Millennium Trust Company Review

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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 surpassed the criteria in our review methodology. Therefore, we have nominated them as our top three gold and precious metal dealers and IRA providers in the industry.

If you wish to find out the features of these top three companies, why we recommend them, and why they stand out in the industry, please click the buttons below to request their full Information packs.

#1 Recommendation

Best Overall Precious Metal Provider



#2 Recommendation

Best  Gold IRA Based On Price



#3 Recommendation 

Most Reliable IRA Provider


Millennium Trust company reviews

Millenium Trust Company

Introduction to Millennium Trust Company (MTC)

Millennium Trust Company (MTC) is a leading investment company in the United States. The company was founded in 2002 and is currently located in Illinois. MTC provides interested investors with several administrative and custodial services. 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;

  • Traditional IRA
  • SEP (Simplified Employee Pension) IRA
  • SIMPLE (Savings Incentive Match Plan for Employees) IRA

Furthermore, investors can register LLC (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.

Review Account Details

MTC provides a Self-Directed IRA platform that offers its customers an intuitive user experience. The tools on the platform make navigation easy. Customers can use these tools to look through their accounts based on the allocations of their alternative and traditional investments.

In addition, through the company’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.

Explore Investment Resources

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.

Make Trades

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.

Research Investment Portfolios

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;

  • It sets up and sustains investors' IRAs
  • The company helps customers to facilitate their investment transactions.
  • MTC also helps customers to track, report, and document transactions on their accounts.
  • They provide customers with timely and accurate account records.
  • The company submits documents and tax forms to the IRS yearly.

Millennium Trust Company Leadership Team

In the United States, MTC arguably has the best and most experienced management team in the IRA industry. 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 Anetsberger MillenniumTrust.

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.

Errik Beck Millennium Trust.

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.  

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Millennium Trust Company Contact Information

The company’s HQ (Headquarters) is located at 2001 Spring Road, Illinois. Customers can also reach the company by calling 1-800-721-4900. One of the employees we spoke to told us that the company encourages clients to book walk-in appointments at their offices located at Suite 700, Oak Brook. Customers who book appointments will have the opportunity to speak with customer care representatives.

What is Millennium Trust Company Selling?

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.

Millennium Trust Company Costs & Fees

Millennium Trust Company clients may incur fees in any of these three categories.

Accounts Fee

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.

Investment Custody Fee

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 companies 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.

Investment Custody Fee on Traditional 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.

Investment Custody Fee on Alternative Assets

As an investor, you can decide to hold a large part of your assets as an alternative investment. For alternative asset investment, MTC charges clients between $250 to $650. When we asked a member of the customer care team 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.

For Futures and Forex investments accounts, MTC collects a $200 annual fee. 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.

Processing Fees

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.

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Millennium Trust Company Products and Services

The company provides various opportunities for its customers to diversify their investment portfolios. The services include;

Precious Metals IRA

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

  • American Buffalo
  • Australian Kangaroo/Nugget
  • American Eagle
  • Canadian Maple Leaf
  • Austrian Philharmonic

Silver Coins

  • America the Beautiful
  • Australian Kookaburra
  • American Eagle
  • Canadian Maple Leaf
  • Mexican Libertad
  • Austrian Vienna Philharmonic

Platinum Coins

  • Canadian Maple Leaf
  • American Eagle
  • Australian Koala
  • Isle of Man Noble

MTC sells precious metal bars with the following minimum fineness.

  • Gold - .995+
  • Silver - .999+
  • Platinum - .9995+
  • Palladium - .9995+

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 through 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 hours 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 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.

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Traditional and Roth IRA

MTC offers investors who want to gain financial freedom after retirement an opportunity to invest in Traditional and Roth IRA (Individual Retirement Account). Among other retirement plans, these two offer individual investors the best savings plan.

401 (K) 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 portfolio allows these companies and employees to channel a percentage of their pay or other income. 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.

Other Account Offerings

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 diversification provides more 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.

How Do Customer Review Sites Rate Millennium Trust Company?

BB Review and Customer Testimonials


70 complaints in the last 3 years. Customer reviews show their BBB rating at 1.2 out of 5 stars

Business Consumer Alllience Review


2 complaints in the last 3 years.

Google review

2.7 out of 5 Stars.

The rating was from 601 reviews.

Facebook Reviews

No Reviews Were Found

No Reviews Were Found

Trustpilot Reviews

4.2 out of 5 Stars

This rating was from a total of 25,856 reviews

Millennium Trust Company Promotions

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.

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Millennium Trust Company Pros and Cons

Millennium Trust Company  have been in the industry for over 20 years
The company has a large customer base.
They have a highly skilled management team.
They offer a wide variety of services, which importantly for this review include Gold IRA services, although they do not directly sell precious metals.
They appear totally transparent with their fee structures. 
Both segregated and non-segregated precious metals storage fees are higher than the industry average.
We found customer service was prolonged to respond, and they could not answer some relatively simple questions. When they did not know the answers, they either gave incorrect responses or promised to get back to us and did not.
Even though they are a BBB-accredited business, they only score  1.2 out of five starts on this site. We believe this is telling.
The high number of negative reviews is definitely a negative mark against this company.

Conclusion to our Millennium Trust Company Review

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 company 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, it 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, we thought the company's high cost and fees for precious metals storage and account management is something we consider a disadvantage for all potential Gold IRA investors. The aim is to grow your money, not 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, in our expert opinion, we suggest you look for other precious metal dealers or Gold-IRA companies through whom to make your precious metal investments.

We suggest you look at all three of the companies 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.

Our Recommended Alternatives To Company Name

augusta Precious Metals

Augusta Precious Metals is a top-rated gold IRA company in the precious metals industry. Investors prefer it because of its rich investment guides for beginners.

The company also supplies new and existing customers with professional investment advice. The company cares about the wealth of its customers, especially within the United States

Goldco best ira company review

Goldco is a BBB-accredited precious metals IRA company. The company is popular for its plenty of celebrity endorsements.

In addition, it offers its customers premium precious metals IRA investment solutions for very affordable prices.

Hartford American

American Hartford Gold is a family-based gold IRA company. They offer professional services and quality precious metals to their customers. They prove their metals are of the finest quality by offering buyback services to their customers.

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