This is a third party review of Millennium Trust Company. This due diligence report reviews over 100 different data points for Millennium Trust Company to provide you with a thorough due diligence report of the company to help you make a better decision. The public version provides only 20 of these data points. If you want to see the full version of this review, you can click the button below.
Information last updated on: 11/17/2025
Company certified on: Not Certified
Millennium Trust Company
Introduction
IMPORTANT: Millennium Trust Company is now Inspira Financial.
Millennium Trust Company is a leading custodian helping advisors, institutions, and individual investors expand their investment capabilities through Millennium's niche, expertly managed custody solutions for alternative assets and private funds. They understand the unique aspects of serving as a custodian for alternative assets and private funds and they recognize the distinctive aspects of working with advisors and institutions. They understand their clients' needs because custody is their sole focus.
Originally serving the self-directed IRA account market, Millennium Trust Company continually develops new custody solutions in response to alternative asset trends, such as custody for investment platforms, crowd-finance portals and marketing place lending. Millennium Trust is not limited to serving as custodian for only individual retirement and custody accounts. Millennium Trust also provides custody for company retirement accounts, trusts, funds and Separately Managed Accounts.
Millennium Trust Company
Contact Information
Website: | |
|---|---|
Phone Number: | (800) 258-7878 |
Email: |
Offices:
Corporate Office: | 2001 Spring Road, Suite 700, Oak Brook, IL 60523 |
Business Hours: | 8:00 AM - 4:30 PM CST (Monday - Friday) |
Millennium Trust Company
Company Details
Company Classification: | Custodian |
Date Established (under current name): | 2000 |
Type of entity: | C-Corp |
Who provides custody for client assets: | Millennium Trust Company |
Company is registered in: | Illinois |
Primary Line of Business: | Providing self-directed IRA custody to clients for alternative investments |
Other Lines of Business: | None |
Typical Client: | Retail & Institutional |
Capable of working with Financial Advisory Firms | Yes |
Governmental Agency Oversight: | Illinois Department of Financial and Professional Regulation (IDFPR) |
Company's Last Audit: | (Not Disclosed) |
Summary of Assets Under Custody
Number of Active Clients: | (Not Disclosed) |
Number of Active accounts: | 430,000+ |
Amount of assets company provides custody for: | $17.4 Billion |
Self-Directed IRA Industry Affiliations
Self-Directed IRA industry affiliations (outside of this company): | (Not Disclosed) |
Ownership of industry related websites: | (Not Disclosed) |
Industry related company affiliations: | (Not Disclosed) |
Industry related non-profits: | (Not Disclosed) |
Industry related associations: | |
Industry related board of trustee positions: | (Not Disclosed) |
Industry related publications: | (Not Disclosed) |
Millennium Trust Company
Fee Schedule
Account Setup Fee: | $50 |
Account Termination Fee: | $50 + ($125 per alternative investment) |
Service Fee Classification: (flat, transaction-based, asset-based, hybrid) | Per Asset Annual fees |
Company Fee Schedule: | MillenniumTrust Company Fee Schedule* (as of 1/1/16) |
* Use the Millennium Trust Fee Calculator (click button below) to calculate your estimated fees based on the company's published fee schedule. This is a useful tool when comparing different custodians based on your cost to use them. Please note, if you have never before used a self-directed IRA custodian or administrator to administer your account, the fees will be different than most broker dealers that provide transactional services for stocks, bonds, and mutual funds.
Millennium Trust Company
Available Account Types
Type of Account: | Available at Millennium Trust Company |
|---|---|
Traditional IRA | Yes |
Roth IRA | Yes |
SEP IRA (or SERSEP) | Yes |
SIMPLE IRA | Yes |
Individual 401(k) | Yes |
Defined Contribution Plan (Group plan e.g. 401k, 403b 457) | Yes |
Defined Benefit Plan (pension) | No |
ESOP (Employee Stock Ownership Plan) | Yes |
Health Savings Account (HSA) | No |
Education IRA (ESA) (Coverdell Education Savings Account) | No |
Non-Qualified Account (Individual) | No |
Non-Qualified Account (Joint Tenants) | No |
Trust Account | Yes |
Partnership / Limited Partnership | No |
UTMA / UGMA Custodial Account | No |
C-corp, S-corp, or LLC account | No |
Other: | N/A |
Millennium Trust Company
List of Allowable Assets
Type of Asset | Allowed For Custody? |
|---|---|
Real Estate | No |
Private Placement (Reg A) | No |
Private Placement (Reg D) | No |
Private Placement (e.g. REIT, BDC, etc) | Yes |
Precious Metals | Yes |
Futures or Managed Futures | Yes |
Options or Hedges (non-publicly Traded) | No |
Bitcoin (or other virtual currency) | No |
FOREX | Yes |
Hedge Funds | Yes |
Limited Partnerships | Yes |
Single-member LLC (or Checkbook LLC) | No |
Multi-member LLC | No |
REITs | Yes |
Annuities (fixed or Variable) | No |
Viaticles or Life Settlements | No |
Insurance (other) | No |
Trust Deeds | Yes |
Tax Liens | No |
Private Lending (Unsecured Notes) | No |
Private Lending (Secured Notes) | Yes |
Private Company Stock | No |
Public Company Stock (or ETFs) | No |
Publicly Traded Options | No |
Church Bonds | No |
Mutual Funds or Closed-End Funds (CEF) | Yes |
Livestock, Horses, or similar animals | No |
Business Development Company (BDC) | No |
International Real Estate | No |
International Asset (other than real estate) | No |
Other | N/A |
Does Millennium Trust Company sub-custody certain assets at other firms: | (Not Disclosed) |
Does Millennium Trust Company provide sub custody services to other firms: | (Not Disclosed) |
Asset Specialization: | (Not Disclosed) |
Most popular assets held: | (Not Disclosed) |
Millennium Trust Company
Operations
Client account title format: | Millennium Trust Company FBO: [ Participant Name ] |
Number of full-time employees: | (Not Disclosed) |
Process for setting up a new account:
(Not Disclosed)
Process for adding a new asset to client account:
(Not Disclosed)
Procedures in place to protect client information:
(Not Disclosed)
Procedures for annual valuations:
(Not Disclosed)
Procedures for when an investment is suspected to be or is found to be fraudulent:
(Not Disclosed)
Millennium Trust Company
Technology
Does company participate in DTC system: | (Not Disclosed) |
Details of DTC: | (Not Disclosed) |
Does company accept Fed Funds wires: | Yes |
Fed Funds wire details: | MB Financial Bank N.A, 800 West Madison St, Chicago, IL 60607, ABA#: 071001737, Credit Acct: 0691-76019, Account Name Millennium Trust Company, LLC, For Further Credit: (Account owner's name) , Millennium Account #: (Client account #) |
Client account access: | Millennium Trust Online (Clients) | Millennium Account Portal (MAP) (Advisors) |
Accounting: | Innovest |
Account reporting: | (Not Disclosed) |
Trading investments: | (Not Disclosed) |
Safekeeping of client assets: | (Not Disclosed) |
Record keeping of client assets: | (Not Disclosed) |
Document storage: | (Not Disclosed) |
Compliance: | (Not Disclosed) |
Security and client information protection: | (Not Disclosed) |
Millennium Trust Company
Management Team
- Scott McCartan, CEO
- Gary Anetsberger, COO
- Brad Markham, General Counsel
- Bob Kunimura, CTO
- Jennifer Abernathy, Chief Compliance Officer
- Terry Dunne, SVP Managing Director
- Mary Hackbarth, SVP Marketing Director
- Mary Johnson, SVP Director of Strategic Initiatives
- Matthew Nitschke, SVP National Director
- Jeanne Reder, SVP
- Sharone Robertson, SVP Director of Operations
- Meg O'Connor Zwick, SVP Director of Alternative Custody Services
Access Company Management Profiles
Glassdoor Ratings: (How company rates as an employer)
Millennium Trust Company
Client Protection
Insurance coverage limits for client assets: | (Not Disclosed) |
Coverage for uninvested cash balances: | All cash deposits are held in FDIC insured accounts. (Over $2.5 million provided by multiple banks. Amounts in excess of $2.5 million are held in Federated Government Obligations Fund - Trust Shares (GORXX)) |
Errors & Omissions coverage (E&O): | Millennium trust has insurance coverage for the failure to render professional services and for illegal acts by employees, directors, and owners such as fraud and theft. This includes Management Liability, Professional Liability, and Fidelity Bond. |
Additional or supplemental insurance coverage for client accounts: | (Not Disclosed) |
Have any owners or managing members of the company been charged with a felony, theft, or fraud: | (Not Disclosed) |
Has the company itself ever been investigated, charged, or convicted of a felony, fraud, theft, or industry related violation: | (Not Disclosed) |
Millennium Trust Company
Customer Satisfaction
Better Business Bureau: (click to review BBB overview) | |
Accredited Business since: | Not Accredited |
BBB Rating: | A+ |
Yelp Ratings: (click to review yelp ratings) | |
Number of people on customer service team: | (Not Disclosed) |
Number of people on the "premier" or " institutional" customer service team: | (Not Disclosed) |
Number of people on the team that performs investment reviews for client assets: | (Not Disclosed) |
Average turnaround time for a client's new investment (assuming all documents required have been send in by client): | (Not Disclosed) |
Average turnaround time for setting up a new client account (assuming all documentation required has been sent in by client): | (Not Disclosed) |
Method of client account access: | (Not Disclosed) |
Is client education provided by company: | Yes |
Is financial advice provided by company to client: | No |
Milennium Trust Company
Self Direct Your Retirement Transparency Index
The Self Direct Your Retirement Transparency Index is a metric we have developed to indicate how transparent self-directed IRA custodians and administrators are about their company. We value transparency as an ideal trait from a company that is providing custody or administration of your retirement accounts. It shows that the company has nothing to hide about their activities. You should consider this when you are making your choice.
The Self Direct Your Retirement Transparency Index is split into two parts. The first part is whether they voluntarily provided this information to us or whether we had to find this data on our own. Companies that provided us with the data were given the "company certified seal". If they did not participate, the seal does not show up in their profile. The second part of the index is how transparent the companies were in providing us with this information. A higher transparency number indicates a more transparent company. A number above 80% is ideal. There may be legitimate reasons companies do not want to share certain information, but you should consider this when making your decision.
Below the seal, we have listed the last time the company provided us with information. As long as the company has the certified seal, the information should be considered up-to-date. We contact the company periodically to ensure the information is accurate. If the company chooses not to verify the information, then we remove the seal. Transparency is only one factor you should consider when choosing a self directed IRA custodian or administrator.
Willingness to provide information - Low
Company Certified Information
Information last updated on: 02/27/2016
Millennium Trust Company
Compared to Peers
Visit the Self-Directed IRA custodian & administrator comparison page to see how Millennium Trust Company compares to its peers.
Millennium Trust Company
Company Spotlight - Industry Trends
We asked Millennium Trust Company to provide their individual insight into the following questions. This section is a bit more personal. The idea is that it will give you more insight into the company you are considering to provide custody of your investments.
What trends do you see in the self-directed IRA industry? | (Not Disclosed) |
What trends in asset types do you see at your firm? | (Not Disclosed) |
What is your firm's biggest concern about the self-directed IRA industry? | (Not Disclosed) |
Please list some additional concerns your firm has about the industry? | (Not Disclosed) |
Do you see any changes in regards to what investors want from custodians and administrators? | (Not Disclosed) |
What are your company's biggest challenges? | (Not Disclosed) |
What are the self-directed IRA industry's biggest challenges? | (Not Disclosed) |
What needs to be changed in the Self-Directed IRA industry? | (Not Disclosed) |
How could the Self-Directed IRA Industry improve? | (Not Disclosed) |
What is the biggest reason for the company's success? | (Not Disclosed) |
Company's view of important of the following items (ranked in order of importance)
- Visibility - Creating greated visibility about self-directed IRAs to investors
- Transparency - Providing clients with transparent information
- Legitimacy- Prevention of fraudulent investments and schemes
- Coordination - Coordinating with other custodians, administrators, and professionals
Additional Comments:
Millennium Trust Company has a Business Continuity and Disaster recovery Plan which is updated annually.
Millennium Trust Company
Conclusion
Millennium Trust Company is the largest self-directed IRA custodian based on our research. They were recently acquired by private equity firm Parthenon Capital Partners.
We are not able to make a reasonable assessment of this custodian due to their lack of transparency. It is hard to truly know what you are getting from a company that is providing custody for your investments if they are unwilling to disclose even basic information about themselves to potential clients. While the company might be suitable for your investing needs, you should exercise caution unless they are willing to disclose all the information you need to make a reasonable decision.
If you find a company that is not willing to be transparent to you as a potential customer of their services, then you should reconsider them as a potential choice for your retirement funds. Ultimately, your personal retirement investing needs will determine whether Millennium Trust Company is a good fit for you. Transparency is only one metric which you should consider in your due diligence process. Please use our Self Directed IRA Custodian & Administrator Comparison Tool to help you make that determination.
One of the biggest areas of frustration we see from self-directed IRA investors is when they realize they have chosen the wrong self-directed IRA custodian or administrator. It takes time to set up an account and fund your investment. The last thing you want to do when you are trying to fund your investment is to think about changing to a different custodian. Choose your Self-Directed IRA custodian or administrator wisely. If you put the time in now to find the right company, you will save time, money, and aggravation later. Read our Choosing a Self-Directed IRA Custodian report for more information.
Next Steps... Once you have located your ideal Self-Directed IRA Custodian or Administrator, you will be on your way to self-directing your retirement. If you decide that this process seems too complex and you need assistance or financial advice, feel free to contact us. Our firm specializes in providing financial advice pertaining to alternative investments held in self-directed IRAs and 401ks. We are fiduciaries and provide unbiased financial advice to our clients. Contact us if you want to learn more about our wealth management services.
Copyright 2025 Self Direct Your Retirement LLC