Firm acquires Liberty Trust Company, launches Emergency Savings Fund product and builds out workplace retirement solutions
OAK BROOK, IL, March 17, 2020 – Millennium Trust Company, LLC (“Millennium Trust”), a leading provider of retirement and institutional services, ended 2019 with $26.7 billion in assets under custody, comprised of nearly 1.5 million client accounts. The firm continued to grow its business with the strategic acquisition of substantially all the assets of Liberty Trust Company, LTA, representing Millennium Trust’s sixth acquisition over the past three years, and also expanded its Emergency Savings Fund and Workplace Savings Solutions products.
With millions of Americans still underprepared for retirement, Millennium Trust continues to focus on retirement security for all Americans. In particular, the company introduced its Emergency Savings Fund product that creates the opportunity for millions of Americans to save for financial emergencies. The solution allows retirement providers to partner with Millennium Trust to offer an easy and automatic emergency savings option to plan participants, while simplifying administrative processes. The solution was developed and deployed rapidly – in just several months – to meet a deadline for a major recordkeeper.
To date, the company has implemented more than 110,000 agreements with plan sponsors and has opened more than two million automatic rollover IRAs, with the goal of reconnecting people with their retirement savings and boosting financial wellness, while reducing expenses and risk for plan sponsors. The firm also expanded its Institutional Custody Services, opening a record number of accounts in 2019, and strengthened relationships with existing clients through technological innovations and dedication to service. Millennium Trust ended the year with $12.1 billion assets under custody in more than 800 private and public funds.
“As we head into 2020, our 20th year in business, we remain a leader in the industry with innovative products and services that are designed to promote retirement security throughout every level of our diverse client base – directly or indirectly,” said Gary Anetsberger, CEO of Millennium Trust. “Our commitment to clients is shown through new solutions and digital enhancements, whether it’s increasing access to easy-to-use educational resources and alternatives investments through the Millennium Alternative Investment Network® (MAIN®) or helping small businesses and their employees save for retirement in the workplace.”
In its commitment to encourage retirement readiness for the millions of small businesses and their employees that lack access to a retirement savings option, Millennium Trust continued to expand capabilities for its Workplace Savings Solutions, including enhanced customization for distribution partners who use the Retirement Savings Selector Tool for Small Businesses. By partnering with payroll providers and other organizations that work with small businesses, the firm can continue to enable small employers to implement and administer an affordable and flexible savings program.
“The incredible growth we’ve seen in the fourth quarter is reflective of our clients’ vote of confidence in our ability to offer products and services they can rely on, while utilizing both best-in-class technology and our dedicated service team,” said Erik Beck, Chief Growth Officer of Millennium Trust Company. “Our focus is to build deep and meaningful relationships with clients, both new and old, and continuously exceed their evolving needs – and we have demonstrated that throughout 2019.”
Millennium Trust launched new client portals to provide individuals easy online access to their accounts, so they can manage their retirement investments. The firm also enhanced its integration capabilities to allow for a more streamlined client onboarding experience. Individual Custody Services ended the fourth quarter with 15 percent more self-directed IRAs opened in 2019 than in 2018. Additionally, the firm showcased its expertise in delivering specialized custody solutions for alternative assets and increasing access to investments – with more than 20,000 unique assets under custody at the end of the quarter – while continuously offering clients increased value and an improved client experience.
About Millennium Trust Company®
Millennium Trust Company is a leading provider of specialized retirement and institutional custody services with nearly 1.5 million accounts holding over $26 billion in assets. We are committed to the evolving needs of individuals, employers, advisors and retirement services partners and empower clients with trusted expertise, exceptional service and access to a wide range of solutions. Whether clients are managing corporate retirement assets, running a business or wanting choice beyond traditional asset options, we provide flexible and digital solutions 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 us on Twitter and LinkedIn.