers.
We highly recommend that everyone take advantage of their free web conference that helps you understand the economy, threats to your retirement, and the precious metals buying process (designed by their in-house Harvard-certified economic analyst). They even share tips for avoiding gimmicks and high-pressure tactics in this unregulated industry.
This gold precious metals specialist company was chosen by Money magazine as "The Best Overall" in its Best Gold IRA Companies list for 2023. It is the only gold IRA firm with ZERO complaints on the BBB website since 2012. It has an outstanding track record proven by consumer watchdog ratings and tons of the best customer reviews, including endorsement by hall-of-fame quarterback Joe Montana, whose advisors found Augusta for him. We are thrilled to recommend Augusta as our #1 gold IRA company!
Pros
Cons
To start investing with Augusta Precious Metals, please click this link to download its 2023 gold investment kit for free.
Established in 2006, this company has an excellent solid record and is our top recommendation for people looking to invest over $25,000 in a gold IRA. We consider this gold trading online platform the 2nd best Gold IRA Company in The USA Today.
Pros
Cons
To start investing with Goldco, please click this link to download its 2023 gold investment kit for free.
One of the most trusted Gold and Precious Metal brokers in the United States is American Hartford Gold. This family-owned company is endorsed by Bill O'Reilly and America's Mayor, Rudy Giuliani.
American Hartford Gold is great for gold and palladium IRA and purchasing physical Gold, Silver, and Platinum.
Pros
Cons
To start investing with American Hartford Gold, please click this link to download its 2023 gold investment kit for free.
Since it was established in 2003, the company has delighted customers and provided excellent customer education. Birch Gold Group's one-on-one interactions with customers are a fundamental advantage for those who want to make vital decisions impacting their financial future.
Pros
Cons
To start investing with Birch Gold Group, please click this link to download its 2023 gold investment kit for free.
The truth is that Noble Gold has not been around the scene for a long time, but it has, in the shortest time possible, made huge impacts on the gold IRA market. Since its inception, the company has captured customers' hearts via its vast educational resources gallery, a wide range of investment options, and low investment requirements. The company's commitment to customer service also has high ratings on third-party rating sites like BCA and Consumer Affairs.
According to the agent we spoke to, Noble Gold gives customers a committed account manager from the first day they decide to open a gold IRA account with it. The knowledgeable professionals will also give the customers all they need to know about how a gold IRA works and the setup process. In addition, they offer a smooth buyback process to their customers.
Noble Gold works with Delaware Depository and Brink's Global Services to provide storage services for its customers. In addition to these storage companies, Noble Gold owns its depository in Texas. Hence, customers can choose to store their metals in any of these three depositories.
Pros
Cons
To start investing with Noble Gold Investment, please click this link to download its 2023 gold investment kit for free.
You cannot directly invest in Gold within the majority of 401k plan. Tto turn part or all of your 401k to Gold see this page
Yes you can perform a 401k to gold IRA rollover see this page for more details
