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Personal Trust Administration
1. As an Advisor, why should I use Millennium Trust for trust
services?
Millennium’s sole business purpose is to service the administrative needs of Advisors without competing with them for their
clients. Our company provides sophisticated custody, recordkeeping, safekeeping, trading, and trust fiduciary services to asset managers,
lawyers, accountants, and other professionals that require our specialties.
We are an independent privately owned firm dedicated to the trust and custody business. Our focus is not diluted by banking, insurance,
or brokerage services.
We have multiple decades of experience with both major and middle market trust organizations.
We do not manage investments.
2. How are assets safeguarded?
Millennium Trust ensures that unaffiliated third parties conduct thorough examinations of all trust operations. This includes
the Illinois
Department of Financial and Professional Regulation, Financial audits by Scanlon and Mathews and technology audits by Plante Moran.
Millennium Trust holds insurance far higher than required as is described in detail in our
Safeguards section. We typically employ sub-custodians to hold
trust assets, such as Fidelity and Marshall & Illsley Bank, and perform extensive due diligence on all partners to further protect
wealth. Lastly, we do not utilize in-house or affiliated investment vehicles to hold or sweep cash positions, and we employ
Metavante’s accounting system to track assets rather than an internal system.
3. Will I be able to retain my current Investment Advisor
to manage my assets?
Millennium Trust does not perform any investment management and all trusts are managed by outside Advisors. As your fiduciary,
we are required to oversee the investment of your assets in accordance with your investment policy statement and the trust itself.
As such, we work with Advisors, performing due diligence to make sure your goals are being met. In this environment, you certainly have
the option to maintain your current advisor, or make changes should that be necessary or desired.
4. Will Millennium Trust be able to act as my trustee even if
I am not an Illinois resident?
We can act as trustee for individuals living in most states. Millennium’s office is in Illinois, and while we visit clients
as needed, we have no employees or agents in other states.
5. How does Trust Administration fit with Millennium's other
services?
We are dedicated to providing services to Advisors, especially those services that Advisors do not or cannot offer. Our record
keeping, tax, trading, IRA and HSA administration, alternative investments, automatic rollover solution, and trust administrative
services fill an important Advisor need without competing with the Advisor.
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