Millennium Trust Expands Financial Resources for Clients and Continues Growth in Second Quarter of 2020

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The firm continues to prove commitment to enhancing clients’ financial wellness through Emergency Savings Fund product and increased access to digital solutions

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“We are in uncharted waters during this pandemic, which is causing our clients to rethink their definition of financial wellness,” said CEO Gary Anetsberger.

Millennium Trust Company, LLC (“Millennium Trust”), a leading provider of retirement and institutional services, continued to build out solutions, like its Emergency Savings Fund product, to support its clients’ financial wellness during the coronavirus pandemic. The firm’s growth was also supported by the acquisition of substantially all the assets of Sunwest Trust, Inc., a self-directed IRA provider, and enhanced integration and API capabilities for institutional partners.

Millennium Trust increased access to its Emergency Savings Fund solution by enabling digital connections with payroll providers. As more uncertainty around unemployment and the economy circulates, Americans are saving at all-time record highs through easy and automatic emergency savings options to complement their retirement savings plans.

“We are in uncharted waters during this pandemic, which is causing our clients to rethink their definition of financial wellness,” said CEO Gary Anetsberger. “Over the last 20 years, Millennium Trust has been a trusted ally for Americans’ financial wellbeing, and we remain committed to offering resources, solutions and educational tools that can help optimize our clients’ financial future, especially during these challenging times.”

In the second quarter of 2020, the firm completed the acquisition of substantially all of the assets of Sunwest Trust in a transaction involving approximately 8,000 self-directed IRAs and $1.5 billion of retirement assets under custody, bringing the total number of self-directed IRAs investing in alternatives to over 50,000. This represents the organization’s seventh acquisition since 2018. These clients now have access to a broad array of traditional and alternative assets, more robust services and an elevated client experience through Millennium Trust.

Millennium Trust has continued to strengthen its relationships with institutional partners like plan sponsors and recordkeepers, having implemented more than 120,000 agreements with plan sponsors to-date. The firm also launched new client portals and efficient and secure API technology, which help streamline experiences for clients, including retirement providers, investment sponsors, fund managers and Registered Investment Advisers.

“We expect there to be growing demand for educational tools and resources around saving and investing delivered through easy-to-use digital solutions that can guide Americans to stable financial footing,” comments Erik Beck, Chief Growth Officer of Millennium Trust. “We are committed to providing our clients with the best overall experience possible, and ensuring that we offer the right solutions to help them no matter where they are on their retirement journey.”

Millennium Trust ended the second quarter of 2020 with $30.1 billion of assets under custody in more than 1.6 million client accounts. Of that total, the firm’s institutional custody business closed out the quarter with $12 billion of fund assets under custody.

To learn more, go to http://www.mtrustcompany.com.

About Millennium Trust Company®
Millennium Trust Company is a leading provider of specialized retirement and institutional custody services with more than 1.6 million accounts holding over $30 billion of assets under custody. 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.

Millennium Trust Company® and Above and Beyond Custody® are registered trademarks of Millennium Trust Company, LLC in the United States.

© 2020 Millennium Trust Company, LLC. All rights reserved.

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Trish DaCosta
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