Firm amplifies robust savings options in light of coronavirus pandemic
OAK BROOK, IL - June 12, 2020 – Millennium Trust Company, LLC (“Millennium Trust”), a leading provider of retirement and institutional services, focused on providing access to its broad selection of retirement solutions, as well as its robust service team and online resources in the first quarter of 2020, in order to help clients during the coronavirus pandemic.
Millennium Trust has been expanding its products and educational resources to better serve its clients, and these products are especially relevant as the country grapples with and recovers from the coronavirus pandemic. The company continued to enhance its Emergency Savings Fund product, which allows retirement savings providers to partner with Millennium Trust to offer an easy and automatic emergency savings option to plan participants, while simplifying administrative processes.
CEO, Gary Anetsberger commented, “The pandemic changed many of our clients’ lives seemingly overnight. As we continue to carry out our mission to help Americans with their financial security and retirement readiness, we continue to expand our resources and offerings, including access to emergency savings funds and a wealth of investment options, while maintaining and even improving our service level.”
While ensuring sustained support for our individual clients, Millennium Trust continued to expand relationships and services with our institutional partners. As the market leader in providing automatic rollover solutions, Millennium Trust has implemented more than 110,000 agreements with plan sponsors and opened more than two million automatic rollover individual retirement accounts (“IRAs”) to date, reuniting millions of Americans with their retirement funds.
As the federal government and Small Business Administration issues additional legislation and guidance to help mitigate the impact of mandatory shutdowns due to coronavirus, Millennium Trust continues to work to better support its clients – particularly small business employers and employees. The company is enhancing its Workplace Savings Solutions product to expand its payroll deduction functionality to more distribution partners, in order to increase retirement savings access for small employers, and ultimately help more small business employees save for retirement.
The firm continues to expand its relationships with institutional custody partners as well, citing $11.7 billion in fund assets under custody, in nearly 900 fund accounts. Millennium Trust continues to build out enhanced client portals, so fund managers, investment sponsors and registered investment advisers can reduce administrative tasks and better serve their clients.
Millennium Trust has also grown its self-directed IRA business and now custodies nearly 22,000 unique alternative investments, which is exemplary of its expertise and commitment to improving access to alternative assets for investors.
As a testament to the firm’s commitment to better serving its clients, Millennium Trust was awarded the Greater Oak Brook Chamber of Commerce 2020 Exceptional Service Award in the first quarter.
“The pandemic has been a challenging experience for all, and will undoubtedly shape the way we view financial wellness and retirement readiness coming out of this,” said Erik Beck, Chief Growth Officer of Millennium Trust. “It’s clear that we are not out of the woods yet. The economic recovery for families and businesses, small and large, will be a long one. However, we believe Americans’ behaviors and attitudes about retirement and saving will shift for the better, and we’re committed to helping our clients as we navigate these challenges.”
Millennium Trust, the retirement and institutional services provider, closed the first quarter of its 2020 fiscal year with $27.3 billion in assets under custody in more than 1.5 million client accounts.
About Millennium Trust Company®
Millennium Trust Company is a leading provider of specialized retirement and institutional custody services with more than 1.5 million accounts holding over $27 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 offer or sell investments or provide investment, legal, or tax advice. For more information about Millennium Trust Company, follow us on Twitter and LinkedIn.