How are assets safeguarded?
Millennium Trust ensures that unaffiliated third parties conduct thorough examinations of all trust operations. This includes the State of Department of Professional and Financial Regulation, Financial audits by Scanlon and Mathews, and technology audits by Plante Moran. Millennium Trust holds insurance far higher than required and is described in detail in our Safeguards section. We typically employ sub-custodians to hold trust assets, such as Fidelity and Marshall & Illsley Bank, and perform extensive due diligence on all partners to further protect wealth. Lastly, we do not utilize in house or affiliated investment vehicles to hold or sweep cash positions, and employ Metavante’s accounting system to track assets rather than an internal system.
