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If you are a new or seasoned precious metals investor looking to purchase and need somewhere to hold your physical metals, you may wonder about the different companies that do this. As you may have seen, there are many options to choose from, and many are available and ready to assist you right away.
However, before you make a purchase or decide to work with any company, we recommend sitting down, taking your time, and carefully going over everything they offer.
This is where we come in, as we have taken the time to research various companies that specialize in holding and storing precious metals for you. In this review, we will be focusing on the Millennium Trust Company.
We will give you some background information on the company and go over the pros and cons, products, services, fees, reviews, ratings, and more.
By giving you this information, our goal is to help you make an informative decision when it comes to choosing the best establishment to hold your physical precious metals.
Millennium Trust Company is a major IRA account administrator that first began operating in 2002. Since its opening date, it has expanded and grown to become one of the leading businesses providing financial and trust services to clients.
It offers financial services, administrative services, and guidance to many clients who are interested in maximizing their investments and meeting long-term goals. The client base comprises individual investors, financial institutions, and advisors.
The company also offers trust and estate planning services to ensure that clients' assets are protected and their investments are maximized. It currently serves more than two million accounts.
This company has become well known for being able to provide clients with various financial solutions that meet their individual needs. Its mission is simply to provide safe and secure asset management for its clients while also offering good customer service and reliability.
Millennium Trust Company has a membership with Financial Services Roundtable. This membership gives the company access to valuable tools, expertise, and resources from other popular and well-known financial institutions, such as Morgan Stanley, Goldman Sachs, and JPMorgan Chase.
If you are worried about how secure MTC is, we discovered that it is regulated by FINRA and SEC, which gives clients an extra layer of protection and dependability.
Regarding the Millennium Trust Company management, it appears that the company is currently being run and managed by CEO Gary Anetsberger. He has been an integral part of the company since 2002, when he first started as the Chief Operating Officer.
Mr. Anestberger has over 40 years of financial services experience, an accounting degree from Illinois State University, and a certificate in financial services from DePaul University. Therefore, he is very experienced, skilled, and educated in the financial industry.
The entire company consists of over 200 experienced financial professionals. Some of the top staff members are Vice President Dan Laszo, Chief Technology Officer Bob Kunimura, Chief Compliance Officer Jenifer Abernathy, and more.
The address of the Millennium Trust Company is 2001 Spring Road, Suite 700, Oak Brook, Illinois 60523.
The phone number is 1-800-258-7878.
You can also send an email to info@mtrustcompany.com.
The company's website can be found at www.mtrustcompany.com.
It is important that you take the time to write out any company's pros and cons. This gives you a detailed look at the negative and positive aspects of the company. We have conducted our research and developed a list of pros and cons for Millennium Trust Company, which we will provide below for your convenience.
Pros
Cons
Even though the pros outweighed the cons for this establishment, it is always recommended that you create your own list of pros and cons in case you are looking for different aspects that we did not mention.
When it comes to products and services, Millennium Trust Company offers a variety of different ones to meet their clients' individual needs and desires. Their main service is custody solutions, including custodial accounts for Coverdell Education Savings Accounts, Self Directed IRAs, Health Savings Accounts, Roth IRAs (including Gold Roth IRAs), SEP IRAs, and traditional IRAs.
They also focus much on traditional trusts, such as conservatorships, estates, trusts, and guardianships.
Other important services that this business provides are asset management services, which include assessing risks, monitoring portfolios, and creating tax optimization strategies. This helps them maximize returns and minimize risks for their clients.
We searched for this business on multiple platforms to ensure that it is legitimate, has customer reviews, and to see their ratings. Below, we will provide this information to give you an idea of what other customers are saying about this establishment.
The Better Business Bureau (BBB) gave MTC accreditation in April 2017. It also has an A- rating from the BBB. However, we found many negative customer reviews and complaints, which resulted in this establishment only having 1/5 stars.
There have been 84 complaints closed in the last three years, and 44 closed in the last year.
Business Consumer Alliance gave MTC a BB rating. Even though there are no customer reviews listed, we could see that one complaint was closed on this site in the last three years.
MTC has 4.2/5 stars on TrustPilot. It is considered a verified company on the site, and there are over 31,000 reviews. We found a mix of good reviews, negative reviews, and semi-satisfactory reviews on TrustPilot.
We decided to check out Yelp to see what customers say about MTC on this platform. We have seen that the company has 1.5/5 stars on this site, and there are over 300 reviews.
Overall, we see many red flags regarding the ratings and reviews left by previous customers. Even though we do think the company is legitimate, there are too many negative customer reviews left by angry people who do not feel like their needs were met by the company.
Many stated that the customer service team is no help and that the high fees are not worth it. Therefore, if these are important to you, you may want to think twice or reconsider working with Millennium Trust Company.
We think it is valuable to tell you about the impressive awards that Millennium Trust Company has earned, which include the following:
The annual maintenance fee for holding a precious metals IRA with this company is set at a flat-rate fee of $100. You must also pay the $50 establishment fee and a depository storage flat-rate fee, which is also $100.
The total annual cost of having a gold IRA with this company is currently $200. This fee does not increase or change if the value of your account increases or decreases. Therefore, the only way that there will be sliding scale fees is if you choose segregated storage. This type of storage costs $75 more, so you are looking at around $275.
There is a transaction fee, which varies depending on the number of transactions and the type of security traded. This fee covers bonds, stocks, and mutual funds.
There is also a custody fee, which helps protect your account. This fee ranges from 0.02 percent to 0.125 percent and applies to traditional and alternative assets.
If you would like to learn more about fees, there is a fee schedule that we recommend taking a look at on their website. This fee schedule goes more in-depth to explain the fees and will help you gain a better understanding of the various fees that you will need to pay if you plan to use this establishment to store your precious metals.
If you are interested in opening an account with this company, knowing that the process seems very easy and straightforward may be beneficial. In fact, you can open an account online, or you can call them on the telephone, which means you will never need to leave the comfort of your home.
During the process, you will be asked for certain information, such as your name, Social Security number, phone number, home address, driver's license number, passport, and more. Even though this may sound like tedious information to give, most customers have their accounts set up and ready to go in a short amount of time.
At the end of the process, MTK will ask you to review and accept agreements related to your new account. We recommend fully reading all disclosures and agreements before ultimately opening your account. You may also want to look at the fee schedule to ensure you know, understand, and can afford the fees.
We suggest reading and looking over this information thoroughly because there may be things in the disclosures and agreements that you do not agree with or do not want to participate in. Therefore, you should always ensure you have read everything word for word before signing anything or giving out information.
You can submit your information if you are happy with everything you read. After your account is officially open, you can begin investing in your preferred options as soon as you would like.
Millennium Trust Company is best for individual investors and institutions who need a place to store their precious metals and would like to choose a large and popular company that helps millions of investors each year.
This company is also best for individuals who need assistance with a self-directed IRA, custody solutions, financial solutions, private funds, trusts, alternative investments, retirement accounts, mutual funds, traditional IRAs, stocks, bonds, and more.
However, if you care about negative customer reviews or saving some money on fees, this company may not be best for you.
The following are some commonly asked questions regarding Millennium Trust Company.
MTC has been operating since 2002. It is a financial services establishment providing assistance with custody solutions, financial issues, securing assets, and more. Even though it has several negative reviews, nothing states that this company is not legitimate. Therefore, we believe that it is a legitimate company providing necessary financial services to clients around the globe.
MTC appears to be a decent company to work for. They seem to hire people with the education, background, and experience needed to provide helpful assistance for financial issues.
It typically takes 30-45 days to get your money from MTC. Your funds will be released once the accounts are funded, and your paperwork is completed.
MTC uses Fifth Third Bank, which appears to be a safe and secure banking choice based in Ohio.
We hope this Millennium Trust Company review will help you decide whether to open a retirement account with this establishment or not. After finishing our research, we have concluded that MTC has many positive and impressive aspects, but we think there are better companies out there and that you should continue looking at other options.
Even though it is very easy to open an account and get started, our review of MTC made it clear we believe that the fees are too high, and there are too many angry reviews left by previous customers, making us skeptical of the company's customer service and customer satisfaction.
Overall, we think there are other establishments that not only will hold your physical precious metals for a lower price but will also strive to keep you satisfied with their products and services.
We know that the decision is ultimately yours to make, and you may think that MTC is the perfect choice to store your precious metals and decide to open an account as soon as possible. However, we suggest doing your own research and taking the time to carefully weigh out all your options before making a decision that you may regret in the future. Having said that, we wish you the best of luck in your search!
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