Millennium Trust Company Reviews: Is Inspira Financial Legit?

Millennium Trust Company: Unique Highlights Overview

Millennium Trust Company, established in 2000, has evolved into a comprehensive provider of health, wealth, retirement, and benefits solutions. In early 2024, the company rebranded as Inspira Financial, unifying its diverse portfolio under a single brand to better serve its clients. 

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Unique Highlights of Millennium Trust Company (Now Inspira Financial):

1. Comprehensive Health and Wealth Solutions: Inspira Financial offers a holistic suite of services, including health savings accounts (HSAs), flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), and consumer-directed benefits. This integration simplifies the financial journey for individuals and businesses alike.
   
2. Retirement and Wealth Management: The company provides a broad range of retirement solutions, such as self-directed IRAs, 1031 exchanges, and automatic rollover services. Their expertise in both traditional and alternative assets positions them uniquely in the market.
   
3. Strategic Acquisitions and Growth: Inspira Financial has expanded its capabilities through strategic acquisitions, including PayFlex and Benefit Resource Inc. (BRI), enhancing its ability to provide comprehensive health and benefits solutions.
   
4. Significant Client Base and Asset Custody: Serving over 7 million clients and managing more than $62 billion in assets, Inspira Financial has established itself as a trusted partner in the financial services industry.
   
5. Focus on Financial Wellness: The company’s mission centers on strengthening and simplifying the health and wealth journey, relentlessly pursuing better outcomes for all clients.
   
6. Innovative Technology-Enabled Solutions: By leveraging technology, Inspira Financial offers intuitive products that promote employees’ health and financial wellness, while also simplifying workloads for institutional partners and employers.
   

These unique highlights underscore Inspira Financial’s commitment to providing integrated and comprehensive solutions that cater to the evolving needs of their clients in the health, wealth, retirement, and benefits sectors.

Who are the People Behind Millennium Trust Company?

Millennium Trust Company, now operating as Inspira Financial, is led by a team of seasoned professionals with extensive experience in the financial services sector.

Dan Laszlo, Chief Executive Officer (CEO): 

Dan has been with the company since 2016, initially serving as Chief Financial Officer (CFO) and later as Chief Operating Officer (COO). He assumed the role of CEO in 2022. With over a decade of expertise in mergers and acquisitions (M&A) and capital markets within financial services and technology, Dan’s prior experience includes positions at William Blair, Goldman Sachs, and GTCR. He holds a Bachelor of Science in Business and an MBA from the Kelley School of Business at Indiana University.

Matt Marek, President:

 Matt oversees Inspira’s go-to-market functions, including strategy, product development, sales, and marketing. With over 20 years of leadership experience, he previously served as President and CEO of Careforth and Further, focusing on consumer-directed healthcare. Matt earned his bachelor’s degree in business administration and finance from the University of Wisconsin-River Falls.

Michael Herman, Chief Technology Officer (CTO): 

Michael leads the company’s technology initiatives, encompassing systems integration, infrastructure, application development, and data security. His prior roles include serving as CTO of PayFlex and leading technology for Aetna’s specialty lines of business. Michael holds a bachelor’s degree in industrial engineering from Iowa State University.

John Perugini, General Counsel: 

John oversees the legal and compliance departments. His previous experience includes serving as General Counsel and Executive Vice President of Finance at Sync Financial, Assistant General Counsel at Solo Cup Company, and as a partner at Jones Day. John earned both his business administration degree and Juris Doctor from the University of Notre Dame.

Karyn DeFalco, Chief People Officer: 

Karyn is responsible for talent acquisition, retention, and fostering inclusion and diversity within the workplace. She previously served as Vice President of Human Resources at Echo Global Logistics and was the founder and president of VIIO, Inc. Karyn holds a bachelor’s degree from Loyola University and a Professional in Human Resources certification.

Murphy Clark, Chief Financial Officer (CFO): 

Murphy oversees finance, accounting, real estate, and facilities. Prior to joining Inspira Financial, he served as CFO at RVO Health and held leadership positions at Wells Fargo Securities. Murphy holds a Bachelor of Arts from Stanford University, an MBA from the University of Pennsylvania’s Wharton School of Business, and is a Kauffman Fellow.

This leadership team brings a wealth of experience and expertise, guiding Inspira Financial in delivering comprehensive health, wealth, retirement, and benefits solutions to its clients.

Does Millennium Trust Company Offer Gold IRA Services?

Yes, Millennium Trust Company offers Gold IRA services, allowing clients to include physical precious metals like gold within their self-directed Individual Retirement Accounts (IRAs). Here’s an overview of how their Gold IRA services work:

Account Setup

• Self-Directed IRA: Clients establish a self-directed IRA with Millennium Trust Company, enabling a broader range of investment options, including alternative assets like precious metals.

Funding the Account

• Transfers and Rollovers: Clients can fund their self-directed IRA through transfers or rollovers from existing retirement accounts, such as 401(k)s or traditional IRAs.

Selecting Precious Metals

• Approved Metals: Millennium Trust Company has partnered with Gold Bullion International, facilitating the purchase of IRS-approved precious metals, including gold, silver, platinum, and palladium bars and coins. 

Purchase Process

• Execution: Once the client selects the desired precious metals, Millennium Trust coordinates the purchase through its partnership with Gold Bullion International, ensuring compliance with IRS regulations.

Storage

• Secure Depository: The IRS mandates that physical metals in an IRA be stored in an approved depository. Millennium Trust arranges for the metals to be stored in a secure, IRS-approved facility.

Fees

• Flat Annual Fees: Millennium Trust charges a flat annual maintenance fee of $100 for holding precious metal IRAs, along with a depository storage fee of $100 per year. For segregated storage, an additional $75 is charged. Unlike custodians who charge a sliding scale fee, these fees remain constant regardless of the account value. 

Reporting and Compliance

• Account Statements: Clients receive regular statements detailing their holdings and account activity, ensuring transparency and compliance with IRS reporting requirements.

Liquidation

• Selling Metals: When clients choose to liquidate their precious metals, Millennium Trust facilitates the sale, ensuring that proceeds are correctly deposited back into the IRA or distributed as per the client’s instructions.

Considerations

• IRS Regulations: Strict IRS rules govern the types of metals allowed and their storage. Millennium Trust ensures all procedures adhere to these regulations to maintain the tax-advantaged status of the IRA.
  
• Due Diligence: Clients should conduct thorough research and consider consulting a financial advisor to ensure that investing in a Gold IRA aligns with their retirement goals and risk tolerance.
  

By offering Gold IRA services, Millennium Trust Company provides investors with the opportunity to diversify their retirement portfolios through the inclusion of physical precious metals, potentially enhancing portfolio stability and serving as a hedge against economic volatility.

What Products Can You Purchase at Millennium Trust Company?

Millennium Trust Company, now operating as Inspira Financial, offers a comprehensive suite of investment products and services tailored to both individual investors and institutional clients. Here’s an overview of the products you can access through their platform:

Self-Directed IRAs

• Traditional and Roth IRAs: Inspira Financial provides self-directed Individual Retirement Accounts, allowing investors to manage a diverse range of assets, including both traditional and alternative investments.

Alternative Assets

• Precious Metals: Investors can include IRS-approved precious metals such as gold, silver, platinum, and palladium within their self-directed IRAs. These investments are facilitated through partnerships with platforms like Gold Bullion International.
  
• Real Estate: Opportunities to invest in real estate directly or through real estate investment trusts (REITs) are available, enabling portfolio diversification into tangible assets.
  
• Private Equity and Private Debt: Investors can allocate funds to private companies, either through equity stakes or debt instruments, potentially accessing higher returns associated with private markets.
  
• Hedge Funds: Access to various hedge funds allows for investment in pooled funds employing diverse strategies to achieve returns.
  
• Marketplace Loans: Investing in marketplace lending platforms provides exposure to consumer or business loans, offering potential income streams.
  

Traditional Investments

• Stocks, Bonds, Mutual Funds, and ETFs: Through self-directed IRAs, clients can invest in a broad spectrum of traditional assets, facilitating a balanced and diversified portfolio. 

Health and Benefit Accounts

• Health Savings Accounts (HSAs): Tax-advantaged accounts designed to help individuals save for medical expenses.
  
• Flexible Spending Accounts (FSAs): Accounts that allow employees to set aside pre-tax dollars for eligible healthcare expenses.
  
• Health Reimbursement Arrangements (HRAs): Employer-funded plans that reimburse employees for qualified medical expenses.
  
• Emergency Savings Funds (ESFs): Accounts aimed at helping individuals save for unexpected expenses, promoting financial wellness.
  
• Commuter Benefits Plans: Programs that allow employees to use pre-tax dollars for commuting expenses, reducing taxable income.
  

Custody Services

• Automatic Rollover IRAs: Services that facilitate the rollover of retirement funds from employer-sponsored plans to IRAs, ensuring continuity of retirement savings.
  
• 1031 Exchanges: Qualified intermediary services for real estate investors looking to defer capital gains taxes through like-kind exchanges.
  

Technology-Enabled Solutions

• Online Investment Platforms: Inspira Financial has integrated with various online platforms to provide streamlined access to alternative investments, enhancing the investor experience. 

Considerations

• Fees: Inspira Financial employs a fee structure that includes account setup fees, annual maintenance fees, and specific fees related to the types of investments held. For instance, the annual maintenance fee for holding a precious metals IRA is a flat rate of $100, with an additional storage fee of $100 per year. Segregated storage incurs an extra $75.
  
• Due Diligence: While Inspira Financial provides custody and administrative services, investors are responsible for conducting due diligence on their chosen investments to ensure they align with their financial goals and risk tolerance.
  

By offering a diverse array of investment products and services, Inspira Financial enables clients to build comprehensive and diversified portfolios tailored to their individual retirement and investment objectives.

Millennium Trust Company Fees and Pricing:

Millennium Trust Company, now operating as Inspira Financial, offers a range of custodial services for both traditional and alternative assets within self-directed Individual Retirement Accounts (IRAs). Understanding their fee structure is crucial for investors to make informed decisions. Below is a detailed breakdown of the fees associated with their services:

Account Establishment Fee

• One-Time Setup Fee: A $50 fee is charged for the initial setup of a new account. 

Annual Maintenance Fees

• Standard Annual Fee: An annual maintenance fee of $100 applies to most accounts, covering administrative and custodial services. 

Investment Custody Fees

• Traditional Assets:
  
  • Mutual Funds (Online Transactions): No transaction fees are charged for online mutual fund transactions. 
  • Bonds and Certificates of Deposit (CDs): A $50 fee applies per transaction for investments in bonds and CDs. 
• Alternative Assets:
  
  • Precious Metals IRAs:
    • Annual Maintenance Fee: $100 flat-rate fee.
    • Depository Storage Fee: $100 per year for non-segregated storage; an additional $75 ($175 total) for segregated storage. 
  • Real Estate Investments: Annual fees can range from $250 to $650, depending on the number of assets held. 
  • Hedge Funds and Private Equity: An annual fee of $100 is charged for investments in hedge funds and private equity. 
  • Futures: An annual fee of $200 applies to futures investments. 

Transaction Processing Fees

• Wire Transfer Fee: A fee is charged for outgoing wire transfers; the exact amount should be confirmed with the company.
• Late Payment Fee: Applicable if payments are not made within the stipulated time; specific details should be obtained directly from Inspira Financial.

Custodial Fees

• Custody Fee: A fee ranging from 0.02% to 0.125% is applied to the value of assets under custody, applicable to both traditional and alternative assets. 

Additional Considerations

• Fee Structure Variability: Fees may vary based on the type and number of assets held, as well as the specific services utilized.
• Transparency and Updates: While the company maintains a transparent fee schedule, it’s advisable to consult their official website or contact their customer service for the most current information, as fees are subject to change.

Recommendations for Investors

• Review the Fee Schedule: Carefully examine the detailed fee schedule provided by Inspira Financial to understand all potential costs associated with your investments.
• Consider Investment Choices: Be aware that investing in alternative assets may incur higher fees compared to traditional assets.
• Consult Customer Service: For personalized information and clarification on fees, reach out to Inspira Financial’s customer support.

By thoroughly understanding the fee structure, investors can better assess the cost-effectiveness of utilizing Inspira Financial’s custodial services for their retirement and investment accounts.

What Do Millennium Trust Company Reviews Say?

Millennium Trust Company, now operating as Inspira Financial, has garnered a range of reviews across various platforms. Here’s an overview of their ratings:

1. Better Business Bureau (BBB)

• Accreditation: Accredited since April 28, 2017.
  
• Rating: A+ rating.
  
• Customer Reviews: Average rating of 1.17 out of 5, based on 108 customer reviews.
  
• Complaints: 115 complaints closed in the last 3 years.
  
  
  

2. Birdeye

• Total Reviews: 1,122 reviews.
  
• Average Rating: 2.0 out of 5 stars.
  
  
  

3. Trustburn

• Average Rating: 3.1 out of 5, based on 425 reviews.
  
  

Recommendations for Potential Clients

• Due Diligence: Review the company’s fee structure and service offerings thoroughly.
  
• Customer Feedback: Consider the experiences shared by other clients to inform your decision.
  
• Direct Communication: Contact the company directly to address any concerns or questions before engaging their services.
  

It’s essential to weigh both the positive aspects and the reported challenges to determine if Millennium Trust Company aligns with your financial needs and expectations.

Why aren’t There Many Millennium Trust Company Complaints?

While Millennium Trust Company (now Inspira Financial) has received some complaints on platforms like BBB and Birdeye, the total number of complaints is relatively low compared to the large number of clients they serve. Several factors contribute to this:

Large Client Base vs. Complaint Ratio

• Millennium Trust Company serves millions of clients and holds over $62 billion in assets.
• Even with 100+ complaints on BBB, this represents a tiny fraction of their overall customer base.
• Larger financial firms tend to receive more complaints simply due to their volume of customers.

Compliance and Regulatory Standards

• The company operates under strict state and federal financial regulations.
• Being a trust company, they must adhere to fiduciary responsibilities and IRS guidelines.
• Strong compliance policies reduce the risk of disputes escalating into formal complaints.

Focus on Institutional Clients

• Many of their services cater to employers, financial institutions, and advisors, rather than individual investors.
• Institutional clients are less likely to file public complaints compared to retail investors.

Private Dispute Resolution

• Many companies resolve client disputes privately before they escalate into formal complaints.
• Clients may contact customer service directly and settle issues before posting negative reviews.
• Some firms offer refunds or fee adjustments as goodwill gestures, reducing public complaints.

Automatic Rollovers and Employer-Sponsored Accounts

• Many complaints stem from automatic rollovers from former employer retirement plans into Millennium Trust IRAs.
• Some customers may not realize they were transferred and instead of filing complaints, they withdraw funds or transfer to another provider.
• Lack of engagement with their account means they may not take the time to file a review.

Reputation Management

• The company actively manages its online presence and may encourage satisfied clients to leave reviews.
• Negative experiences may be addressed before they appear on public platforms.

Industry Norms and Customer Expectations

• All financial firms receive some complaints, especially about fees, delays, and customer service.
• Competitors like Equity Trust and Entrust Group also receive similar complaints.
• Some clients accept fees as part of working with a financial custodian and don’t escalate minor grievances.

Are There Any Millennium Trust Company Lawsuits?

Millennium Trust Company, now operating as Inspira Financial, has been involved in several legal proceedings over the years. Notable cases include:

1. Class Action Alleging Ponzi Scheme Involvement (2012)

• Case Overview: In 2012, a class-action lawsuit was filed in St. Clair County Court, alleging that Millennium Trust Company’s IRA investments were part of a Ponzi scheme. The plaintiffs claimed that funds intended for real estate projects in England were misappropriated by individuals perpetrating the scheme. 

2. Hemenway v. Millennium Trust Company, LLC (2011)

• Case Overview: In this lawsuit, the plaintiff alleged that Millennium Trust Company failed to follow instructions regarding contributions to Roth and Traditional IRA accounts, resulting in financial losses. The claims included breach of contract, breach of fiduciary duty, fraud, negligent misrepresentation, and violation of the Illinois Consumer Fraud and Deceptive Practices Act. (Source)

3. Millennium Trust Company, LLC v. 944-948 Realty Corp. et al (2023)

• Case Overview: This case, filed in the U.S. District Court for the Southern District of New York, involves Millennium Trust Company as the plaintiff in a real property foreclosure action against 944-948 Realty Corp. and associated defendants. 

4. Millennium Trust Company, LLC v. Bettencourt et al (2022)

• Case Overview: Filed in the U.S. District Court for the Eastern District of New York, this lawsuit involves Millennium Trust Company as the plaintiff in a foreclosure action concerning real property, with multiple defendants, including individuals and government entities. 

5. Capital One, N.A. and Inspira Financial Trust LLC Consumer Litigation (2024)

• Case Overview: A putative class action was filed against Capital One, N.A. and Inspira Financial Trust LLC (formerly known as Millennium Trust Company). The lawsuit alleges that Capital One violated the covenant of good faith and fair dealing by transferring plaintiffs’ high-yield IRA savings accounts to Millennium Trust, which purportedly paid interest rates significantly below benchmark rates.
  

While involvement in legal proceedings is not uncommon for large financial institutions, understanding the nature and outcomes of such cases is essential for making informed decisions about engaging with their services.

Can You Trust Millennium Trust Company? Is Inspira Financial Legit?

Yes.

They are legit.

Here are some tips on how to avoid shady companies:

Tip #1: Check Their Regulatory Compliance and Accreditation

Check for proper licensing and registration with relevant financial regulatory bodies such as the Securities and Exchange Commission (SEC) or Financial Industry Regulatory Authority (FINRA).

Verify the company’s accreditation with industry organizations like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC).

It will help you check how credible they are.

Tip #2: Look into The Company’s Background

1. Research the company’s history, including years in business and any name changes.
2. Examine the Better Business Bureau (BBB) rating and accreditation status.
3. Review customer feedback on reputable third-party review sites like Trustpilot or Consumer Affairs.

Tip #3: Does the Company Offer Good Resources?

1. Assess the clarity of information provided about fees, storage options, and buyback policies.
2. Evaluate the quality and depth of educational resources offered to investors.
3. Verify that the company provides clear information about IRS regulations regarding precious metals IRAs.

Tip #4: What are Their Product Offerings and Pricing?

1. Ensure the company offers IRS-approved precious metals for IRA investments.
2. Compare pricing with other reputable dealers to ensure competitiveness.
3. Be wary of companies pushing numismatic or collectible coins over bullion for IRA investments.

Tip #5: Confirm the Storage and Custodian Partnerships

Verify that the company works with IRS-approved custodians and secure storage facilities. According to IRS’ regulations, you cannot store your gold IRA’s precious metals at your home.

You’ll need a certified third-party storage provider.

Check the company’s storage and custodian partner to ensure you’re working with a reliable firm. Moreover, ensure they offer segregated storage options for your precious metals.

Segregated storage means your owned precious metals products will be stored separately from other investors’ possessions. Similarly, non-segregated storage means your products will be stored along with others.

Keep in mind that storage providers charge extra for segregated storage.

Some popular custodians include Equity Trust and Goldstar Trust.

Red Flags to Watch For in Gold IRA Companies

1. Promises of guaranteed returns or claims of “secret” investment strategies.
2. Pressure to act immediately or make large investments without proper consideration.
3. Lack of physical address or unclear company ownership structure.
4. Unwillingness to provide detailed information about fees or policies in writing.

By thoroughly evaluating these aspects, investors can make an informed decision about the legitimacy and reliability of a gold IRA company. It’s crucial to conduct due diligence and, if necessary, consult with a financial advisor before making any investment decisions.

Millennium Trust Company Review Summary:

Overall, Millennium Trust aka Inspira Financial is a reliable name.

They have received countless client testimonials and have established themselves as a trustworthy brand.

What are your thoughts on Inspira Financial? Let us know in the comments.

Millennium Trust Company Reviews: Is Inspira Financial Legit?

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