Acquisition of InspiraFS along with alliances with Paychex, TCA and GBI last year positions Millennium to expand its retirement and custody services offerings in 2018 and beyond
OAK BROOK, IL - Feb. 14, 2018 - Millennium Trust Company, LLC®, (“Millennium Trust”) a provider of specialized retirement and custody services to advisors, financial institutions, businesses and individuals, ended 2017 on a high note. With a focus on leveraging strong partnerships and its acquisition, Millennium Trust continued to expand its custody services offerings to address the ever-changing needs of the retirement industry.
“Throughout this past year, our assets under custody grew to $23.3 Billion in nearly 800,000 accounts – evidence of our goal of empowering clients with exceptional resources and innovative ways to invest,” said Gary Anetsberger, CEO of Millennium Trust. “A strong theme for us in 2017 was identifying the appropriate partners to help us expand, as well as diversify, our service offerings to better serve all our clients.”
Among many milestones reached last year by Millennium Trust was the acquisition of InspiraFS, Inc. Inspira's innovative technology platform offers both branded and private-label IRA recordkeeping solutions to retirement plan sponsors, financial institutions, corporations, third-party administrators and individual investors, representing approximately 6,800 retirement plans and 133,000 individual retirement accounts.
The acquisition enhances Millennium Trust's position as the industry leader in providing specialized solutions to the retirement industry. In 2018, Millennium Trust will continue actively pursuing acquisition opportunities and expects to complete additional transactions during the upcoming year.
Millennium Trust also launched a new Workplace Savings Solution that helps provide small- and mid-sized businesses and their employees access to easy and affordable retirement plans. Millennium Trust allied with Paychex, Inc., one of the nation's leading providers in retirement recordkeeping services for businesses in 2017, for Paychex to offer a SIMPLE IRA (Savings Incentive Match Plan for Employees Individual Retirement Account) to employers with 100 or fewer employees, with innovative features including auto enrollment and third-party investment fiduciary services.
Millennium Trust also began developing a comprehensive configurable IRA solution that is unique to its institutional partners. The solution enables institutional partners to implement a unique IRA product efficiently and cost effectively.
Millennium Trust also collaborated with Trust Company of America (TCA) to provide expanded access to alternative assets for TCA’s more than 7,500 advisors. Previously, TCA advisors could only hold alternative assets in clients’ tax-advantaged portfolios on the TCA platform. TCA advisors can now custody clients’ alternative assets for taxable portfolios as well.
Additionally, Millennium Trust’s alliance with Gold Bullion International (GBI), a leading institutional precious metals provider to individual investors and the wealth management industry, streamlines the process of investing in precious metals. This allows Millennium Trust’s client base to invest in this asset class through GBI’s proprietary technology platform, and have the assets custodied through Millennium Trust.
As retirement industry service providers’ needs continue to evolve, Millennium Trust continues to build innovative solutions to help support companies as they expand their offerings. One such area is offering services that may help retirement plans reduce their expenses and fiduciary risk, such as our plan participant search and uncashed check services. These services offer additional support and resources to help reconnect plan participants with their retirement savings.
“Approximately three million Americans leave private industry employers every month. Too often, they leave the company’s retirement plan accounts behind when changing employers,” said Terry Dunne, Managing Director of Retirement Services at Millennium Trust. “Our search tools help reunite individuals with their retirement funds. Additionally, we work directly with record keepers and plan sponsors on automatic rollover solutions to help them stay compliant and reduce fiduciary risk.”
The accomplishments in 2017 are examples of Millennium Trust's ongoing commitment to providing unmatched service, secure and easy access to custody solutions, and trusted expertise. As Millennium Trust looks to 2018, it will further diversify its services so both institutional and individual clients benefit significantly.
About Millennium Trust Company®
Millennium Trust Company is a trusted leader in specialized custody, empowering clients with unmatched service, access to a wide range of custody solutions and expertise they can count on. Whether it's the custody of retirement funds, alternative assets or investment accounts, Millennium Trust is uniquely qualified to support our clients' success.
Millennium Trust Company performs the duties of a directed custodian, and as such does not provide due diligence to third parties on prospective investments, platforms, sponsors or service providers and does not sell investments or provide investment, legal, or tax advice. For more information about Millennium Trust Company, follow on Twitter and LinkedIn.